Increase in the number of patients suffering from depression, stress with emergence of novel drugs with fewer side-effects to boost the growth of the market
PORTLAND, OR, UNITED STATES, September 28, 2020 /EINPresswire.com/ — UPDATE AVAILABLE ON-DEMAND
The global antidepressant drugs market accounted for $14.11 billion in 2017 and is expected to reach $15.98 billion by 2023, registering a CAGR of 2.1% during the forecast period.
Increased global disease burden of depression, rise in geriatric population, and emergence of innovative techniques for the development of drugs with fewer side-effects drive the growth of the market. However, poor efficacy and safety profiles of drugs, inclination toward non-pharmacological therapies, and increase in the number of patent expiration of antidepressants hamper the market growth. On the contrary, increase in awareness regarding the disease state and rise in number of patients suffering from stress are expected to create lucrative opportunities for the market players in future.
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Obsessive-compulsive disorder segment to portray fastest demand through 2023
The obsessive-compulsive disorder segment is expected to register the fastest CAGR of 2.9% during the forecast period, owing to changing lifestyle and need for better quality of life. However, the major depressive disorder segment held the largest market share in 2017, contributing about 40% of the total revenue, as majority of the patients are diagnosed with this disorder due to high stress levels. The other segments analyzed in the report include generalized anxiety disorder, panic disorder, and others.
Selective serotonin reuptake inhibitors segment to lead the market by 2023
Selective serotonin reuptake inhibitors segment is projected to manifest the fastest CAGR of 2.7% during the forecast period, as these are highly effective in treat depression and anxiety due to their minimal side-effects. The other antidepressant products analyzed in the report are tricyclic antidepressants, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others.
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North America to retain the largest market share through 2023
North America accounted for the largest share in the market, contributing more than half of the total revenue, owing to increase in incidence of disorders such as stress, suicidal feelings, serious psychological disorders, and anxiety among the adult population in the region. However, Asia-Pacific region is expected to portray the fastest CAGR of 4.0% during the study period, owing to the increase in marketing approval for new medicines in the region and presence of large pool of geriatric population. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
The Major Key Players Are:
Alkermes Plc, Allergan Plc, Bristol Myers Squibb Co., Eli Lilly and Co., GlaxoSmithKline Plc, H. Lundbeck, Merck & Co., Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., and Takeda Pharmaceutical Co. Ltd.
The Other Prominent Players Are:
Opko Health, Intra-Cellular Therapies, Janssen Pharmaceuticals, Lupin, Abbott Laboratories, Novartis, Forest Laboratories, and AstraZeneca.
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Key Findings of the Antidepressant Drugs Market:
• Obsessive compulsive disorder is projected to grow at the highest rate during the analysis period.
• North America dominated global antidepressant drugs market in 2016, and is projected to continue its dominance in future.
• China is expected to grow highest in Asia-Pacific during the forecast period.
• Major depressive disorder is the largest contributor among the depressive disorder segments in 2016.
• Selective serotonin reuptake inhibitors segment generated the highest revenue, and is expected to continue its dominance in future.
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Source: EIN Presswire