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Major Depressive Disorder Market Report 2024: Global Size, Share, Growth, Trends, Forecast to 2033
Major Depressive Disorder Market Report
According to The Business Research Company's, The major depressive disorder market size has grown steadily in recent years. It will grow from $5.96 billion in 2023 to $6.12 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The growth in the historic period can be attributed to pharmaceutical advances, mental health awareness, psychological therapies, public health initiatives.
The major depressive disorder market size is expected to see steady growth in the next few years. It will grow to $6.84 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%. The growth in the forecast period can be attributed to precision medicine, telepsychiatry and teletherapy, novel treatment modalities, global expansion of mental health services. Major trends in the forecast period include early intervention, peer support and online communities, holistic approaches, resilience and coping strategies.
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Market Drivers and Trends:
The rise in cases of substance abuse and alcohol abuse is expected to propel the growth of the major depressive disorder market. Substance and alcohol abuse are terms used to describe patterns of excessive and harmful use of substances, including alcohol, that can lead to negative physical, psychological and social consequences. It commonly co-occurs with major depressive disorder and both conditions tend to feed off each other and significantly increase the risk of physical and mental harm. For instance, in December 2022, according to reports shared by the Office for National Statistics (ONS), a UK-based government department, in 2022, 862,000, or 2.6%, of adults between the ages of 16 and 59 reported using drugs, compared to 2.1% in 2020. Furthermore, in December 2022, according to a report published by Kirin Holdings Company Limited, a Japan-based beverage company, around 185.60 million kiloliters of beer were consumed globally in 2021, an increase of 4.0% from the year before. Therefore, the rise in cases of substance abuse and alcohol abuse is driving the growth of the major depressive disorder market.
Major companies operating in the major depressive disorder market focus on developing innovative products and getting them approved to gain a competitive advantage. Drug approvals for major depressive disorder treatment, such as VRAYLAR (cariprazine), are increasing due to the need for more effective and safer treatments. For instance, in December 2022, AbbVie Inc., a US-based pharmaceutical company, received approval for VRAYLAR (cariprazine) as an adjunctive therapy to antidepressants for the treatment of major depressive disorder (MDD) in adults from the Food and Drug Administration (FDA), a US-based federal agency. VRAYLAR is an innovative atypical antipsychotic medication that balances dopamine and serotonin levels in the brain. It is the first atypical antipsychotic to be approved as an adjunctive treatment for major depressive disorder. Additionally, it is available in capsule form and is taken once daily.
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Major Key Players of the Market:
Pfizer Inc., Janssen Research And Development LLC, Merck and Co. Inc., Novartis AG, Sanofi-Aventis US LLC, Bristol Myers Squibb Co., AstraZeneca PLC, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Biogen Inc., Otsuka Pharmaceuticals Co.Ltd., Forest Laboratories Inc., H. Lundbeck A/S, Richter Gedeon PLC, Allergan PLC, Neurocrine Biosciences Inc., BlackThorn Therapeutics Inc., Intra-Cellular Therapies Inc., Axsome Therapeutics Inc., Luye Pharma Group, BioLite Inc., BrainsWay Ltd., Neumora Therapeutics Inc., Chase Therapeutics Corporation, SAGE Therapeutics Inc., Arrivo Bioventures LLC, Relmada Therapeutics Inc., Fabre-Kramer Pharmaceuticals Inc., Vistagen Therapeutics Inc.
Major Depressive Disorder Market 2024 Key Insights:
• The major depressive disorder market is expected to grow to$6.84 billion in 2028 at a compound annual growth rate (CAGR) of 2.8%.
• Surge In Substance And Alcohol Abuse Cases Amplifies Growth In Major Depressive Disorder Market
• Innovative Approaches And Approvals Reshaping Major Depressive Disorder Treatment Market
• North America was the largest region in the major depressive disorder market in 2023.
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