Depression Drugs Market

Global Depression Drugs Market Size (2023 to 2028)

As per our report, the global depression drugs market size is estimated to be worth USD 18,126 million by 2028 from USD 15,485 million in 2023, showcasing a CAGR of 3.2% during the forecast period.

Depression drugs are a wide range of drugs to treat mental illnesses such as depression and social anxiety. They are specifically manufactured to balance neurotransmitters such as serotonin in the brain, which controls the patient's emotions and mood. Depression and other psychological disorders are characterized by a lack of pleasant emotions, mood fluctuations, and various physical, cognitive, emotional, and behavioral symptoms. Antidepressants are prescription drugs used to treat depression, anxiety, chronic pain, and some addictions. When taken by children, young adults, and adolescents, antidepressants can cause dry mouth, weight gain, dizziness, headaches, sexual dysfunction, and even increased thoughts of suicide. In addition, discontinuation syndrome, similar to recurrent depression, can develop after stopping antidepressants. Brain biology and chemistry, genetics, and life events such as trauma, challenging relationships, childhood experiences, loss of a loved one, and any stressful situation are all factors that contribute to depression.

MARKET DRIVERS:

The growing patient population suffering from depression worldwide is one of the major factors propelling market growth. The incidence of depression is on the rise worldwide and affecting millions of people. As per the recent data published by the World Health Organization (WHO), an estimated 5% of the worldwide adult population is suffering from depression. The incidence of depression can be seen more in women compared to men and is considered as a common mental health issue. According to a news item published by World Health Organization (WHO) in 2017, an estimated 300 million people worldwide lived with depression then and the number of people suffering from depression was hiked by 18% between 2005 and 2015. The prevalence of depression is high in developing countries and there are a few effective treatment options. Considering this, the market participants have been investing significant amounts in R&D to develop new and improved depression drugs that can address the rising demand. In recent days, the COVID-19 pandemic has significantly fuelled the demand for depression drugs. During the COVID-19 pandemic timeline, many people reported symptoms of stress, anxiety, and depression.

The rising awareness among people regarding mental health issues and the increasing need to address depression worldwide further fuel the market’s growth rate. The rising demand for innovative drugs that can provide effective drugs and give fewer side effects is another key factor promoting market growth. Traditional depression drugs often show side effects with consumption and pose a challenge to the patients to tolerate. Due to this, the patient population of depression and healthcare professionals have been increasingly looking for treatment options that are safe and effective to treat depression. This has resulted in the development of new classes of depression drugs such as selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), and atypical antidepressants and these have shown effective results in clinical trials. Leveraging technological advancements in neurobiology, researchers have been able to evaluate the underlying mechanisms of depression and develop novel drug targets and therapies. For instance, ketamine and esketamine have shown promising results in reducing the side effects of depression drugs yet have been effective in treating depression in clinical trials.

The growing aging population worldwide boosts the growth rate of the depression drugs market. The aging population is growing rapidly worldwide. As per the data published by the United Nations (UN), an estimated 703 million people worldwide aged 65 years or more in 2019 and this number is expected to reach 1.5 billion by 2050. Though depression is common and can affect all age groups and the incidence of depression is higher among aged people. The demand for depression drugs is likely to fuel the growing aging population. People who are aged are more likely to be prone to depression due to various factors such as physical illness, chronic pain, social isolation, and cognitive decline. Older people who are already suffering from chronic diseases can complicate the treatment of depression and must undergo specialized medication management.

In addition, increasing healthcare expenditure to invest in depression management by the people, the growing number of initiatives by several governments to promote the mental health and well-being of people including depression treatment, the development of combination therapies to treat depression and the growing usage of depression drugs in primary care fuel the growth rate of the market. Furthermore, the rising preference for generic drugs and rapid adoption of technological advancements in the field of drug discovery and development to innovate advanced and effective depression drugs by the market participants support the market growth.

