Industry Overview
The anxiety and depression treatment market is anticipated to reach USD 19.3 Billion in 2027, growing at a CAGR of 3.5% during 2021-2027 and the increasing incidence of depression will fuel the market growth. The global market for anxiety and depression treatment products is expected to grow at a significant pace during the forecast period.
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The major factors responsible for the growth of the market include a large population, increasing awareness about mental health issues and their treatment, and a rising number of product approvals. Anxiety disorders and depression are distinct, but people with depression have symptoms of anxiety disorder, such as nervousness, irritability, sleeping problems, and concentrating. Anxiety is a feeling of fear, worry, nervousness, or unease about something with an uncertain outcome. It is spreading and is affecting the young population. Depression is that emotional state which affects actions, thoughts and sleeping habit of concerned individuals. Thus, it is a serious mood disorder.
The rising awareness among the end-users and an increase in the development of the healthcare segment, especially in the developing economies will enhance the growth of the overall market in the forecast period. Moreover, the adoption of the latest technologies and treatments will provide growth opportunities for the market players, thus supporting the growth of the global anxiety disorders and depression treatment market in the forecast period.
Market Segmentation
Insight by Product
On the basis of product, the market is subdivided into Antidepressant drugs (SSRIs, SNRIs, TCAs, MAOIs, Atypical Antipsychotics, Benzodiazepins, Anticonvulsants, Beta-Blockers, and others) and therapy and devices (Fischer Wallace Stimulator, TMS, DBS, VNS, ECT, CBT, and others). The drugs segment holds the largest market share in the anxiety and depression market and will retain its position during the forecast period. This is because of the increase in the number of mental disorder cases, the rising number of product launches, and awareness by health institutions about mental diseases. Antidepressant drugs treat anxiety. SSRIs are prescribed by practitioners to treat anxiety but they have a few side effects like nausea, headaches, sleep problems, and stomach upset. SSRIs, SNRIs contribute the highest market share in the global market. Moreover, SSRIs and beta-blockers will grow in the forecast period because of stress in the work environment and changes in consumer lifestyles.
Personalized therapies and devices segment in product type is anticipated to grow at a faster rate due to the use of the therapies by medical practitioners as they have fewer side effects as compared to drugs. Among the different therapies, Cognitive Behavior Therapy will lead the global Anxiety Disorder and Depression Treatment market as it replaces negative and unproductive patterns with realistic ones.
Fisher Wallace Stimulator is an FDA-approved neurostimulation device that helps in treating anxiety, depression, and sleeplessness. This device helps the brain to release certain hormones such as dopamine which helps in reducing stress. The patients can be naturally treated with the same effect as that of an antidepressant. In therapies, Electroconvulsive therapy (ECT) is a safe and effective procedure that treats psychiatric conditions. In this procedure, a fixed amount of electric current enters the brain, which affects the brain's activity and relieves patients with mental illness and high-level depression. It is effective than medication or therapy but has side effects like some memory problems.
Insight by Indication
On the basis of indication, the market is divided into MDD, OCD, Phobias, and others. Today, due to changes in consumer lifestyle, there are a lot of phobias, depressive disorders in developed and developing economies, increasing the sale of anti-anxiety drugs. Indications such as major depressive disorders (MDD), obsessive-compulsive disorders (OCD), traumatic stress disorders, and phobias are found in the majority of the population globally. This will propel the market growth during the forecast period.
Insight by Distribution Channel
On the basis of distribution channels, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies category is anticipated to hold the largest share in the anxiety and depression drugs market during the forecast period. The sales are high via this channel because of increased patient visits to the hospitals for their mental health. Online channels are witnessing growth during the forecast period due to shopping convenience offered by sites. Customers can order from their homes, avail discounts, and receive doorstep delivery of their prescribed medicines. There is an increase in the patients' preference to buy products from nearby pharmacies regularly. This is driving the demand for the retail pharmacies segment.
Global Anxiety and Depression Treatment Market Report Coverage
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Report Metric
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Details
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Historical Period
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2015–2020
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Base Year Considered
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2021
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Forecast Period
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2021 - 2027
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Market Size in 2021
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$xx.x Billion
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Revenue Forecast in 2027
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$19.3 Billion
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Growth Rate
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CAGR 3.5%
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Segments Covered in the Report
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Product, Indication and Distribution Channel |
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Middle East, and Rest of the World
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Industry Dynamics
Industry Trends
The market for anxiety and depression treatment is growing substantially due to the rise in the elderly population, fewer side effects of innovative drugs, and an increasing number of anxiety and depression disorder patients. There is an increase in awareness about psychotic patients globally due to initiatives taken by healthcare organizations. The World Health Organization (WHO) has declared 10th October as World Mental Health Day. This will create awareness, reduce the stigma, provide different treatment options and support mental health problems. But the patent expiry of antidepressant drugs and the high cost associated with devices will limit the demand for the anxiety and depression market globally.
