Major Depressive Disorder Treatment Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Depression


The major depressive disorder treatment market consists of drugs that are used for the treatment of major depressive disorder. Major depressive disorder, also known as clinical depression or unipolar depression, is one of the most common mental disorders characterized by persistent feelings of sadness and loss of interest. The drugs used for treatment of major depressive disorder include selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), atypical antidepressants, and others. SSRIs are the most commonly prescribed antidepressants which work by increasing the level of the neurotransmitter serotonin in the brain. SNRIs increase the levels of both serotonin and norepinephrine in the brain. Atypical antidepressants work on different mechanisms than SSRIs and SNRIs.

The global major depressive disorder treatment market is estimated to be valued at US$ 13.63 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.

Major depressive disorder negatively impacts the quality of life and well-being of individuals. The growing burden of depression and high incidence rates globally are key factors driving the demand for effective treatment options. Furthermore, the lack of awareness and social stigma associated with mental illness results in low treatment seeking behavior, thereby resulting in severe forms of depression requiring hospitalization and medication. Stringent regulatory frameworks ensure the availability of safe and efficacious treatment alternatives. However, the patent cliff of blockbuster drugs will likely decrease revenues of major players in the short term.

Key Takeaways

Key players operating in the major depressive disorder treatment are BP Plc, Royal Dutch Shell Plc, Total SE, Chevron Corporation, ExxonMobil Corporation, Engie SA, RWE AG, ON SE, Vattenfall AB, Gazprom, Mitsubishi UFJ Financial Group (MUFG), JPMorgan Chase & Co., Goldman Sachs Group, Inc., Citigroup Inc., Barclays PLC. These players are involved in new drug development and acquisition activities to strengthen their product portfolios.

The major opportunities in the market include a large patient pool driven by rising disease prevalence, fast tracking of new drugs by regulatory bodies, and strategic collaborations for product development. Furthermore, digital therapeutics and personalized treatment approaches present significant growth potential.

On the global front, companies are focusing on geographical expansion into emerging markets of Asia Pacific, Latin America, and Middle East & Africa through collaborations with local distributors and contract manufacturing units. This enables access and affordability of treatments.

Market Drivers
Increasing prevalence of major depressive disorder treatment market size owing to rising levels of stress, changing lifestyles and other social factors is a major market driver. According to WHO, over 300 million people currently suffer from depression globally. Rising awareness regarding effectiveness of pharmacological treatment is driving higher treatment seeking behavior. Moreover, availability of new drug formulations with improved safety profiles and convenience of administration positively impact the market growth.

Market Restraints
However, the market faces challenges in terms of high development costs of new drugs and risk of failure during clinical trials. Additionally, patent expiries of blockbuster drugs and introduction of generic versions pose short term revenue loss risks for major players. Strict regulations for approval of new drugs and side effects associated with existing medications also hinder the market growth to some extent.


Segment Analysis
The major depressive disorder treatment market is segmented based on drug class, distribution channel, and region. Among the drug class segment, the selective serotonin reuptake inhibitors (SSRIs) sub segment dominates the market. SSRIs are the first line of treatment recommended for depression as they have high efficacy and reduced side effects compared to other antidepressant drug classes such as serotonin-norepinephrine reuptake inhibitors (SNRIs).

Global Analysis
North America dominates the global major depressive disorder treatment market due to strong demand for antidepressant medications and supportive affordability provided by the healthcare system in the region. However, Asia Pacific is expected to witness the highest CAGR during the forecast period due to growth in geriatric population, increasing awareness regarding depression, improving access to healthcare facilities, and rising expenditure on healthcare in developing Asian countries such as India and China.

Get more insights on this topic: https://www.ukwebwire.com/major-depressive-disorder-treatment-market-share-and-opportunity-analysis/

 

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