MARKET RESTRAINTS:

The high cost of depression drugs and the side effects associated with using depression drugs such as weight gain, sexual dysfunction, and nausea are majorly hampering the market growth. Due to these side effects, the patient population of depression is discontinuing the usage of these drugs and eventually resulting in reduced demand and sales. The social stigma attached to mental illness, including depression is another notable factor limiting the adoption of these drugs and hindering the market growth. In addition, the rising adoption of alternative therapies to treat depression such as cognitive-behavioral therapy, mindfulness, and yoga impedes the market growth. Furthermore, factors such as limited efficacy and regulatory challenges negatively impact the depression drugs market growth.

Impact of COVID-19 on the global depression drugs market:

The COVID-19 pandemic has shown a mixed impact on the growth of the depression drugs market during the pandemic term. During the COVID-19 pandemic, the incidence of mental issues increased significantly including depression and resulted in an increased demand for depression drugs and this trend has continued throughout the COVID-19 pandemic. In addition, the adoption of telemedicine has increased dramatically and resulted in the usage of depression drugs in the form of prescriptions. Likewise, the growth of the depression drugs market is favored by the COVID-19 pandemic. On the other hand, the disruptions caused by the COVID-19 pandemic in the global supply chains resulted in a shortage of depression drugs in some countries. In addition, the clinical trial activities for new depression drugs were kept on hold due to the measures imposed by the governments to limit the spread of the coronavirus such as lockdowns, social distancing and travel bans. Furthermore, the financial strain caused by the COVID-19 pandemic on some people resulted in a reduction in spending on non-essential needs including depression drugs. Likewise, the global depression drugs market has also had an unfavorable impact from the COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global depression drugs market has been segmented and sub-segmented based on disease type, distribution channel, and region.

Depression Drugs Market - By Disease Type:

• Major depression disorders
• Schizophrenia and bipolar
• SSRI induced

Based on disease type, the major depressive order segment had the largest share of the worldwide market in 2022 and the segmental domination is anticipated to continue during the forecast period. Factors such as the growing prevalence of MDD, rising awareness about the availability of treatments, and the launch of innovative drugs majorly drive segmental growth. The high unmet need for effective MDD treatments and the availability of reimbursement for MDD drugs further contribute to segmental growth.

The schizophrenia and bipolar segment is estimated to showcase a steady CAGR during the forecast period and factors such as the growing prevalence of schizophrenia and bipolar, the increasing awareness about available treatments, the launch of new drugs and the availability of reimbursement for these drugs are favoring the segmental growth.

The SSRI-induced segment is anticipated to witness a moderate CAGR in the coming years. The growth of the segment is primarily driven by the increasing number of people suffering from SSRI-induced depression, the rising availability of alternative therapies and the limited efficacy of SSRI-induced depression drugs.

Depression Drugs Market - By Distribution Channel:

• Hospital pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on the distribution channel, the hospital pharmacies segment had the leading share of the market in 2022 and is expected to hold the largest share of the worldwide market throughout the forecast period. The growth of the hospital pharmacies segment is majorly driven by factors such as the growing number of people suffering from depression worldwide, an increasing number of hospital admissions for mental health issues and the availability of trained healthcare professionals to administer these drugs to patients.

The retail pharmacies segment accounted for the second biggest share of the global market in 2022 and is expected to grow at a notable CAGR during the forecast period. Factors such as the growing awareness of mental health issues, increasing availability of over-the-counter depression drugs and the convenience of purchasing drugs from nearby stores majorly boost the segmental growth.

The online pharmacies segment accounted for a moderate share of the global market in 2022 and is anticipated to witness the fastest CAGR during the forecast period in the worldwide market. The growing adoption of e-commerce, the convenience of ordering drugs online, the availability of a wider range of depression drugs, and the benefits of ordering depression drugs using online channels such as attractive discounts and free home delivery services primarily fuel the segmental growth.

