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Depression Therapeutics Market Forecast till 2025

08-27-2018 03:10 PM CET | Health & Medicine

Press release from: Coherent Market Insights

Antidepressants are used to treat a wide range of mental disorders, including depression, anxiety, and major depressive disorder. Certain neurotransmitters in the brain exist in chemical form such as dopamine and serotonin, which are responsible for maintaining emotional balance such as mood and behavior. Antidepressants cover a wide range of drug categories, including selective serotonin reuptake inhibitors (SSRIs), serotonin and norepinephrine reuptake inhibitors (SNRIs), monoamine oxidase inhibitors (MAOIs), tricyclic antidepressants (TCAs), and serotonin receptor modulators (SRMs). These medications exhibit different pharmacological action in the brain once administered to regain the chemical balance in the brain, associated with behavioral disorders such as depression. Commercially available antidepressants include Citalopram (Celexa), Escitalopram (Lexapro), Fluoxetine (Prozac), Paroxetine (Paxil), Vilazodone (Viibryd), Sertraline (Zoloft), Venlafaxine (Effexor), Levomilnacipran (Fetzima), Aripiprazole (Abilify), and Vortioxetine (Trintellix).

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Rising prevalence of mental disorders such as depression and anxiety is expected to boost growth of the depression therapeutics market over the forecast period

Mental disorders such as major depressive disorder, anxiety, and associated co-morbidities have high global prevalence. According to the World Health Organization (WHO), in 2017, around 300 million people are estimated to be affected with depression, globally. Furthermore, WHO passed a World Health Assembly resolution in 2013, to address mental disorders in a comprehensive and coordinated manner and has covered depression under its Mental Health Gap Action Program. According to Anxiety & Depression Association of America (ADAA), major depressive disorder is the leading cause of disability in the U.S., among people aged between 15 years and 44.3 years, and affects around 6.7% of the U.S. population aged 18 years and above. Furthermore, according to a report published by Italian Medicines Agency, in 2013, the consumption of antidepressants rose by 4.5% in Italy between 2004 and 2012, which is attributed to rising prevalence of depression and high availability of generic medicines in the country. According to World Health Organization (WHO), in 2015, top five mental problems in the Asia Pacific region are depression, anxiety, post-traumatic stress disorder (PTSD), suicidal behavior, and substance abuse disorder. As the prevalence of mental disorders increases, the consumption of depression drugs is also expected to increase over the forecast period.

The global depression therapeutics market was valued at US$ 12,406.8 million in 2016 and is expected to witness a CAGR of 2.1% over the forecast period (2017–2025).

Low costs of antidepressant medication along with lack of affordable alternative therapies are expected to boost growth of the global depression therapeutics market over the forecast period

Mental disorders such as depression and anxiety are treated either with medication or psychotherapy, which involves cognitive behavioral therapy (CBT). According to American Psychiatric Association, 2017, although both the therapies exhibit similar levels of effectiveness with 30% to 40% remission rates, the cost-effectiveness of these therapies plays an important role. Patients often do not get access to advanced psychotherapy due to lack of resources, social stigma associated with mental disorders, and lack of skilled psychotherapists, wherein, medication proves to be useful. Antidepressants are widely available due to high presence of generic drug manufacturers, who offer cost-effective drugs, whereas, cost for psychotherapy is relatively higher and is unavailable everywhere due to lack of skilled psychiatrists. According to Psychotherapy and Counselling Federation of Australia (PACFA), costs for psychotherapy single session range from US$ 60 to US$ 150, whereas, costs for one branded drug tablet ranges from around US$ 5 to US$ 10. Newer treatment options include brain stimulation therapies such as electroconvulsive therapy and vagus nerve stimulation, which are not widely available and are expensive as well. For instance, Fisher Wallace, created a U.S. FDA approved stimulator, Fisher Wallace Stimulator to treat depression, anxiety, and insomnia, costing around US$ 700, which majority of the population cannot afford.

Various side effects such as increased suicidal tendency, sexual dysfunction and anxiety has limited the adoption of depression drugs. Moreover, due to these side effects manufacturers have been dragged in court many a times which has demotivated them to invest more in this market. For instance, in 2017, GlaxoSmithKline Plc was asked to pay US$ 3 Mn to a woman whose husband committed suicide after taking generic version of Paxil, an antidepressant drug, even though the generic drug was manufactured by another company, Mylan N.V. The jury ruled that since GlaxoSmithKline plc controls the drug’s design and label, applied to both generic and branded, the company is liable and will have to pay US$ 3 Mn to the complainant.

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Some major players operating in the global depression therapeutics market are Pfizer, Inc., Eli Lilly and Company, AstraZeneca, Plc, Allergan Plc, GlaxoSmithKline Plc, Intellipharmaceutics International, Inc., Takeda Pharmaceutical Company Limited, H.Lundbeck A/S, Otsuka Holdings Co.,Ltd., Apotex, Inc., Shionogi & Co. Ltd., Zhejiang Hua Hai Pharmaceutical Co., Ltd, and Chengdu Kanghong Pharmaceutical Group Co.,Ltd.

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

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