Strategies Adopted by Leading Manufacturers Boosts the Antidepressant Drugs Market In Healthcare Industry by 2023
In 2016, North America was the dominant revenue contributor, owing to the high prevalence rate of depression, presence of high disposable income, and increase in number of prescriptions for antidepressants. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to presence of populace countries such as India and China leading to large number of people suffering from depression and rise in healthcare expenditure.
Antidepressant Drugs Market accounted for $13,755 million in 2016, and is estimated to reach $15,983 million by 2023, registering a CAGR of 2.1% from 2017 to 2023. North America is the highest contributor in the antidepressant drugs market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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The report segments the global antidepressant drugs market by depression disorder, product, and geography. Based on depression disorder, the market is categorized into major depressive disorder, obsessive-compulsive disorder, generalized anxiety disorder, panic disorder, and others. In 2016, major depressive disorder segment contributed the maximum revenue towards the global market, owing to a surge in population being diagnosed with this disorder due to increase in stress levels. However, obsessive-compulsive disorder segment is expected to grow at the fastest rate throughout 2023.
Among the depressive disorder, major depressive disorder is the dominant segment as majority of the people are usually diagnosed with this disorder due to increase in stress levels. However, obsessive compulsive disorder is the fastest growing segment due to increase in the number of drugs for this disorder. Among the product, selective serotonin reuptake inhibitors dominate the market owing to the large number of prescription of this drugs and large number of clinical trials for these drugs.
Based on product, the report divides the market into tricyclic antidepressants, selective serotonin reuptake inhibitors, serotonin-norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others. Selective serotonin reuptake inhibitors segment was the leading contributor to the global market in 2016, owing to the availability of large number of these drugs, and is expected to continue its dominance throughout the forecast period, 2017-2023.
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Key Findings of the Antidepressant Drugs Market:
• Obsessive compulsive disorder is projected to grow at the highest rate during the analysis period.
• North America dominated global antidepressant drugs market in 2016, and is projected to continue its dominance in future.
• China is expected to grow highest in Asia-Pacific during the forecast period.
• Major depressive disorder is the largest contributor among the depressive disorder segments in 2016.
• Selective serotonin reuptake inhibitors segment generated the highest revenue, and is expected to continue its dominance in future
The report also profiles key players involved in the global antidepressant drugs market, such as Alkermes Plc, Allergan Plc, Bristol Myers Squibb Co., Eli Lilly and Co., GlaxoSmithKline Plc, H. Lundbeck, Merck & Co., Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., and Takeda Pharmaceutical Co. Ltd. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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