Depression Drugs Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North America depression drugs market was the biggest regional segment for depression drugs worldwide in 2022 and is expected to grow at a promising CAGR during the forecast period. The growth of the North American market is majorly driven by the growing awareness about mental health, increasing healthcare expenditure, the presence of leading pharmaceutical companies, the presence of well-established healthcare infrastructure and favorable government initiatives. The U.S accounted for the leading share of the North American market in 2022, followed by Canada and the same trend is estimated to repeat during the forecast period. The growth of the U.S. market is primarily driven by increasing healthcare expenditure and insurance coverage for mental health treatments, growing awareness and acceptance of mental health issues among the U.S. population primarily propel the U.S. market growth. As per the data published by the NIH (National Institute of Mental Health), approximately 19.1% of U.S. adults suffered from mental diseases in 2018, in which, depression is the most common.

The Europe depression drugs market is another potential regional market for depression drugs worldwide and is expected to grow at a notable CAGR during the forecast period. The growth of the European depression drugs market is attributed to the growing prevalence of depression in the region, rising awareness about mental health, increasing the aging population, the presence of sophisticated healthcare infrastructure, favorable government policies, and the presence of key market players majorly. An estimated 50 million people across Europe every year suffer from depression. In addition, the growing demand for personalized and innovative treatment options, the rising popularity of online mental health services and digital therapeutics fuel the growth rate of the European market. Germany held the major share of the European market in 2022, followed by the UK, France and others.

The APAC depression drugs market is predicted to witness the fastest CAGR among all the regions in the worldwide market during the forecast period. The growth of the APAC market is driven by the growing prevalence of depression, the rising aging population, increasing awareness about mental health, increasing healthcare expenditure and the presence of numerous generic drug manufacturers making depression drugs more affordable and accessible in the APAC region. According to the World Health Organization (WHO), more than 86 million people in Southeast Asia suffer from depression. In addition, the growing awareness and acceptance of mental health issues in some countries and unique cultural and social factors affecting mental health, such as family dynamics and work-related stress boost the growth rate of the APAC market. China accounted for the leading share of the APAC market in 2022. The Indian market is estimated to register a notable CAGR during the forecast owing to the growing depression patient population. Japan is another noteworthy regional market in Asia-pacific and is expected to grow at a healthy CAGR during the forecast period.

Latin America held a considerable share of the worldwide market in 2022 and is expected to grow at a healthy CAGR during the forecast period. The rising prevalence of depression, particularly in urban areas, increasing healthcare infrastructure and government initiatives to improve mental health services and high rates of medication non-adherence due to financial constraints are contributing to the Latin American market growth. Brazil occupied the major share of the Latin American market in 2022, followed by Mexico.

MEA captured a moderate share of the worldwide market in 2022 and is predicted to progress at a steady CAGR during the forecast period. The growing population, increasing healthcare expenditure in some countries, and rising prevalence of depression and other mental health disorders, particularly among refugees and conflict-affected populations drive the MEA market growth.

KEY MARKET PARTICIPANTS:

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 are a few of the notable companies operating in the global depression drugs market profiled in this report.

RECENT MARKET DEVELOPMENTS:

• The supplemental new drug application (NDA) for ketamine (Spravato), Called nasal spray to treat major depressive disorder, was approved by the US FDA in August 2020.
• Axsome Therapeutics Inc. announced in March 2020 that the STRIDE-1 Phase 3 trial for the treatment of resistant depression had dramatically improved results.
• In 2021, Nippon Chemiphar Co., Ltd partnered with Sumitomo Pharma for NC-2800, a chemical compound with strong potential as an anti-depression and anti-anxiety treatment.
• In 2021, Ginger announced a partnership with Capsule, a digital pharmacy, to manage mental health medications from their homes safely.
• In 2022, Lundbeck's antidepressant vortioxetine had more advantages than Pfizer's Pristiq, which is sold in the US.
• In 2022, Sun Pharma agreed with Danish drugmaker Lundbeck to get patent licensing and distribute its version of the antidepressant medication Vortioxetine in India under the brand name Vortidiftm.
• In March 2023, Zydus Life announced their final approval from the USFDA for their Doxepin Hydrochloride Capsules USP, 150 mg, which is a depression drug.