The European market size for depression drugs is estimated to grow to USD 5207 million by 2028 from USD 4622 million in 2023, growing at a CAGR of 2.41% from 2023 to 2028.
The growing number of people in Europe suffering from depression issues is majorly propelling the European depression drugs market growth. Eurostat says an estimated 7.2% of the EU population suffers from chronic depression, which is expected to grow substantially in the coming years. Countries such as Portugal, Sweden, Germany and Croatia had the highest incidence of chronic depression in Europe in 2019. Compared to previous decades, the population rate suffering from depression has increased notably in recent years in the European region. Compared to men, women are often prescribed to have anti-depression drugs. Family issues between wife and husband, increasing infertility rate, harassment, and work pressure are some of the major factors resulting in depression issues among women.
The growing aging population and the increasing patient population suffering from chronic diseases are further anticipated to boost the growth rate of the European depression drugs market. Depression is one of the common disorders for older people above 60. This is mainly due to taking medications for multiple illnesses regularly. This depression is also the leading cause of cardiac diseases and increases mortality rates. To reduce these cases, the doctor recommends attending depression therapy sessions and drugs. People above the age of 80 suffering from depression have many suicidal thoughts.
The growing adoption of technological developments in manufacturing procedures of depression drugs is predicted to aid the regional market growth. Furthermore, to address the growing disease burden, the manufacturers and key market participants in the European region are manufacturing these drugs in increased quantity and in several forms, such as solid, liquid, and nasal spray.
On the other hand, side effects associated with the usage of depression drugs are one of the biggest issues to the growth of the European depression drugs market. Some side effects are digestion problems, stomach aches, headaches, shaky, and others. In addition, the high cost of developing depression drugs impedes the market growth. Furthermore, long approval times for the approval of drugs, strict rules and regulations, and several myths about depression drugs also hamper the market growth.
This research report on the European depression drugs market has been segmented and sub-segmented into the following categories.
By Disease Type:
The major depression disorders segment is anticipated to lead the European depression drugs market during the forecast period.
By Distribution Channel:
The retail pharmacies segment was the largest in the European depression drugs market in 2022.
By Country:
The European region is one of the promising regions for the depression drugs market globally and is expected to hold a substantial share of the worldwide market during the forecast period. In this region, Germany, the UK, Portugal, Sweden, Spain, and Italy have a considerable population that consumes depression drugs. Therefore, the governments in these countries have been conducting several programs to promote awareness around the usage of depression drugs to reduce stress, anxiety, and suicidal thoughts among the population.
During the forecast period, the German market is predicted to occupy a considerable share of the European market owing to the presence of numerous depression drug manufacturers. Due to many manufacturing facilities, Germany is the largest exporter of antidepressant drugs to other countries, such as North America. In Germany, children and adolescents also use depression drugs which help reduce anger and anxiety due to hormonal changes in the body and several situations in the family.
The UK market is anticipated to register a healthy CAGR in the coming years owing to the increasing number of clinical trials for anti-depression drugs. According to a survey of 2022, a considerable amount of the UK population is consuming depression drugs for disease management. The number of people suffering from depression is anticipated to grow considerably in the UK in the coming years and boost the demand for depression drugs. These anti-depression drugs are used for panic disorders, neuropathic pain, and anxiety disorder. In addition, the availability of depression drugs in medical and online pharmacies as per the doctor's prescription also boosts the UK market growth.
KEY MARKET PLAYERS:
Companies playing a significant role in the European depression drugs market profiled in this report are Johnson and Johnson, Sebela Pharmaceutical Inc., Takeda Pharmaceutical Company Ltd., GlaxoSmithKline, Novartis AG, Otsuka Pharmaceutical Co. Ltd., Alkermes Plc, Bristol Myers Squibb Co., H. Lundbeck, Allergan USA Inc., AstraZeneca, Pfizer Inc., and Eli Lilly and Company.
Frequently Asked Questions
The European depression drugs market is predicted to grow at a CAGR of 2.41% from 2022 to 2027.
The European depression drugs market is majorly driven by the increasing prevalence of depression, rising awareness about mental health issues, and the availability of new and innovative drugs.
Pfizer, Inc., Eli Lilly and Company, GlaxoSmithKline plc, and AstraZeneca are some of the companies playing a leading role in the European depression drugs market.
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