Kenneth Research recently added a report on ‘Anxiety Disorder & Depression Treatments Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Anxiety Disorder & Depression Treatments Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Anxiety Disorder & Depression Treatments Market products.
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Anxiety Disorder & Depression Treatments Market: Introduction
Depression and anxiety are common forms of psychiatric disorders which are prevalent among a large chunk of the population. Major depression of depressive disorders is a diagnosable condition that is classified as a mood disorder and its effects can be a long-term issue with symptoms such as reduced energy, overwhelming sadness, loss of appetite, and low interest on things.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Depression, if left untreated can result in severe health complications and is considered to be life-threatening. Types of depression include persistent depressive disorder, bipolar disorder, seasonal depression, postpartum depression and psychotic depression among others.
Market Dynamics
Global anxiety disorder & depression treatments market is majorly driven by the rising number of people with severe anxiety and depression at the global level. According to the World Health Organization, approximately 300 million people across the globe suffer from depression. Further, according to Insights and Reports, in 2017, more than 10 million residents in the U.S. experienced incidences of depression which resulted in severe impairment.
Further, according to the Anxiety & Depression Association of America, more than 40 million residents in the U.S. aged 18 and above, which is equivalent to 18.1% of the overall population of the country suffer from anxiety disorders each year. These factors have paved the way for anxiety disorder and depression treatments market.
Product Insights
Based on product type, anti-depressant drugs accounted for the major share of global anxiety disorder & depression treatments market in 2017, the growth of which is majorly attributed to the influx of advanced techniques to counter mental illness coupled the rising use of an antidepressant in depressive disorder treatment. Moreover, antidepressant drugs are widely used in several anxiety disorders such as traumatic stress, panic disorder, phobia, and others.
Disorder Insights
On the basis of disorder types, Major Depressive Disorder (MDD) is anticipated to hold prime share in the global anxiety disorder and depression treatments market, primarily owing to the rising incidences of this disorder, making it a common type disorder. According to the National Institute of National Health, more than 16.2 million adults in the U.S. suffered from at least one type of MDD in 2016. Therefore, rising cases of MDD would lead to nudge the global anxiety disorder & depression treatments market in the coming decade.
Regional Analysis
North America dominated the global anxiety disorder & depression treatments market in 2017 and is expected to retain market dominance throughout the forecast period. This is primarily owing to the huge chunk of the population in the U.S. are currently suffering from anxiety disorders. According to the Anxiety and Depression Association of America, 40 million adults in the U.S. are affected every year whereby making it a most common type disorder. The treatment for this disorder in the U.S. such as several antidepressant drugs is readily available on prescription.
The Asia Pacific, however, is gaining rapid prominence in the global anxiety disorder & depression treatments market on account of rising working population and busier lifestyles of the younger populace. India and China are the frontrunners to the growth of this industry in the Asia Pacific.
According to the Associated Chambers of Commerce and Industry of India, approximately 42% of the employees working in the Indian corporate sector were found to be suffering from depression in 2015, which marked an approximate of 40% growth over the last 8 years. These are some of the factors resulting in a high demand for anxiety disorder & depression treatments market in the country.
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Competitive Landscape
Some of the key players operating in the global anxiety disorder & depression treatments market include GlaxoSmithKline Plc, AstraZeneca Plc, El Lily & Company, Johnson & Johnson Inc., and H Lundbeck A/S among others.
Mergers and acquisition, product development and launch, investments are some of the key strategies adopted by the numerous companies in the global anxiety disorder & depression treatments market to grab a strong foothold.
For instance, in May 2018, H Lundbeck announced the approval made on the supplemental new drug for Trintellix by U.S. Food and Drug Administration (FDA) to be used for the patients suffering from the major depressive disorder (MDD), majorly owing to its positive effect on processing speed.
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