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The global depression drugs market reached a value of US$ 12.7 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of around 3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Depression is a mental disorder characterized by the absence of positive emotions, constant low mood and numerous cognitive, physical, behavioral and emotional symptoms. It is diagnosed by identifying the symptoms and checking the medical history of the patient. It is then treated using depression drugs, which balance the functioning of neurotransmitters, such as serotonin, in the brain and controlling the mood and emotions of the patient. These drugs can assist in relieving the signs of anxiety, seasonal affective disorder and dysthymia.
According to the World Health Organization (WHO), depression is one of the leading causes of disability and has impacted more than 264 million people across the globe. The increasing prevalence of mental disorders, such as social anxiety and depression, represents one of the key factors propelling the depression drugs market growth. Apart from this, with the surge in the cases of the coronavirus disease (COVID-19), there is a considerable degree of fear, worry and concern in the population. Moreover, as governments of various countries have imposed complete lockdown and are promoting the adoption of social distancing measures, the everyday routine of a significant portion of the population has been altered, which, in turn, has negatively impacted the mental health of individuals. This trend has emerged as another major growth-inducing factor boosting the sales of depression drugs. Furthermore, the emergence of novel techniques for the development of antidepressants with minimal side-effects and long-term results, in confluence with the increasing acceptance of new medications, is anticipated to impel the market growth in the upcoming years.
IMARC Group’s latest report provides a deep insight into the global depression drugs market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the depression drugs market in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global depression drugs market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, drug class, disorder type, drug type, and distribution channel.
The report has also analyzed the competitive landscape of the market with some of the key players being Otsuka Pharmaceutical, Pfizer, Eli Lilly and Company, AstraZeneca, Novartis, Bristol-Myers Squibb, GlaxoSmithKline, Takeda Pharmaceutical Company, Allergan, Johnson & Johnson, Zhejiang NHU Company Ltd, Sebela Pharmaceuticals, etc.
The global depression drugs market was valued at US$ 12.7 Billion in 2020.
Sudden outbreak of the COVID-19 pandemic has negatively impacted the mental health of individuals due to the imposition of lockdown regulations, loss of employments, increased health risks, etc., which are augmenting the demand for depression drugs.
We expect the global depression drugs market to exhibit a CAGR of around 3% during 2021-2026.
The increasing prevalence of social anxiety and depression due to rising work pressure and busy schedules, represents one of the key factors driving the global depression drugs market.
Based on the disorder type, the global depression drugs market has been bifurcated into major depressive disorder, obsessive-compulsive disorder, generalized anxiety disorder, panic disorder, and others. Among these, major depressive disorder holds the majority of the total market share.
Based on the distribution channel, the global depression drugs market can be segmented into retail pharmacies, hospital pharmacies, online pharmacies, and other pharmacies. Currently, retail pharmacies exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global depression drugs market include Otsuka Pharmaceutical, Pfizer, Eli Lilly and Company, AstraZeneca, Novartis, Bristol-Myers Squibb, GlaxoSmithKline, Takeda Pharmaceutical Company, Allergan, Johnson & Johnson, Zhejiang NHU Company Ltd, Sebela Pharmaceuticals, etc.
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