As per the report by Transparency Market Research, the global anxiety disorders and depression treatment market is slated to dip from US$22.5 bn in 2013 to US$18.2 bn by 2020. However, measures are being taken by various healthcare agencies to use effective drugs and therapies to tackle the rising issue of number of suicides, due to acute depression levels, thereby driving the global anxiety disorders and depression treatment market.
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How are developed economies contributing to the large market share?
Developed economies play an important role in contributing to the growth of the global anxiety disorders and depression treatment market. The Anxiety and Depression Association of America revealed that over 40 million people in the U.S. are suffering from anxiety disorder. Due to a large patient population suffering from anxiety disorder and depression, North America holds the leading market for anxiety disorders and depression treatment drugs, accounting for almost 38% of the global revenue. In Canada alone, there is a high possibility of the population suffering from a serious psychological disorder such as depression, hence driving the market for antidepressants in the future. On the other hand, the anxiety disorders and depression treatment market in the U.S. is treading slowly, as a result, there is a desperate need for introducing efficient drugs to boost the growth of this market.
In order to bring in new and developed drugs, researchers are experimenting and developing advanced drugs to combat the disorders, one such addition being Aloradine (PH94B) – this drug has been in Phase III clinical trials since 2013 for the treatment of social anxiety disorder in women. It is being developed by Pherin Pharmaceuticals in the form of a nasal spray. Of all the treatments for anxiety disorders in the pipeline, this one appears to have the most promise of actually making it to market. The prominent players in the global anxiety disorders and depression treatment market include AstraZeneca plc, H. Lundbeck A/S, Eli Lilly and Company, Forest Laboratories, Inc., GlaxoSmithKline plc, Johnson & Johnson, Pfizer, Inc., and Sanofi S.A.
What factors limit the growth of the global anxiety disorders and depression treatment market?
With number of blockbuster drugs experiencing patent cliff in the forecast period from 2014 to 2020, the market revenue is projected to fall drastically, with generic drugs increasing and cluttering the market. Dry pipeline of novel drugs is another reason for the sluggish growth of the market globally. Potential antidepressants and anxiolytics are scarce or are stuck in different phases of development. Also, a large section of the patient population has been known to switch to others drug if the prescribed treatment does not work in their favor, thus acting as a restraint to the market growth.
Nevertheless, factors such as the growing occurrence of anxiety disorders and depression and escalating geriatric population prone to psychiatric disorders are expected to balance the declining growth of the market in the near future.