Growing Awareness Contributing to the Increasing Number of People Visiting Psychologists and Psychiatrists are Likely to Propel the Anti-Suicide Drugs Market
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According to the WHO, close to 800,000 people commit suicide every year. It is considered to be the second leading cause of death among young adults in the age group of 15 years to 29 years. According to the American Foundation for Suicide Prevention, suicide is one of the leading causes of death in the U.S., with over 43,000 deaths each year. According to the American Foundation for Suicide Prevention, the suicide rate was over 12.93 per 1,000 people in 2014 in the U.S.
Similarly, India, Russia, Sri Lanka, Kazakhstan, and Japan, among others have reported a high suicide rate. Changing opinion of the population related to mental health, growing awareness, increased focus on research and development leading to the launch of a range of drugs, and a strong pipeline of drugs contribute to the growth of the anti-suicide drugs market.
For instance, NeuroRx completed the phase II trial for Cyclurad, a combination drug composed of anti-infective drug lurasidone and tuberculosis drug D-cycloserine, used in conjunction with ketamine for the treatment of suicidal tendencies associated with bipolar depression. However, increasing addiction to opioids, which are used for treating depression, lack of effective therapies, abusive usage of these drugs, and growing usage of unapproved therapies are likely to restrain the anti-suicide drugs market.
The anti-suicide drugs market can be segmented based on drug class, distribution channel, and region. In terms of drug class, the market can be segmented into anti-depressants, anti-psychotic drugs, anti-anxiety drugs, antibiotics, and N-methyl-D-aspartate (NMDA) receptor antagonists, and others. The NMDA agonists segment is anticipated to record faster growth after FDA approval and commercialization. Based on distribution channel, the anti-suicide drugs market can be segmented into hospital pharmacies and retail pharmacies. Hospital pharmacies are anticipated to record strong growth during the forecast period owing to increasing prescriptions of anti-suicide drugs.
Geographically, the anti-suicide drugs market can be segmented into five regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America accounted for a high market share in 2016, closely followed by Europe. North America and Europe are anticipated to gain traction owing to increased health care spending and launch of a range of anti-suicidal drugs. However, emerging markets such as Asia Pacific are anticipated to record a high CAGR during the forecast period owing to high suicide rates.
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In addition, changing opinions regarding the stigma associated with mental health and growing awareness contributing to the increasing number of people visiting psychologists and psychiatrists are likely to propel the anti-suicide drugs market. Increased health care spending by governments, rising number of associations working on spreading awareness about suicidal tendencies also contribute to the growth of the anti-suicide drugs market.
Key players in the anti-suicide drugs market include Allergan plc, AstraZeneca plc, Eli Lilly and Company, GlaxoSmithKline plc, H. Lundbeck A/S, Johnson & Johnson, Merck & Co., Inc., NeuroRx, Inc., and Pfizer, Inc.
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