The Global Depression Drugs market is foreseen to decline in the coming years?
Depression is a serious matter of concern in today’s world. It is not simply sadness. Being sad happens for smaller periods of time over one’s lifetime. Depression, however, is a more concerning issue which may exist for the longest periods of time. Depression drugs help curb these feelings of anguish. They can be categorized into antipsychotics, serotonin-norepinephrine reuptake inhibitor, selective serotonin reuptake inhibitor, central nervous system (CNS) stimulant, and others with the antipsychotic drug dominating the segment. These drugs are also called anti-depressants. Because of the ongoing support from everywhere, depression is expected to reduce over the years.
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What is the Size of the Global Depression Drugs Market?
In 2017, depression drugs were valued at around USD 6.5 billion and are expected to have a CAGR of more than 2.0% from 2018 to 2026, reaching a value of more than USD 5,000 Million by 2026. The US currently is the largest market for depression drugs and brings in a revenue of $2081.7 million. A fact states that over 1 in every 5 adults are facing depression at any given point of time. The count is said to be greater amongst women and between the ages of 16-54. North America, therefore is the largest market as well as the home for major players. Europe came a close second with intense investment taking place in the research and development of newer drugs. Initiatives by the government in emergent economies is also expected to boost the market in Asia Pacific and LAMEA regions.
Key Companies in Global Depression Drugs Market:
Major companies holding the market together are Pfizer Inc., Novartis AG, GlaxoSmithKline, Otsuka Pharmaceutical Co., Ltd., Eli Lilly and Company, Johnson & Johnson etc.
Organic and inorganic growth of the firms has helped them garner global market share in this market. Some common medications that are currently used are Celexa, Zoloft, Cymbalta, Prozac, Paxil, Lexapro, Pristiq etc. They are however not over-the-counter and a prescription is always demanded.
There are several disease types that fall under the category of depression. The recognized variants are a depressive disorder, schizophrenia, selective serotonin reuptake inhibitor and others. However, there are many conditions which have neither been recognized nor is there a suitable medication for it. This has led to the umpteen deaths associated with depression. Rapidly changing lifestyle, extreme decisions, intense anguish about issues can all be the reason of depression. And with investments being made to find solutions to them all, it is hoped that the disease gets eradicated soon and the antidepressants make way for a happier healthier world.
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