Antidepressants market comprises of sales of antidepressants & related services that are used in hospitals & clinics and retail pharmacies. Antidepressants are drugs that can aid to alleviate depressive symptoms, anxiety disorders, seasonal affective disorder, social anxiety disorder, and dysthymia, or moderate persistent depressive and other conditions.
According to study, “Antidepressants Global Market Report 2020-30: Covid 19 Implications and Growth” the key companies operating in the global antidepressants market are Eli Lilly and Company; GlaxoSmithKline PLC; Allergan PLC; AstraZeneca; H. Lundbeck AS; Merck & Co. Inc.; Sanofi; Johnson & Johnson; Pfizer Inc.; Sun Pharmaceuticals Pvt Ltd; Teva Pharmaceutical Industries; Alkermes; Bristol Myers Squibb Company; Eli Lilly and Co.; Forest laboratories; Akeda Pharmaceutical; Takeda Pharmaceutical Co. Ltd and others. Additionally, the research & development (R&D) activities by the key players have resulted in rising product approvals & have a pipeline of products under development.
Based on product type, antidepressants market is segmented as Serotonin-norepinephrine Reuptake Inhibitor (SNRI), Selective Serotonin Reuptake Inhibitor (SSRI), Monoamine Oxidase Inhibitor (MAOI), Tricyclic Antidepressant (TCA) and other products. SSRI segment holds major share in global market owing to presence of large number of these drugs. Based on depressive disorder, market is segmented as Obsessive-compulsive Disorder (OCD), major depressive disorder, Panic Disorder (PD), Generalized Anxiety Disorder (GAD), and others. In addition, based on drug class, market is segmented as serotonin antagonist & reuptake inhibitors, monoamine oxidase inhibitors, selective serotonin reuptake inhibitors, serotonin-norepinephrine reuptake inhibitors and tricyclic antidepressants.
The antidepressants market is driven by rise in awareness about depression, followed by increase in number of cases of depression around the world and emergence of novel biologics. However, side-effects & patent expiry of antidepressant drugs and preference of non-pharmacological therapies over the pharmacological therapies may impact the market. Moreover, rise in number of patients suffering from stress and increase in awareness regarding the disease states are key opportunities for market. Furthermore, treatment for resistant depression is a major trend for market.
Corona-Virus or COVID-19 pandemic is predictable to have a considerable positive impact on the growth of the studied market. The pandemic is anticipated to have a long & short term impact on the people’s mental illness given the hurdles faced during the crisis, for instance social isolation owing to lockdown, job insecurity, and fear of being infected by Covid-19. According to the survey, about 64% of the household had experienced at least one adverse effect in lockdown, such as increase in alcohol consumption or substance use, difficulty sleeping or eating, and worsening chronic conditions, on their mental health & wellbeing during the pandemic. Thus, due to increasing incidence of depression & anxiety among the global population over the Covid-19 pandemic, the antidepressant market is probable to have a significant impact during the Corona-virus crisis.
Based on geography, the North-American region dominates the global antidepressants market owing to increase in cases of depression in the region. The Asian-Pacific and European regions are estimated to exhibit higher growth rate due to presence of large pool of geriatric population and increase in marketing approval for new medicines over the forecast period. The global antidepressants market is anticipated to grow from US &14.3 billion in 2019 to approximately US $28.6 billion in 2020 as mental health issues are likely to surge owing to the effects of the Corona-Virus pandemic making an impact on the global economy. The market is projected to stabilize and reach US $19 billion at a CAGR of 7.4% through 2023.
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Ankur Gupta, Head Marketing & Communications