Panic attacks refer to episodes of sudden and intense feelings of terror or apprehension that may include pounding heart, sweating, trembling or shakes, sensations of shortness of breath or smothering, and fear of dying or going crazy. Panic attacks affect millions of individuals globally and conventional treatment options include pharmacological therapies, psychotherapy or counseling. However, with the advancement of technology, digital therapeutics are emerging as effective alternatives for treating panic attacks. Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high-quality software programs to prevent, manage, or treat a medical disorder or disease.
The global panic attack treatment market is seeing innovative digital solutions such as smartphone applications that offer therapeutic programs to help manage symptoms and reduce panic attacks. These applications involve techniques like monitoring of symptoms, relaxation exercises, distraction techniques, cognitive restructuring tools and 24/7 support from qualified therapists. Notable players are launching clinically validated prescription digital therapeutics that combine therapeutic cognitive behavioral therapy (CBT) with biosignal data collection to personalize treatment for individuals.
The global panic attack treatment market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 16.8%over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The anticipated growth of the global panic attack treatment market with the rise of digital therapeutics can be attributed to two key drivers. First, digital solutions are more accessible, affordable and convenient alternatives to traditional therapy. Panic attack patients can receive treatments from the comfort of their homes through mobile applications at a lower cost compared to frequent therapist visits. Second, digital therapeutics offer personalized therapeutic programs by monitoring an individual’s physiological signs during panic episodes through wearable sensors and adaptive algorithms. They can identify early warning signs for panic attacks unique to each patient and trigger targeted interventions. This drives better treatment adherence and outcomes compared to one-size-fits-all therapy protocols. Additionally, the pandemic has accelerated virtual care access through telehealth, benefiting the digital panic attack treatment market.
Segment Analysis
The global panic attack treatment market is segmented into drug type and distribution channel. Based on drug type, the market is segmented into antidepressants, anxiolytics and beta blockers. Among these, antidepressants dominate the market as they are highly effective in reducing symptoms associated with panic attacks. SSRIs (Selective Serotonin Reuptake Inhibitors) are widely prescribed antidepressants for panic attack treatment.
PEST Analysis
Political: Regulations related to prescription of drugs for panic attack treatment vary across countries. Favorable regulations regarding insurance coverage of medication cost is boosting the market growth.
Economic: Rising healthcare spending and growing awareness about mental health issues are fueling the demand for effective treatment options. High cost of medication in developing nations remains a challenge.
Social: Social stigma associated with mental health issues is declining, encouraging people to seek timely medical help. Support groups play a vital role in educating people.
Technological: E-therapy and mobile health apps are augmenting the treatment process. They help patients track progress and get guidance from mental health experts remotely.
Key Takeaways
The Global Panic Attack Treatment Market Growth is expected to witness high.
Regional analysis: The North American region currently dominates the market due to growing incidence of panic attacks and favorable reimbursement scenario. Asia Pacific is anticipated to witness fastest growth over the forecast period supported by rising healthcare spending of nations like China and India.
Key players operating in the global panic attack treatment market are Eli Lilly and Company, Pfizer, Inc., Johnson & Johnson, Bristol-Myers Squibb Company, AstraZeneca
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