Growth Drivers
An increase in the growth of mental health issues and disorders is the primary factor contributing to the market growth. Many individuals of different age groups are suffering from depression and committing suicide which is driving the growth of anxiety disorder and depression treatment market. Technological development to treat psychotic illnesses such as brain stimulation by using medical implants and smartphone-based applications like virtual therapies will boost the market growth in the coming years. The government is focusing on mental healthcare issues and formulating reimbursement policies that will positively impact the market.
Challenges
The weak pipeline of new drugs, patent expiration of antidepressant drugs, the introduction of cost-effective biosimilars, and the high costs involved in using devices are the factors that hamper the global demand for anxiety disorders and treatment for depression. Manufacturers of anxiety and depression treatment products are negatively impacted by the COVID-19 crisis. There is disruption of the supply chain because of the restrictions imposed by the governments on domestic and international trade. As a result, it has affected the production of active pharmaceutical ingredients (API) for such drugs and devices, hampering the growth of the anxiety and depression treatment market.
The COVID-19 crisis has created interruptions in the manufacturing industries as there is a shortage of resources all over the world. As a result of lockdowns, the distribution chain is impacted. The companies are using different techniques to increase the production volume and develop innovative solutions at reasonable prices, which can meet customer requirements at a much lower cost. Companies are skeptical about the markets’ future and developing strategies to face the challenge.
Opportunities
The market is offering many growth opportunities. Manufacturers and companies provide innovative products and technologies in anxiety and depression treatment markets like Quartet, Lyra Health, Regroup, Learn to Live, Inc., Stop, Breathe and Think, NeuroFlow. There is a technological development such as experimental devices for brain stimulation and smartphone-based software like virtual reality exposure will create opportunities for anxiety disorders and depression treatment market over the forecast period. Innovation and advancement in herbal remedies with a proper distribution network will provide opportunities for the key players to enter the market. The progressive result of clinical trials for drugs and their commercialization will propel the future growth for anxiolytic and antidepressant drugs. The COVID-19 pandemic has created many opportunities as there is a deterioration of mental health due to the coronavirus.
Geographic Overview
Geographically, North America is anticipated to hold the major market share in the anxiety and depression treatment market. This is due to the rise in cases of pain, huge population suffering from anxiety and stress-related disorders, high-disposable income, easy accessibility of antidepressant drugs, and awareness about mental health. Europe is considered to be the second-largest growing regional anxiety disorders and depression treatment market as a result of an increase in public awareness of anxiety disorders and treatments.
The Asia Pacific is projected to have healthy growth in the coming few years because of the rising prevalence of psychiatric disorders. Moreover, the rapid growth of the economy in nations, such as Japan, China, and Australia are projected to enhance the growth of the market in the next few years. In emerging economies like India and China, there is an imbalance in work and personal life and changing lifestyles that will create opportunities for anxiety disorders and depression treatments market.
Competitive Insight
Key players in the anxiety and depression treatment industry are innovating their product portfolio to offer a better product and increase their drug discovery pace to gain a competitive edge. In March 2021, Cipla Limited announced that it has received approval from the United States Food and Drug Administration (USFDA) for its sumatriptan nasal spray,20mg i.e., an Abbreviated New Drug Application (ANDA). Mergers and acquisitions have helped pharmaceutical companies to increase their product portfolios, expand their reach, and enhance their workflow, in the anxiety and depression treatment market. For instance, in December 2020, Novartis AG acquired Cadent Therapeutics. The acquisition will add two new drugs, which include CAD-9303, an NMDAr positive allosteric modulator; and MIJ-821, an NMDAr negative allosteric modulator, which is in the clinical trial stage in the former’s portfolio for neurology and psychiatry. Thus, these strategic initiatives will create a diverse portfolio of depression and anxiety drugs in the market.
Key players in the Anxiety and Depression Treatment Market are Eli Lily and Company, Forest Laboratories, Inc., Johnson and Johnson Private Limited, GlaxoSmithKline plc., H. Lundbeck A/S, Pfizer, Inc., Merck & Co. Inc., Inc., Sanofi S.A., Astra Zeneca plc., and Bristol Myers Squibb Company.
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Source: VynZ Research
