Anxiety Disorders and Depression Treatment Market
Number of pages: 100 | Report Format: PDF | Published date: February 06, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 11.1 billion |
|
Revenue Forecast in 2030 |
US$ 14.23 billion |
|
CAGR |
2.75% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Drug Class, Indication, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global anxiety disorders and depression treatment market was valued at US$ 11.1 billion in 2021 and is expected to register a revenue CAGR of 2.75% to reach US$ 14.23 billion by 2030.
Anxiety Disorders and Depression Treatment Market Fundamentals
Feelings of tension concerned thoughts and physiological changes, such as elevated blood pressure, characterize anxiety, and repeated intrusive thoughts or concerns, characterize anxiety disorders. There are five major types of anxiety disorders: generalized anxiety disorder (GAD), obsessive-compulsive disorder, panic disorder, post-traumatic stress disorder, and social phobia. GAD is the most common anxiety disorder found in older adults. In contrast, these demographic anxiety problems are typically accompanied by traumatic events, such as a fall or acute disease. Genetics, environmental stress, stressful events, and some medical conditions related to lung, heart, and thyroid conditions can cause anxiety and depression. Anxiety and depression at certain levels can kick some physical symptoms, such as stomach pain, nausea, shortness of breath, trembling, or headaches. People may refer to a bodily sign of anxiety as an anxiety attack. Anxiety attack symptoms include feeling faint and woozy, having a knot in the pit of your stomach, restlessness, rapid breathing, diarrhea, sweating, hot flushes, nausea, pins and needles, migraines, and aching joints. Most individuals with anxiety problems can benefit from competent care, and anxiety disorders are curable.
There are numerous conventional methods, including therapy, medication, complementary and alternative medicine, and brain stimulation via magnetic fields, for the treatment of anxiety disorders and depression. Doctors frequently recommend SSRIs (selective serotonin reuptake inhibitors) to treat depression and anxiety disorders. They function by raising the level of serotonin, a chemical messenger or neurotransmitter, in the brain’s bloodstream. Treatment duration for depression includes almost 4 to 5 months when medicines are taken regularly. The duration of treatment could change depending on the condition.
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Anxiety Disorders and Depression Treatment Market Dynamics
Key factors supporting the market revenue growth are the high prevalence of anxiety and depression worldwide. Depression frequently results from a combination of several reasons. Some researchers have found that depression is more prevalent in older individuals and in those who experience challenging social and economic conditions. Family history can also sometimes lead to anxiety and depression instances. According to Stanford Medicine, heritability is generally between 40% and 50%, and it may be higher in cases of severe depression. This could indicate that 50% or less of depression cases have hereditary causes, and 50% have reasons unrelated to genes (psychological or physical factors).
The prevalence of anxiety and depression is increasing at an alarming rate. This increases the necessity for treatment and medications. Market players are focusing on launching new and innovative medications in the market. For instance, MM-120, an improved version of LSD, has been approved for usage in phase 2b research by the FDA to treat anxiety. The medication, MM-120, is being created by MindMed to treat mental illnesses and GADs. Clinical trials for MindMed were anticipated to start in 2022. Moreover, mergers and acquisitions by companies in order to expand their product portfolio is the key trend in the anxiety disorders and depression treatment market.
Other factors supporting the market for anxiety disorders and depression treatment involve favorable reimbursement policies in developed countries, rising awareness about mental health in low- and middle-income countries through government campaigns, and the high number of market players investing in this sector.
The market for anxiety disorders and depression, however, is anticipated to show limited revenue growth during the forecast period due to the patent expiration of the majority of pharmaceuticals, as well as the rising rate of drug withdrawals and the widespread release of generic alternatives.
Anxiety Disorders and Depression Treatment Market Ecosystem
The global anxiety disorders and depression treatment market has been analyzed from three perspectives: drug class, indication, and region.
Anxiety Disorders and Depression Treatment Market by Drug Class
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Based on the drug class, the global anxiety disorders and depression treatment market is segmented into antidepressants, anxiolytics, anticonvulsants, atypical antipsychotics, and noradrenergic agents.
The antidepressants segment accounts for the highest market revenue share. The primary goal of antidepressant therapy is to reduce the signs of severe depression, such as feeling hopeless and exhausted. They are designed to help one feel emotionally calm. By balancing the brain’s neurotransmitters and chemicals, antidepressants regulate mood and emotions. For instance, dopamine and serotonin antidepressants lessen the symptoms of depression. Moreover, the increasing launch of novel antidepressants by market players is anticipated to boost the segment revenue growth in the coming years.
Anxiety Disorders and Depression Treatment Market by Indication
Based on the indication, the global anxiety disorders and depression treatment market is segmented into anxiety and depression.
The depression drugs segment experienced significant revenue growth in past years due to the increasing prevalence of depression and greater awareness about mental health. Additionally, advances in research and development have led to the introduction of newer and more effective antidepressants, driving revenue growth in the market. However, it is important to consider that while the increasing availability of treatments can be positive, there are also challenges associated with the growing market, such as access and affordability of medications, potential side effects, and the need for continued research to better understand the most effective treatments for depression.
Anxiety Disorders and Depression Treatment Market by Region
Regionally, the global anxiety disorders and depression treatment market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The market in North America leads the market in terms of revenue growth. Two major reasons supporting revenue growth in North America are the significant rise in depression cases and the easy availability of antidepressants. According to Mental Health America, in 2022, almost 19.86% of Americans experienced mental illness, which is nearly equivalent to 50 million Americans. According to CDC (Center for Disease Control and Prevention) in the United States, from August to December 2020, the average anxiety severity scores increased by 13%. The proportion of adults with recent symptoms of anxiety or a depressive disorder increased from 36.4% to 41.5% between August 2020 and February 2021. The proportion of those reporting unmet mental health care requirements increased from 9.2% to 11.7%.
The market in Asia Pacific is expected to show lucrative revenue growth opportunities in the coming years. The increased prevalence of psychiatric diseases is one of the factors boosting the market for depression treatment in this region. In addition, major companies are investing significantly in research of novel treatments and equipment to lower the rate of depression. Additionally, the market for anxiety disorders and depression treatment in Asia Pacific is expected to be driven by rise in the production of new antidepressant medications in developing nations, such as China, India, and Japan.
Anxiety Disorders and Depression Treatment Market Competitive Landscape
The prominent players operating in the global anxiety disorders and depression treatment market are:
The high prevalence of anxiety disorders and depression and increase in research and development activities are fueling revenue growth in the global market.
GlaxoSmithKline plc, Eli Lilly and Company, H. Lundbeck A/S, Forest Laboratories, Inc., and AstraZeneca plc are the key players operating in the global market.
The patent expiration of several branded drugs, rising rate of pipeline drug withdrawals, and the widespread release of generic alternatives are likely to restrict revenue growth in the global market.
The global anxiety disorders and depression treatment market is expected to register a revenue CAGR of 2.75% during the forecast period from 2022 to 2030.
The anxiety drugs segment occupies the larger revenue share of the global market.
*Insights on financial performance are subject to availability of the information in the public domain