How is Rising Mental Health Awareness Driving Anxiety and Depression Treatment Market Growth?
The anxiety and depression treatment market is projected to exhibit a CAGR of 3.3% during the forecast period (2021–2030). The market was valued at $17,770.9 million in 2020 and it is expected to generate $24,467.7 million revenue by 2030. This is attributed to the booming elderly population, rising number of product approvals, and growing public awareness regarding mental disorders and their treatment. Moreover, the market is witnessing a trend of soaring number of mergers and acquisitions among pharmaceutical companies.
The surging awareness about mental health among people is expected to create a high demand for anxiety and depression treatment drugs and devices across the world. The soaring awareness can be credited to the increasing number of initiatives being taken by public and private healthcare organizations to impart knowledge on mental health. For instance, the World Health Organization (WHO) has declared 10th October as the World Mental Health Day to reduce the stigma, impart knowledge, offer multiple treatment options, and provide access to services for mental health and associated problems.
The disorder type segment of the anxiety and depression treatment market is categorized into phobia, major depressive disorder, post-traumatic stress disorder (PTSD), obsessive-compulsive disorder (OCD), and others, such as bulimia, atypical depression, hot flashes caused by menopause, premenstrual dysphoric disorder, and persistent depressive disorder. Among these, the major depressive disorder category is projected to witness the fastest growth during the forecast years, due to the growing public awareness on such mental diseases and the increasing frequency of screening by people for better mental health.
Nowadays, key players of the anxiety and depression treatment market, such as Merck & Co. Inc., Eli Lilly and Company, H. Lundbeck A/S, Pfizer Inc., Sanofi, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., GlaxoSmithKline plc, and Novartis AG, are launching new products to gain a competitive edge in the market. For instance, in March 2021, Cipla Limited got the approval for its 20 mg Abbreviated New Drug Application (ANDA) for sumatriptan nasal spray from the United States Food and Drug Administration (USFDA).
According to P&S Intelligence, the North American region accounted for the largest share in the anxiety and depression treatment market in 2020, and it is expected to retain its dominance in the forecast years as well. This can be credited to the soaring number of prescriptions for anti-depressants, surging incidence of anxiety and major depressive disorders, growing disposable income of people, and increasing people awareness regarding mental health in the region.
Whereas, the Asia-Pacific (APAC) anxiety and depression treatment market is projected to demonstrate the fastest growth during the forecast period. This will be due to the increasing stress resulting from financial burden, surging cases of depression among youth, and rising cases of age-related risks, such as anxiety and depression, owing to the growing geriatric population in the region. As per the United Nations Population Fund (UNFPA), the number of people aged 60 years and above in APAC will be around 1.3 billion by 2050.