The increasing prevalence of depression globally will propel the growth of the depression treatment market in the upcoming years. The North American region emerged as the most significant global depression treatment market, with a 44.11% market revenue share in 2022. The market will grow due to the increasing number of wellness facilities that provide drugs, therapies and treatments for mental wellness.
Newark, Feb. 22, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 11.31 billion in 2022 depression treatment market will reach USD 16.14 billion by 2030. The world health organization estimates that 5% of individuals worldwide have some form of depression. According to reports, depression is the most common disability in the world and impacts people’s daily life. Stressful situations, loneliness, alcoholism, drug misuse, disease, family history, traumatic childhood experiences, or giving birth are just a few of the many causes. In low- and middle-income nations, around 75% of the populace lacks access to mental health services. However, the market will benefit from rising mental health awareness and mental health promotion by governments around the world.
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Key Insight of the depression treatment Market
Asia Pacific is expected to grow the fastest during the forecast period 2022-2030.
Asia Pacific is expected to grow the fastest during the forecast period 2022-2030. The Asia Pacific region’s market for depression treatment has been growing quickly. The market for mental well-being in the Asia Pacific is expanding for two reasons. First, the region’s government authorities have been spending more money on healthcare infrastructure. Second, an increasing number of young adults are experiencing severe financial, social, psychological, and academic stress due to the slowing economy, which results in fewer jobs and increases living costs, thereby contributing to the rising prevalence of depression.
The major depression segment dominated the market with a market share of 42% in 2022.
The indication segment is divided into major depression, bipolar disorder, postpartum depression, situational depression, treatment-resistant depression, persistent depressive disorder, seasonal affective disorder, premenstrual dysphoric disorder, atypical depression, anxiety disorder and others. The major depression segment dominated the market with a market share of around 42% in 2022.
The antidepressants segment dominated the market with a market share of 45% in 2022.
The drug class segment is divided into bupropion, monoamine oxidase inhibitors, trazodone, antipsychotics, mirtazapine, antidepressants, anxiolytics, anticonvulsants, noradrenergic agents and others. The antidepressants segment dominated the market with a market share of around 45% in 2022.
The retail pharmacies segment will dominate the market with a market share of 59% in 2022.
The distribution channel segment is divided into hospitals, drug stores, speciality clinics, retail pharmacies, e-commerce, and others. The retail pharmacies segment dominated the market with a market share of around 59% in 2022.
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Advancement in market
December 2022 – A new neuromodulation technique with the disruptive potential to treat major depression is low-intensity focused ultrasound (LIFU), which enables millimetre-level precision non-invasive stimulation of the entire brain. This technique is based on the creation of focused ultrasonic waves, which are acoustic waves with a frequency higher than the 20 kHz threshold of human hearing. An ultrasonic beam can be delivered through the skull and concentrated in a specific brain area by attaching a pulse generator to an ultrasound transducer and an acoustic lens. The ultrasonic frequency is often chosen between 500 kHz and 1 MHz, which sets the spatial resolution to the millimetre range, similar to the ultrasound wavelength, to reduce attenuation through the skull. Even though MDD is still relatively new, early results are encouraging, particularly in reducing depression patients’ anxiety and low mood. Further technological advancements must strengthen the potential of LIFU for treating MDD.
Driver: increasing incidence of depression
Lack of access to fundamental human needs, including food, clean water, a place to live, sanitation, economic stability, and healthcare, are just a few examples of circumstances that raise the possibility of physical and mental health problems. Aside from that, modern life has become stressful due to fierce competition and packed schedules. The prevalence of anxiety and depressive illnesses has increased due to the contemporary lifestyle. Numerous elements have influenced this pattern. People are now more willing to identify and address their mental health openly due to increased awareness, infrastructure development that provides therapy, and a platform for sharing experiences. The rise in the number of unemployed will also impact the rising number of persons seeking to better their mental wellness.
Restraint: depression treatment is inaccessible and unaffordable for the majority of the population
The cost of medications has increased, owing the imbalance between supply and demand in the global depression treatment market -. The world’s wealthy people have access to and can afford these medicines. Even though they know their mental health, most people who need mental health services cannot afford the medications and therapies. The adverse side effects of several pharmaceuticals have made a sizable populace sceptical of the treatments, which will impede the market’s expansion.
Opportunities: increasing government expenditure on promoting mental well-being
Lack of access, cost, ignorance, and social limitations are contributing factors that have restricted the growth of the depression treatment market. Each of these factors is the focus of a multi-pronged strategy by the government to address these issues. The government initiatives aim to reduce the stigma associated with mental illness by raising awareness. The government collaborates with influential individuals who garner a massive following in the country to broaden its influence. As part of their programmes for mental wellness, they provide free consultations via toll-free phones and websites. The government provides subsidized or free medications, therapies, and other treatments to make therapies accessible and inexpensive. By providing telemedicine, they are utilizing technology to go the extra mile. Such a thorough and all-encompassing strategy will present rewarding prospects and propel the market’s growth.
Challenge: inadequate number of skilled professionals
The increase in individuals seeking treatment exceeds the number of qualified and trained professionals needed to identify and treat depression. The inadequately allocated healthcare funds are directed towards developing emergency and trauma care healthcare services that are not necessarily devoted to mental health, which explains the lack of human resources. Therefore, the private sector has filled this market gap in the mental health sector, and the costs of treatments are high, making it widely unavailable to the most-needy people. The most disadvantaged and marginalized demographic segment cannot afford the prices, which are outrageous given their income. Therefore, the lack of specialized mental health infrastructure, the dominance of profit-driven private businesses, the shortage of experienced specialists, the difficulty of accessing depression treatment, and its high cost will restrain the market’s expansion.
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Some of the major players operating in the depression treatment market are:
• Abbott Laboratories
• AbbVie Inc.
• Bristol-Myers Squibb
• Cipla Limited
• Eli Lily and Company
• GlaxoSmithKline PLC
• Johnson & Johnson
• Merck and Co. Inc.
• Zydus Lifesciences
Key Segments cover in the market:
• Major Depression
• Bipolar Disorder
• Postpartum Depression
• Situational Depression
• Treatment-Resistant Depression
• Persistent Depressive Disorder
• Seasonal Affective Disorder
• Premenstrual Dysphoric Disorder
• Atypical Depression
• Anxiety Disorder
By Drug Class
• Monoamine Oxidase Inhibitors
• Noradrenergic Agents
By Distribution Channel
• Drug Stores
• Speciality Clinics
• Retail Pharmacies
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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