The global depression drugs market size is expected to reach around US$ 21.4 billion by 2027 and is projected to hit at a CAGR of 3.71% from 2020 to 2027.
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.
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.
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.
Market Segmentation: Depression Drugs Market
Market: Segmentation
A new study on the global depression drugs market has been published by Vision Research Reports. It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global depression drugs market. The study offers valuable information about the global depression drugs market to illustrate how the market would grow during the forecast period 2020-2027. The report provides the value and volume of the global depression drugs market for the period 2020–2027, considering 2020 as the base year and 2027 as the forecast year. The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in the study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global depression drugs market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in study on the global depression drugs market. This can help readers understand principal factors to foresee growth in the global depression drugs market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global market, which is expected to guide market players in making apt decisions in the future.
The report also delves into the competition landscape of the global depression drugs market. Key players operating in the global market have been identified, and each one of these has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global market report.
Key Questions Answered in Depression drugs Market Study
- What are the key factors influencing the depression drugs market in each region?
- What will be the CAGR of the global depression drugs market between 2016 and 2027?
- What is the future scope and changing trends in technologies in the global depression drugs market?
- Which factors will impede the growth of the global depression drugs market during the forecast period?
- Which are the leading companies in the global depression drugs market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- What is the volume (Units) of different depression drugs across all regions during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which segment will expand at the fastest CAGR during the forecast period?
Research Methodology
A unique research methodology has been utilized by Vision Research Reports to conduct a comprehensive research on the growth of the global depression drugs market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global depression drugs market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from depression drugs industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making Vision Research Reports estimates on the future prospects of the global market more reliable and accurate.
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