According to a market report, published by Sheer Analytics and Insights, the total depression drugs market was valued at $29.2 billion in 2021 and it is expected to reach $23.2 billion at a CAGR of 5.40% through the forecast period. According to a report by World Health Organization, depression has become a common illness that is increasing every year among a large number of people. It is affecting people from the various aged group in several regions across the globe. Moreover, the geriatric population has been going through depression and lived in various nations. Therefore, the rising demand for novel products and medical products in pharmaceutical industries are expected to drive the depression drugs market across the globe. Furthermore, major players in the global depression drugs market are focusing on developing novel therapeutics. Companies are trying to provide antidepressant medicines to adult people for the treatment of resistant depression. In some regions, the increasing prevalence of mental issues such as anxiety and depression, and other major factors are driving the growth of the depression drugs market during the forecast period. Moreover, during the uprising cases of Corona Virus disease, there was a significant growth of constant fear and worry among a large number of people across the globe. Therefore, this has negatively affected the mental health of the various people, which has already driven the depression drugs market over the past couple of years.
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Increasing depression among geriatric people and a growing number of generic drug markets are likely to fuel the growth of the market during the forecast period. Moreover, the government is also supporting the organization, which will boost the market in the coming years. However, lack of resources, untrained healthcare providers, and social stigma could hamper the growth of the depression drugs market across various regions. Anxiety disorders impacted numerous people in the U.S and make it the most common group of mental illnesses. Along with this illness, there are other mental disorders such as schizophrenia and bipolar disorder, which are major driving factors for the depression drugs market.
The growth of the depression drug industry is increasing because many customers are relying on these medications to counter depression, anxiety disorders, and other mental issues. In addition, antidepressant medications are widely used in several mental conditions such as childhood enuresis, OCD, post-traumatic stress disorders, social anxiety disorder, and bipolar disorder, among others. Therefore, rising cases of mental health disorders are projected to drive the growth of the global depression market during the forecast period from 2022 to 2032. However, the side effects of some medicines are hampering the growth of the market. For example, drug-based medicines such as Lexapro, and Celexa, both are provided to patients who are suffering from mental disorders. These medicines can cause several side effects such as excessive bleeding, seizures, problems related to the eyes, sweating, and sleeplessness, among others. This issue is further expected to hinder the market growth in upcoming years. However, some European companies Alexion Pharmaceuticals, Allergan, and others are focusing on developing and manufacturing some medicine products for patients with mental illness across the globe acquired Aptinyx for an unclosed amount.
According to the study, key players dominating the depression drugs market are Johnson and Johnson Company (U.S), Merck Pharmaceutical Company (U.S), GlaxoSmithKline Pharmaceutical Company (U.K), Sanofi Pharmaceutical Company (France), Pfizer Pharmaceutical Company (U.S), AstraZeneca Pharmaceutical Industry Company (U.K), Alkermes Biotechnology Company (Ireland), among others.
The Global Depression Drugs Market Has Been Segmented Into:
The Global Depression Drugs Market – By Drug Type:
- Antipsychotics
- Antidepressants
- Generic Drugs
- Branded Drugs
- And Others
The Global Depression Drugs Market – By Distributional Channel:
- Hospital
- Retail Stores
- Online Pharmacies
- And Others
The Global Depression Drugs Market – By Mental Disorder Type:
- Depression
- OCD (Obsessive Compulsive Disorder)
- Generalized Anxiety Disorder
- Panic Disorder
The Global Depression Drugs Market – By Regions:
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- U.K.
- Russia
- Rest of Europe Countries
Asia-Pacific
- India
- China
- Japan
- South Korea
- North Korea
- Rest of Asian Countries
Latin America, Middle East & Africa (LAMEA)
- Brazil
- Saudi Arabia
- Rest of LAMEA
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/depression-drugs-market-21
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