DEPRESSION THERAPEUTICS MARKET ANALYSIS

Depression Therapeutics Market, By Drug Type [Antidepressants (Selective Serotonin Reuptake Inhibitors (SSRIs), Selective Norepinephrine Reuptake Inhibitors (SNRIs), Serotonin Modulators, Tricyclic & Tetracyclic Antidepressants, and Atypical Antidepressants), Antipsychotics, Others], By Indication (Major Depressive Disorder (MDD), Bipolar Disorder, Dysthymic Disorder, Postpartum Depression, Seasonal Affective Disorder (SAD), Premenstrual Dysphoric Disorder (PMDD), Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and By Geography (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published In : Sep 2023
Code : CMI1307
Pages :180
Formats :
Excel and PDF
Industry : Pharmaceutical

Depression Therapeutics MarketSize and Trends

The global depression therapeutics market is estimated to be valued at US$ 12.9 billion in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030).

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.

Figure 1. Global Depression Therapeutics Market Share (%), By Drug Type, 2023