Antidepressant Drugs Market to Grow Valuation of $15.98 Billion by 2023

The increase in awareness in regards with the disease state and importance of clinical needs, and rise in prevalence of depression are the major driving factors that are projected to boost the market growth.

Portland, OR, Aug. 06, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the antidepressant drugs market accounted for $13.75 billion in 2016, and is estimated to reach $15.98 billion by 2023, registering a CAGR of 2.1% from 2017 to 2023.

North America is the highest contributor in the antidepressant drugs market in 2019; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.

Depression affects a person's thoughts, behavior, feelings and sense of well-being and is caused due to biological, genetics, environment, and psychological factors. The symptoms usually include low mood and aversion to physical activity. Depression is more common in women than men. Depression drugs works by fixing chemical imbalance such as lack of serotonin in the brain. Antidepressants helps in the treatment of depression by maintaining balance of various hormones and chemicals in the brain. Although effective treatments are available, many individuals with depression do not have access to treatment or do not take treatment, mainly due to lack of knowledge and social stigma.

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Covid-19 scenario:

  • Research and development activities have been conducted across the world in various universities and institutes. Researchers have suggested that anti-depressant drugs have an ability to lower down replication of viruses in Covid-19 infected patients.
  • Due to disrupted supply chain and interruption in productions, the antidepressant drug manufacturers have been unable to meet the demand during the first few months of pandemic.

The rise in geriatric population, increase in prevalence of depression, and emergence of novel techniques for the development of drugs with fewer side-effects majorly drive the market growth. Furthermore, increase in awareness regarding the disease state and rise in number of people suffering from stress can fuel the growth of the antidepressant drugs market. However, poor efficacy and safety profiles of the drug, preference for non-pharmacological therapies, and increase in number of patent expiration of antidepressants that lead to weak pipeline are expected to hamper the market growth.

The global antidepressant drugs market is segmented on the basis of depressive disorder, product, and region.

Based on depressive disorder, major depressive disorder is the dominant segment as majority of the people are usually diagnosed with this disorder due to increase in stress levels. However, obsessive compulsive disorder is the fastest growing segment due to increase in the number of drugs for this disorder.

Based on product, it is segmented into tricyclic antidepressants, selective serotonin reuptake inhibitors, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others. Selective serotonin reuptake inhibitors is the dominant segment owing to the presence of large number of these drugs.

Based on region, the antidepressant drugs market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the antidepressant drugs market in 2016, and is expected to retain its dominance throughout the forecast period.

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Leading market players analyzed in the research 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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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