The global antidepressants market is estimated to garner a revenue of ~USD 23,000 Million by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of ~USD 16,000 Million in the year 2022. The growth of the market is primarily attributed to the worldwide increasing prevalence of depression coupled with growing public awareness concerning depression. According to the World Health Organization (WHO), an estimated 5% of adults worldwide suffer from depression. An individual's depression may be caused by a combination of emotional, behavioral, and genetic factors. Depression may be triggered by life events such as trauma, separation, or unemployed status. Depression can be treated effectively with antidepressants. Additionally, they prevent depression from returning and are effective in treating moderate, severe, and chronic depression.
Get more information on this report:Antidepressants are primarily intended to treat the symptoms of severe depression, such as feeling tired and down, as well as prevent them from recurring. Medications such as imipramine inhibit the process by which serotonin and norepinephrine are absorbed. Moreover, it inhibits the contraction of the detrusor and increases the resistance of the outlet through the contraction of the urethral sphincter. Additionally, the rising adoption of these drugs for the treatment of chronic pain coupled with rising instances of pain in chronic conditions are projected to drive market growth in coming years. For instance, worldwide nearly 772 million people are affected by chronic pain.
Base Year |
2022 |
Forecast Year |
2023-2033 |
CAGR |
~6% |
Base Year Market Size (2022) |
~ USD 16,000 Million |
Forecast Year Market Size (2033) |
~ USD 23,000 Million |
Regional Scope |
|
Growth Drivers
Increasing Prevalence Of Mental Disorders Around The World - Mental disorders are aspects that affect a person's thinking, feelings, mood, and behavior. They are sometimes short-term or long-term (chronic). Such condition affects the ability of relating with other people and conditions on each day basis. Therefore, thorough and effective treatments are needed to combat these disorders. Therefore, the growing number of people suffering from mental illnesses and disorders is expected to drive the demand for antidepressants that are effective at treating such disorders. As per the World Health Organization statistics, 970 million individuals worldwide, or 1 in every 8 individuals, had a mental disorder in 2019.
Significant Rise in Stress Level – It has been observed that approximately 90% of Australians are stressed about one or more important aspects of their lives. An individual may suffer from depression if they are subjected to chronic, or long-term, stress. As a result, people are looking for safer and quicker medications to alleviate their stress level and treat depression.
Increasing Approval for Novel Antidepressants – For instance, in mid-2022, Axsome Therapeutics, Inc.’s Auvelity (dextromethorphan and bupropion) tablet received the approval from FDA to treat the major depressive disorder in adults.
Worldwide Increase in Geriatric Population - According to the World Health Organization data, the world's population of people aged 60 and up is expected to go up from 1 billion in 2020 to 1.4 billion by 2030. The global population of people aged 60 and up is expected to double to 2.1 billion by 2050. A significant burden of illness is associated with depression among the elderly. A number of antidepressants, such as SSRIs, have been shown to be effective in elderly patients suffering from major depression without psychosis.
Worldwide Rise in R&D Investment - The class of antidepressants has been tested in over a thousand randomized trials and research studies. Few drugs have achieved such success as antidepressants. The Unesco Institute for Statistics reports that, with an average annual growth rate of 4.7% over the past ten years, global R&D expenditure has expanded dramatically. (2010-2020). Globally, from 1.61% in 2010 to 1.93% in 2020, the percentage of global GDP invested on research and development has climbed significantly.
Challenges
The global antidepressants market is segmented and analyzed for demand and supply by drug class into serotonin-norepinephrine reuptake inhibitors, selective serotonin reuptake inhibitors, tricyclic antidepressants, monoamine oxidase inhibitors, serotonin antagonist & reuptake inhibitors, and others. Out of these, the selective serotonin reuptake inhibitors segment is projected to significantly grow over the forecast period on the back of growing occurrence of major depressive and anxiety disorders. For instance, anxiety disorders affected 301 million people in 2019, including 58 million children and adolescents. The most commonly prescribed antidepressants are selective serotonin reuptake inhibitors (SSRIs). It is most widely prescribed to treat depression, especially persistent or severe cases, in conjunction with talk therapy such as cognitive behavioral therapy (CBT). Additionally, these drugs have been demonstrated to treat other psychological conditions, which are expected to propel this segment's growth over the forecast period.
Regionally, the global antidepressants market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the major depressive disorder among adults, an increasing frequency of mental disorder diagnoses and treatments, a growing depression rate among geriatric populations in the United States, and rising healthcare expenditures. For instance, in the United States, an estimated 20 million adults experienced at least one major depressive episode till 2020. This figure represented 8.6% of all adults in the region. As a result, such a burden of the disease will require the introduction of effective medications and antidepressant therapies. Moreover, increased awareness of treatment for resistant depression, fast approval of antidepressants in the region, and research and development initiatives are expected to drive the regional market growth over the forecast period.
Our in-depth analysis of the global antidepressants market includes the following segments:
By Drug Class |
|
By Indication |
|
AbbVie Inc.
AbbVie Inc., submitted a supplemental New Drug Application (sNDA) for cariprazine (VRAYLAR) to the U.S. Food and Drug Administration (FDA) to treat major depressive disorder (MDD) in patients receiving existing antidepressants.
Alkermes, announced the receiving of Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) in response to its New Drug Application (NDA) for ALKS 5461 for the adjunctive treatment of major depressive disorder (MDD).
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Worldwide surge in mental disorders, significant rise in stress level, increasing approval for novel antidepressants are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: High expenditure for developing antidepressants, side effects associated with antidepressants, and stringent government regulations are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are AbbVie Inc., Alkermes, Sun Pharmaceutical Industries Ltd., Eli Lilly and Company, Pfizer Inc., Teva Pharmaceuticals Industries Ltd., F. Hoffmann-La Roche Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by drug class, indication, and by region.
Ans: The selective serotonin reuptake inhibitors segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)