DEPRESSION THERAPEUTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Depression Therapeutics Market– Drivers

• Increasing Drug Approvals by Regulatory Bodies: The increasing number of drug approvals from regulatory bodies is expected to propel the growth of the global depression therapeutics market over the forecast period. For instance, in December 2022, Vistagen, a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression, and other central nervous system (CNS) disorders, announced the U.S. Food and Drug Administration (FDA) had granted Fast Track designation for the development of PH10, one of the company’s investigational nasal sprays, for the treatment of major depressive disorder (MDD). The FDA’s Fast Track program facilitates the expedited development and review of new drugs that are intended to treat serious or life-threatening conditions and demonstrate the potential to address unmet medical needs, with the intention of bringing promising new medicines to patients sooner.
• Increasing awareness campaigns for mental health: Increasing awareness campaigns for mental health are driving the global depression therapeutics market’s growth. For instance, on August 9, 2023, the American Psychiatric Association Foundation (APAF) launched a transformative awareness campaign that empowers individuals to take the first step toward addressing their mental health. As the country faces an ongoing mental health crisis, APAF is shifting the conversation to ensure that people prioritize their mental well-being on par with their physical well-being. The campaign, Mental Health Care Works, is a comprehensive initiative now in market that raises awareness around the signs and symptoms of mental health disorders, showcases the efficacy of seeking help, and encourages individuals to start conversations and take action.

Similarly, in May 2022, the Child Mind Institute, the leading independent nonprofit in children’s mental health, launched Dare to Share, a powerful mental health awareness campaign to reduce stigma and normalize conversations about emotional, social, and psychological wellbeing among youth. The campaign was launched in conjunction with Mental Health Awareness Month.

Global Depression Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another. 

Global Depression Therapeutics Market - Key Trends

• Increasing Research and Development by Market Players: Market players are focused on research and development to develop new drugs for the treatment of mental health disorders, which is expected to drive the growth of the global depression therapeutics market over the forecast period. For instance, on August 23, 2023, Relmada Therapeutics, Inc., a late-stage biotechnology company addressing diseases of the central nervous system (CNS), announced the dosing of the first patient in the Relight (study 304) Phase 3 randomized, double-blind, placebo-controlled trial evaluating REL-1017 as an adjunctive treatment of major depressive disorder (MDD). The Reliance and Relight Phase 3 clinical trials advance the clinical development of REL-1017 as an adjunctive treatment for MDD which, if approved, would be mechanistically different to treatments currently available for this indication.

Global Depression Therapeutics Market- Cross Sectional Analysis:

Key players are gaining drug approvals from regulatory bodies, which is also expected to boost demand for depression therapeutics market in the North America region. For instance, on August 18, 2023, Neurocrine Biosciences, Inc., a Biotech company, announced the U.S. Food and Drug Administration (FDA) has approved INGREZZA (valbenazine) capsules for the treatment of adults with chorea associated with Huntington's disease (HD). INGREZZA is the only selective vesicular monoamine transporter 2 (VMAT2) inhibitor that offers an effective starting dosage that can be adjusted by a patient's healthcare provider based on response and tolerability, with no complex titration. Only INGREZZA offers simple dosing, which is always one capsule, once daily.

Global Depression Therapeutics Market: Restrain

• Major Side Effects associated with depression therapies: Side effects associated with depression therapies are expected to hinder market growth over the forecast period. For instance, according to the National Health Service, common side effects associated with depression therapies are feeling agitated, shaky, or anxious, feeling sick, indigestion and stomach aches: diarrhea: or constipation and others.

Restraints