Rising awareness regarding mental health coupled with favorable initiatives by the government will propel the global growth of the depression treatment market over the forecast period.
The global Depression Treatment Market is predicted to reach a valuation of US$ 16.8 Bn by 2032, with the market growing at a moderate CAGR of 5.2% from 2022 to 2032. Valued at US$ 9.7 Bn in 2021, the target market is expected to reach an estimated US$ 10.1 Bn in 2022. Different factors like demographic changes, environmental conditions, and increasing mental stress are contributing to rising mental health disorders. The increasing prevalence of such disorders drives the growth of the depression treatment market over the forecast period.
Escalating need for antidepressants and therapies to treat mental conditions is also expected to contribute to the target market growth. Governments across the world are endeavoring to increase the funding for mental health services, and the treatment of mental illness and depression disorders. Factors like the need for better quality treatments, affordable healthcare policies, funding and support from government organizations, and interventions of healthcare organizations for mental health disorders treatments also spur the growth of the depression treatment market.
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Furthermore, the surging demand for enhanced brain and mental fitness is facilitating new growth-inducing avenues for depression treatments. This is so because these activities improve glucose metabolism in the brain and lower the risk of mental disorders. Again, better healthcare infrastructure and growing medical expenditure by the governments will sustain the development of expensive drugs and expensive medical devices. This is expected to further propel the demand for depression treatment over the projected period.
“Rising awareness regarding mental health coupled with favorable initiatives by the government will propel the global growth of the depression treatment market over the forecast period,” says an FMI analyst.
Key Takeaways:
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Competitive Landscape:
Viatris (Mylan Pharmaceuticals Inc.), Sunovian Pharmaceuticals, AbbVie Inc. (Allergan, Inc.), Jubilant Generics Limited, Sanis Health Inc., Abbott Laboratories, Aurobindo Pharma, Torrent Pharmaceuticals, Teva Pharmaceuticals, Sun Pharmaceuticals, (Apotex Holdings, Inc.) Apotex Corporation, Alembic Pharmaceuticals Limited, Pfizer Inc., Cardinal Health, Hikma Pharmaceuticals, Zydus Lifesciences (Cadila), Cipla Ltd, Dr. Reddy's Laboratories, Merck & Co., Eli Lily & Co., GlaxoSmithKline, Takeda Pharmaceuticals, BrainsWay Ltd., Nexstim Plc, Magstim Ltd., Neuronetics, Inc., Salience TMS Neuro Solutions, MagVenture, MAG & More GmbH, and Neurosoft, Ltd., among others are some of the major players in the depression treatment market profiled in the full version of the report.
Leading market players are focusing on tactics like mergers and acquisitions to expand their market reach. These organizations are also keen on developing unique treatment approaches to gain a competitive advantage.
More Insights into Depression Treatment Market Report:
According to the latest FMI reports, based on segmentation, hospitals, in terms of distribution channels, are expected to lead the market growth in the next few years. By disease, the major depression episodes segment will grow at a 5.3% CAGR and contribute substantially to the market growth. On the basis of product type, the drugs segment will dominate the market by accounting for almost 99.4% of depression treatment market sales. This subsegment is likely to grow at a CAGR of 5.2% during the forecast period.
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Based on region, the depression treatment market in China is likely to exhibit substantial growth during 2022-2032. The country accounted for 43.4% of the target market share in the East Asia region. Better medical infrastructure and increasing healthcare expenditure drive regional market growth. Countries like Germany and the United States are also anticipated to undergo notable growth over the forecast period.
Key Market Segments Covered In Depression Treatment Industry Research
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 12, 2023
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