Depression Drugs
Market: Introduction
According to the report,
the global depression drugs market was valued
at US$ 18.9 Bn in 2019 and is projected to
expand at a CAGR of ~2% from 2020 to 2030. Major
depressive disorder (MDD), schizophrenia and bipolar I disorder,
Obsessive-Compulsive Disorders (OCD), and anxiety disorder are some of the
different types of depression. Various drug classes are used to treat
depression. These include Selective Serotonin Reuptake Inhibitors (SSRIs),
Serotonin and Norepinephrine Reuptake Inhibitors (SNRIs), atypical
antidepressants, and tricyclic antidepressants. Rise in prevalence of
depression and increase in incidence of depression among the geriatric
population is boosting the global depression drugs.
North America dominated
the global depression drugs market in 2019. This trend is
anticipated to continue during the forecast period. Growth in awareness about
the availability of new drugs to treat depression and presence of major
companies in the region are expected to drive the depression drugs market in
North America. Asia Pacific is likely to be a highly lucrative region of the
global depression drugs market during the forecast period.
Rise in
Prevalence of Depression and Increase in Geriatric Population to Drive
Market
MDD is a commonly
diagnosed form of depression. In 2015, around 16.1
million adults aged 18 years and above in the U.S. experienced at
least one major depression episode. This represented 6.7% of
all adults in the country. Depression is the leading cause of disability among
people aged between 15 and 44 in the U.S. More than 41,000 suicides
are committed every year in the U.S. Depression is one of the most common
illnesses among the elderly population. In addition to the common risk factors
prevalent among all age groups, chronic diseases, restricted mobility,
bereavement, abuse, isolation, and loss of income are the major risk factors
for depression among the geriatric population. The prevalence of depression
among adults aged 65 and older is estimated to be between 5% and 10%.
Depression is projected to be the second leading cause of disease burden in
this age group by 2020.
Atypical
Antidepressants Drug Class to Dominate Market
Based on drug class, the
global depression drugs market has been divided into Selective Serotonin
Reuptake Inhibitors (SSRIs), Serotonin and Norepinephrine Reuptake
Inhibitors (SNRIs), atypical antidepressants, tricyclic antidepressants,
and others. The atypical antidepressants segment dominated the global
depression drugs market in 2019. This trend is projected to
continue during the forecast period, as it is first-line of treatment, and due
to increase in cases of depression and launch of new drugs.
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Schizophrenia and
Bipolar I Disorder to be Promising Disease Type
In terms of disease type,
the global depression drugs market has been classified into Major Depressive
Disorder (MDD), schizophrenia and bipolar I disorder,
Obsessive-Compulsive Disorders (OCD), anxiety disorder, and others. The
schizophrenia and bipolar I disorder segment is expected to expand at the
highest CAGR during the forecast period. Rise in cases of schizophrenia and
bipolar I disorder and increase in research on the treatment of this disorder
are driving the segment. The World Health Organization considers bipolar
disorder to be the sixth-largest cause of disability across the globe.
According to the WHO data published in October 2019, 20
million people across the globe have been affected with schizophrenia.
Retail Pharmacies
Segment Accounted for Major Share of Global Market
Based on distribution
channel, the global depression drugs market has been categorized into retail
pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies
segment led the global depression drugs market in terms of revenue in 2019.
This trend is anticipated to continue during the forecast period. Increase in
number of depression drugs being dispensed through retail pharmacies and rise
in number of retail pharmacies in developing countries make these a major
channel of distribution.
North America to
Lead Global Market
The global depression
drugs market has been split into North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa. North America dominated the global
depression drugs market in 2019. It was followed by Europe.
The introduction of new drugs to treat depression and high prevalence of mental
illness in developed countries such as the U.S. drive the depression drugs market
in North America. The depression drugs market in Asia Pacific is anticipated to
expand at a higher CAGR compared to that in other regions from 2020 to 2030.
Growth of the depression drugs market in Asia Pacific can be ascribed to rise
in prevalence of depression disorders and increase in awareness about the
treatment of depression in the region.
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Competition
Landscape
The global depression
drugs market is fragmented in terms of number of players. Key players operating
in the global depression drugs market include Johnson & Johnson,
Otsuka Pharmaceutical Co., Ltd, Allergan, Novartis AG, Eli Lilly and Company,
Takeda Pharmaceutical Company Limited, Abbott, Pfizer, and GlaxoSmithKline. New
product development through robust R&D activities and mergers &
acquisitions are the key strategies adopted by these players in the global
depression drugs market.
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