Antidepressant Market - Growth, Trends, and Forecasts (2023 - 2028)

The antidepressant market is expected to record a CAGR of 2.68% over the forecast period (2022-2027).

The COVID-19 pandemic is expected to have a significant impact on the growth of the studied market. The pandemic is predicted to have long- and short-term impacts on the individual's mental illness, given the hurdles faced during the crisis, such as social isolation due to lockdown, job insecurity, and fear of being infected by the coronavirus. Therefore, finding affordable, broadly accessible, and efficient treatments for COVID-19 is crucial. Hence, researchers have been conducting research to find an effective treatment for the disease. A research article "Effect of early treatment with fluvoxamine on the risk of emergency care and hospitalization among patients with COVID-19: the TOGETHER randomized, platform clinical trial" was published in January 2022 and stated that there are several shreds of evidence that shows the potential therapeutic role of fluvoxamine (Fluvoxamine is a selective serotonin reuptake inhibitor (SSRI) that is approved for the treatment of obsessive-compulsive disorder) for COVID-19. Additionally, the research study results show that when participants were randomly assigned to fluvoxamine (Luvox, Abbott) at a dose of 100 mg twice a day for 10 days or a corresponding placebo starting directly after randomization (day 1), treatment with fluvoxamine decreased the need for hospitalization in high-risk outpatients with early diagnosed COVID-19. Thus, such trials during the pandemic phase are anticipated to contribute to the growth of the studied market. Hence, Covid-19 is expected to have a considerable positive impact on the market studied.

The market studied is majorly driven by the rising cases of depression, increasing awareness about depression, and the emergence of novel biologics. Depression mainly occurs due to the factors such as social isolation and stressful work environment, which contribute to increasing the number of people suffering from depression and this leads to increasing cases of suicide. The World Health Organization (WHO) data updated in September 2021 stated that depression is a prevalent mental illness and according to estimates, around 5% of the adults worldwide experience depression. Additionally, as per the source mentioned above, currently, the largest cause of disability in the world is depression, which significantly contributes to the overall burden of the disease globally. Thus, such a high risk of the disease is creating demand for the use of antidepressants among the target population. Thereby, contributing to the market growth.

Additionally, in countries such as United Kingdom and United States, which are characterized by their fast-paced economies, the percentage of the population affected with depression is high in every age group. According to the Anxiety and Depression Foundation facts and statistics updated in January 2022, generalized anxiety disorder affects 6.8 million adults or 3.1% of United States population per year. Thus, this burden of depression across the world are expected to drive the overall growth of the market studied over the forecast period.

However, the availability of non-drug treatments and side effects associated with the anti-depressants are projected to hinder the market growth over the forecast period.

Key Market Trends

Major Depressive Disorder Segment is Expected to Dominate the Market Over the Forecast Period

Major depressive disorder or depression's possible causes comprise the combination of biological, psychological, and social sources of distress. The major risk factors include family history, significant life changes, certain medications, chronic health problems, and substance abuse. For treatment purposes, doctors generally prescribe antidepressants such as selective serotonin reuptake inhibitors (SSRI). Therefore, the segment is anticipated to grow over the forecast period.

As per the data published World Health Organization (WHO) in September 2021, 5.7% of adults older than 60 years suffer from depression and approximately 280 million people globally have depression. Additionally, the research article "The global prevalence of major depressive disorder (MDD) among the elderly: A systematic review and meta-analysis" published in January 2022 mentioned that the prevalence of major depressive disorder (MDD) among the elderly is on the rise globally and age and gender are few of the clinical and demographic variables that affect how often severe depression is among the elderly. Thus, the high burden of major depressive disorder globally is expected to surge the demand for antidepressants over the forecast period.

Moreover, the increasing recent developments in the segment are anticipated to drive the demand for antidepressants. For instance, in December 2021, Intra-Cellular Therapies, Inc., a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, received approval from the Food and Drug Administration (FDA) for CAPLYTA (lumateperone) for the treatment of bipolar depression in adults. CAPLYTA is the only FDA-approved treatment for depressive episodes associated with bipolar I or II disorder (bipolar depression) in adults as monotherapy and as adjunctive therapy with lithium or valproate. Such approvals for new products are anticipated to drive the segment growth over the forecast period.

Therefore, owing to the factors mentioned above, the segment is expected to witness growth over the forecast period.

North America is Anticipated to Witness Growth Over the Forecast Period

The increasing cases of depression are one of the major factors that are expected to drive the overall growth of the antidepressant market in North America, particularly in United States, over the forecast period.

Furthermore, there is a rise in the geriatric population in United States, which is expected to create more opportunities for market players in the region. According to the Anxiety and Depression Association of America, Facts, and Statistics 2021, anxiety disorder is one of the most common mental illnesses in United States, affecting approximately 40 million American adults every year, which is 18.1% of the total population of United States. Additionally, as per the source mentioned above, more than 16.1 million American adults suffer from major depressive disorder every year, and it is more prevalent in women than men. Thus, the increasing prevalence of disorders and increasing rate of consumption of antidepressants are expected to drive the market studied during the forecast period.

Furthermore, the data updated by the National Institute of Mental Health (NIMH) in January 2022 shows that major depression is one of the most common mental health disorders in United States, and an estimated 46.9% of adolescents with a major depressive episode and significant impairment received treatment in the previous year. Thus, such a burden of the disease is anticipated to demand the availability and development of new drugs and antidepressant therapies for treatment purposes.

Additionally, the growing approvals and increasing pipeline products by key players concentrated in the region drive the studied market. For instance, in February 2022, AbbVie submitted a supplemental New Drug Application (sNDA) for cariprazine (VRAYLAR) to the Food and Drug Administration (FDA) for the adjunctive treatment of the major depressive disorder (MDD) in patients who are receiving ongoing antidepressant therapy. In addition, in May 2022, Pharmascience Canada, a division of Pharmascience Inc. launched its new generic drug pms-LURASIDONE on the Canadian market. Pms-LURASIDONE is indicated as monotherapy for the management of the manifestations of schizophrenia in adults and adolescents (15-17 years of age). It is also indicated for the acute management of depressive episodes associated with bipolar disorder in adults and adolescents (13-17 years of age). Such developments are expected to drive market growth in the region.

Thus, given the aforementioned factors, the antidepressant market is expected to witness significant growth over the forecast period in North America.

Competitive Landscape

The market studied comprises a combination of multinational and domestic players. The entry barriers are comparatively less, and most of the drugs are available over the counter. The companies are actively involved in the global expansion of their product portfolio through partnerships, collaborations, and acquisitions. Some of the key players in the market are Allergan PLC, AstraZeneca, Eli Lilly and Company, GlaxoSmithKline PLC, H. Lundbeck AS, Johnson & Johnson, and Pfizer Inc. Additionally, the research and development activities by the key players have resulted in increasing product approvals.

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