by Panic attacks are sudden episodes of intense fear that trigger severe physical reactions when there is no real danger or apparent cause. Medications along with psychotherapy are commonly used for panic attack treatment. These include selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), benzodiazepines, beta blockers and other newer anti-depressants. The increasing cases of panic disorders across countries due to rising stress levels and mental health issues has boosted the demand for panic attack treatment drugs and therapies.
The global panic attack treatment market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 16.8%over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing awareness regarding panic disorders and availability of treatment options has been a key trend fueling the growth of global panic attack treatment market. Several nonprofit organizations and health bodies are undertaking initiatives to educate people about symptoms of panic attacks and importance of seeking medical help. Additionally, reduced stigma around mental health issues has encouraged more patients to opt for treatment. This has significantly boosted the sales of medications as well as number of patients visiting therapists for panic attack treatment. Moreover, industry players are increasingly focusing on new product developments in order to expand their product portfolio and boost sales. This includes drugs with lesser side effects and digital therapies combining therapy and self-help tools which are expected to further support the market growth over the forecast period.
SWOT Analysis
Strength: Panic disorder medications and therapies like cognitive behavioral therapy are effective in treating panic attacks. Weakness: Limited awareness about treatment options for panic attacks exist. Opportunity: Growing mental health issues and awareness provides scope for improvement in panic attack treatment. Threats: Social stigma associated with mental illnesses hampers people from seeking timely treatment.
Key Takeaways
The Global Panic Attack Treatment Market Size is expected to witness high growth.
Regional analysis: North America dominates the global panic attack treatment market currently due to high awareness levels and easy availability of medications and therapies in the region. Asia Pacific is expected to witness fastest growth in the market over the coming years led by China and India on account of improving healthcare infrastructure and rising incidence of mental health issues in the region.
Key players operating in the Panic Attack Treatment market are Pfizer, GlaxoSmithKline, Merck, Sanofi, Eli Lilly, Bristol-Myers Squibb, AstraZeneca, Lundbeck, Neurocrine Biosciences, Takeda.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
