SEATTLE, Jan. 7, 2022 /PRNewswire/ — According to Coherent Market Insights, the global depression drugs market is estimated to be valued at US$ 11,939.2 million in 2021 and is expected to exhibit a CAGR of 3.7%over the forecast period (2021-2028).
Key Trends and Analysis of the Global Depression Drugs Market:
Key trends in the market include increasing incidence of depression, increasing approval of novel products, and research and development activities by the key players for development of novel therapeutics. These key trends are expected to aid in the growth of the global depression drugs market.
For instance, according to the World Health Organization report published in September 2021, depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults, 5.7% among adults older than 60 years and approximately 280 million people in the world suffered from depression in 2020.
Moreover, increasing approvals of novel products is expected to drive the market growth over the forecast period. For instance, in March 2019, Janssen Pharmaceutical Companies of Johnson & Johnson received the U.S. Food and Drug Administration (FDA) approval for its SPRAVATO (esketamine) CIII nasal spray for use in conjunction with an oral antidepressant in adults with treatment-resistant depression (TRD).
Furthermore, key players operating in the global depression drugs market are focusing on research and development in order to develop novel therapeutics. For instance, Johnson & Johnson developed SPRAVATO (esketamine) CIII nasal spray for use in conjunction with an oral antidepressant in adults with treatment-resistant depression (TRD). The therapy gained the U.S. FDA approval in March 2019.
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Key Market Takeaways:
The global depression drugs market is expected to exhibit a CAGR of 3.7% over the forecast period, owing to thehigh presence of several generic manufacturers who offer innovative generic products at competitive prices. For instance, in 2016, InvaGen Pharmaceuticals Inc., a subsidiary of Cipla Ltd., received final approval for its Abbreviated New Drug Application (ANDA) for Bupropion Hydrochloride Extended-Release Tablets (XL), 150mg and 300mg, from the U. S. Food and Drug Administration (FDA) to market a generic version of Valeant’s Wellbutrin XL Tablets, 150mg and 300mg.
Among drug type, antidepressants segment accounted for the largest market share in 2020, owing to a high prevalence of depressive disorders and increasing prescriptions of antidepressants for its treatment. For instance, according to the data published by American Psychological Association in 2017, there was a 64% increase in the percentage of people using antidepressants between 1999 and 2014 in the U.S.
Key players operating in the global depression drugs market include Merck & Co., Inc., GlaxoSmithKline plc, AstraZeneca Plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Johnson & Johnson, Sanofi S.A., Pfizer, Inc., Allergan plc, H. Lundbeck A/S, and Alkermes.
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Detailed Market Segmentation:
Global Depression Drugs Market, By Drug Type:
Antidepressants
Selective Serotonin Reuptake Inhibitors (SSRIs)
Serotonin Norepinephrine Reuptake Inhibitor (SNRIs)
Serotonin Modulators
Tricyclic & Tetracyclic Antidepressants
Atypical Antidepressants
Antipsychotics
Others (CNS Stimulants, Monoamine Oxidase Inhibitors)
Global Depression Drugs Market, By Indication:
Major Depressive Disorder (MDD)
Bipolar Disorder
Dysthymic Disorder
Postpartum Depression
Seasonal Affective Disorder (SAD)
Premenstrual Dysphoric Disorder (PMDD)
Others
Global Depression Drugs Market, By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Global Depression Drugs Market, By Region:
North America
By Country:
U.S.
Canada
Europe
By Country:
U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe
Asia Pacific
By Country:
China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific
Latin America
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Middle East & Africa
By Country:
GCC Countries
Israel
South Africa
Rest of Middle East & Africa
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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SOURCE Coherent Market Insights
