Global Depression Drugs Market is projected to reach be valued at $20.1 Billion by 2028; with a CAGR of 2.8% from 2021 to 2028. Depression is a mood disorder that causes a persistent feeling of sadness and loss of interest which is more than just a low mood. It is a serious condition that affects your physical and mental health. Depression can occur due to the combination of various factors such as genetics, biological, environmental, psychological, and many more. According to WHO, a report published recently, estimated over 300 million people have been affected and at its worst, depression can lead to suicide. The burden of depression and other mental health conditions is on the rise globally. Although there are effective psychological treatments and therapies are available but most individuals with depression are not aware and do not have access to treatment or do not take treatment, mainly due to lack of proper knowledge and social stigma.
People moving from rural to urban areas and their suddenly changing lifestyle is one of the major factors driving the growth of the depression drug market globally. People move from rural to urban areas and sudden changes take place in their life in terms of jobs, the standard of living, dressing, and lifestyle among others. They find it difficult to match with the lifestyle of the people living in urban areas which leads to depression among them. These cases are found majorly among women primarily in developing countries. The growing geriatric population and rise in the number of generic drug markets are some of the other factors driving the growth of the depression drug market.
The growing geriatric population, increase in the knowledge regarding depression, and rising number of generic drug markets are expected to drive the market. Moreover, support from government organizations could also support the growth of the market. However, lack of resources, lack of trained healthcare providers, and social stigma could be a barrier to the growth of the market. Research and development and Untapped markets could provide an opportunity for the market in upcoming years
The market is segmented based on the product type, application, and geography. Product type is further segmented into Tricyclice Antidepressants, Serotonin-Norepinephrine Inhibitors, Atypical Antipsychotics, Selective Serotonin Reuptake Inhibitors, Benzodiazepines, Tetracyclic Antidepressants, Monoamine Oxidase Inhibitors, and others. Furthermore, the application is segmented into clinics and hospitals, and research centers.
Based on geography, the depression drug market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The U.S., Mexico, and Canada are covered under North America wherein Europe covers France, Germany, the UK, Spain, and the rest of Europe. Asia-Pacific covers China, India, Japan, South Korea, and the Rest of Asia Pacific. The rest of the World (RoW) covers South America, Middle East, and Africa.
The key takeaways from the report
Scope of Depression Drugs Market
Product Type Segments