Antidepressant Drugs Market to Reach $15.98 Bn by 2023, Globally at 2.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 21, 2018 /PRNewswire/ --
Increase in the number of patients suffering from depression, stress, and anxiety coupled with emergence of novel drugs with fewer side-effects are expected to boost the growth of the antidepressant drugs market
Allied Market Research recently published a report, titled, "Antidepressant Drugs Market by Depressive Disorder (Major Depressive Disorder, Obsessive-Compulsive Disorder, Generalized Anxiety Disorder, Panic Disorder, and Others) and Product (Tricyclic Antidepressants, Selective Serotonin Reuptake Inhibitors, Serotonin-Norepinephrine Reuptake Inhibitors, Monoamine Oxidase Inhibitors, Serotonin Antagonist and Reuptake Inhibitors, and Others): Global Opportunity Analysis and Industry Forecast, 2017-2023". The report offers in-depth analyses of the global antidepressant drugs market by closely analyzing the industry trends, top investment pockets, drivers & opportunities, key growth strategies, and competitive landscape. According to the report, the global antidepressant drugs market accounted for $14.11 billion in 2017 and is expected to reach $15.98 billion by 2023, registering a CAGR of 2.1% during the forecast period.
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Increased global disease burden of depression, rise in geriatric population, and emergence of innovative techniques for the development of drugs with fewer side-effects drive the growth of the market. However, poor efficacy and safety profiles of drugs, inclination toward non-pharmacological therapies, and increase in the number of patent expiration of antidepressants hamper the market growth. On the contrary, increase in awareness regarding the disease state and rise in number of patients suffering from stress are expected to create lucrative opportunities for the market players in future.
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Obsessive-compulsive disorder segment to portray fastest demand through 2023
The obsessive-compulsive disorder segment is expected to register the fastest CAGR of 2.9% during the forecast period, owing to changing lifestyle and need for better quality of life. However, the major depressive disorder segment held the largest market share in 2017, contributing about 40% of the total revenue, as majority of the patients are diagnosed with this disorder due to high stress levels. The other segments analyzed in the report include generalized anxiety disorder, panic disorder, and others.
Selective serotonin reuptake inhibitors segment to lead the market by 2023
Selective serotonin reuptake inhibitors segment is projected to manifest the fastest CAGR of 2.7% during the forecast period, as these are highly effective in treat depression and anxiety due to their minimal side-effects. The other antidepressant products analyzed in the report are tricyclic antidepressants, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others.
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North America to retain the largest market share through 2023
North America accounted for the largest share in the market, contributing more than half of the total revenue, owing to increase in incidence of disorders such as stress, suicidal feelings, serious psychological disorders, and anxiety among the adult population in the region. However, Asia-Pacific region is expected to portray the fastest CAGR of 4.0% during the study period, owing to the increase in marketing approval for new medicines in the region and presence of large pool of geriatric population. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the market
The report analyzes the several leading players in the market, which include Allergan Plc, Eli Lilly and Co., H. Lundbeck, Merck & Co., Inc., Teva Pharmaceutical Industries Ltd., Alkermes Plc, Bristol Myers Squibb Co., GlaxoSmithKline Plc, Pfizer Inc., and Takeda Pharmaceutical Co. Ltd.
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