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Depression Drugs Market to Generate US$ 5000 Million Revenue by 2026, Online Pharmacies to Gain Market Share - TMR
ALBANY, New York, Aug. 29, 2019 /PRNewswire/ - The global Depression Drugs Market is projected to expand at the back of growing awareness about mental health issues. A recent research conducted by University of Virginia Health System sheds light on the effect of opioids on mental health and anxiety, especially in women suffering from breast cancer. Such research pathways have opened new possibilities for growth across the global depression drugs market. Furthermore, the availability of over-the-counter (OCT) drugs for alleviating depression has also aided market growth.
It is legit to believe that the global depression drugs market would generate lucrative streams of growth in the years to follow. The growing responsiveness of the healthcare fraternity towards managing mental health issues is a key growth prospect for market vendors. Besides this, the development of depression drugs with varying dosage levels has addressed the concerns of all population groups battling clinical depression.
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Despite formidable prospects of growth within this market, the sales graph of the depression drugs market is projected to descend in the years to follow. This is majorly due to excessive drugs abuse and the negative side effects of consuming depression drugs for prolonged periods of time. Furthermore, most medical practitioners believe that depression drugs are only a temporary solution for patients suffering from clinical depression. Most patients who consume depression drugs are at a risk of exhibiting withdrawal symptoms.
Transparency Market Research (TMR) predicts that the global depression drugs would shrink at a negative CAGR of -2% over the forecast period between 2018 and 2026. Furthermore, the global depression drugs market was valued at US$ 6,500 Mn, and this figure is projected to plummet to US$ 5000 Mn by 2026. The global debate about the negative effects of depression drugs is behind the declining growth trajectory of the market.
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Changing Preferences of Patients
The efforts of medical health experts to highlight the growing incidence of mental health issues have aided market growth. However, their efforts have also brought a number of treatments that do not involve the use of drugs. Regular mental therapy, consumption of a balanced diet, and planned exercise routine are some of the recommendations made by global therapists for patients suffering from depression. The popularity of these therapies has helped patients to a large extent, and this has reduced the consumption of depression drugs.
Although the growth graph of the depression drugs market is descending, there is hope for market vendors. Several GPs still recommend depressions drugs as the first line of treatment for newly diagnosed patients. This practice shall generate regular revenues in the global depression drugs market.
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North America to Emerge as Key Regional Segment
Approximately 16 million adults in the US suffered at least one episode of depression in 2015, as estimated by the National Institute of Mental Health. This is a daunting statistic, and is suggestive of the high incidence of clinical depression in the US. This factor can be considered as a baseline to gauge the growth graph of the North America depression drugs market. However, it is important to consider other treatment methods being used in the US for managing depression, anxiety, and other mental disorders.
Few of the leading players operating in the global depression drugs market are Eli Lilly and Company, Pfizer Inc., Otsuka Pharmaceutical Co., Ltd., AstraZeneca, Novartis AG, Allergan USA, Inc., GlaxoSmithKline, and Takeda Pharmaceutical Company Ltd.
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The review is based on TMR's report titled, "Depression Drugs Market ( Drug Class - Atypical Antipsychotics, Serotonin-Norepinephrine Reuptake Inhibitor, Selective Serotonin Reuptake Inhibitor, Central Nervous System (CNS) Stimulant; Disease Type - Major Depressive Disorder, Schizophrenia and Bipolar I Disorder, Selective Serotonin Reuptake Inhibitor Induced; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026".
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