The Global Serotonin Norepinephrine Inhibitor Market is estimated to be valued at US$ 6.53 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Serotonin-norepinephrine reuptake inhibitors (SNRIs) are a class of antidepressant medications. SNRIs are used to treat conditions such as major depressive disorder, anxiety disorders, and fibromyalgia. Some key advantages of SNRIs are:
– They work by targeting two neurotransmitters—serotonin and norepinephrine—that are believed to play a role in depression, anxiety, and pain. This dual action gives SNRIs an edge over SSRIs which only target serotonin.
– SNRIs tend to have fewer sexual side effects than SSRIs. Since they don’t block dopamine reuptake like some antidepressants, they also tend to have lower rates of impulse control problems.
– SNRIs provide relief of symptoms for a variety of conditions beyond depression including anxiety disorders, fibromyalgia, and chronic muscle pain.
Market key trends:
One of the key trends in the serotonin norepinephrine inhibitor market is the development of new product formulations to improve compliance. For example, in 2021, Takeda Pharmaceutical Company launched Vilazodone extended-release tablets for the treatment of major depressive disorder. Compared to the immediate-release formulation, the extended-release tablets offer the convenience of once-daily dosing and help in better management of the disorder. Another major trend is the increasing uptake of SNRIs in non-approved or off-label therapeutic areas. For instance, various SNRIs are increasingly being prescribed for conditions like chronic pain, migraine, neurological disorders, and obesity where their efficacy is still being researched. This widening of approved and unapproved applications is expected to drive the demand for SNRIs over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the serotonin norepinephrine inhibitor market is low due to the high costs associated with R&D and clinical trials needed to develop new drugs.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of multiple established pharmaceutical companies offering substitutable drugs.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitutes and fragmented nature of suppliers in the global serotonin norepinephrine inhibitor market.
Threat of new substitutes: The threat of new substitutes is moderate as R&D efforts continue to yield new alternative drug therapies for depression and related indications.
Competitive rivalry: High due to the presence of many established brands.
Key Takeaways
The Global Serotonin Norepinephrine Inhibitor Market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing prevalence of depression disorders worldwide.
Regional analysis
North America accounts for the largest market share in the global serotonin norepinephrine inhibitor market due to high awareness about depression treatment and favorable reimbursement policies in the region. Europe is also among the lucrative markets for serotonin norepinephrine inhibitors owing to rising geriatric population susceptible to depression.
Key players
Key players operating in the serotonin norepinephrine inhibitor market are Pfizer Inc., Eli Lilly and Company, Allergan Plc., AstraZeneca Plc., Forest Laboratories Inc., Johnson & Johnson, Lundbeck A/S, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., Wyeth Pharmaceuticals Inc., Zydus Cadila Healthcare Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
