Major Depressive Disorder, also known as clinical depression or unipolar depression, is a common but serious mood disorder that adversely affects how an individual feels, thinks and acts. The main symptoms include feeling sad or depressed most of the time, lack of interest in activities that were once enjoyed, changes in appetite or sleep, fatigue, trouble concentrating, feelings of worthlessness and thoughts of death or suicide. Treatment includes antidepressant medications, psychotherapy and brain stimulation therapies based on the severity and duration of symptoms.
The Major Depressive Disorder Treatment Market is estimated to be valued at US$ 11.83 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising geriatric population globally is expected to be a major driver for the market growth over the forecast period. According to World Health Organization, the number of people aged 65 years and above is expected to increase from 703 million in 2019 to 1.5 billion in 2050. Older adults are more prone to develop depression. Another driver for the market growth is increasing awareness regarding mental health issues. Several awareness campaigns by governments and non-profit organizations are helping reduce the stigma around mental illnesses. Growing preference for minimally invasive therapies is projected to fuel demand for brain stimulation devices to treat major depressive disorder in the coming years.
Segment Analysis
The major depressive disorder treatment market can be segmented based on drug type, distribution channel and geography. On the basis of drug type, the market is segregated into antidepressants, antipsychotics, anticonvulsants and combination therapies. Among them, the antidepressants segment holds the largest market share owing to high patient usage. Antidepressants treat depression by balancing certain chemicals in the brain.
PEST Analysis
Political: The government policies encourage research and development activities related to major depressive disorder treatment. They provide approvals to new drugs and ensure availability at affordable costs to patients.
Economic: Rising healthcare expenditure and increasing awareness about depression treatment is fueling the market growth. However, higher treatment costs can hamper the overall revenues.
Social: Growing social acceptance of mental health issues and reduction in stigma associated with depression is driving more patients to seek professional help.
Technological: Advancements in drug designing and delivery systems are helping to develop more effective and sustainable treatment options for major depressive disorder. Oral thin films and injections are new technologies garnering attention.
Key Takeaways
The Global Major Depressive Disorder Treatment Market Growth is expected to witness high, exhibiting CAGR of 2.8% over the forecast period, due to increasing awareness about depression and availability of various treatment options.
Regional analysis wise, North America holds the largest share in the major depressive disorder treatment market owing to high healthcare expenditure and supportive reimbursement policies. However, Asia Pacific region is emerging as the fastest growing market on back of rising geriatric population, increasing healthcare spending and growing clinical trials.
Key players operating in the Major Depressive Disorder Treatment market are Johnson & Johnson, Pfizer Inc., Eli Lilly and Company, and GlaxoSmithKline plc. Pharmaceutical companies are investing heavily in research and development of new drugs and therapeutic approaches for overcoming treatment resistance in depression.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
