by Major depressive disorder, also known as clinical depression or unipolar depression, is a mood disorder characterized by at least two weeks of low mood, loss of interest or pleasure in normally enjoyable activities, change in appetite or weight, change in sleep, psychomotor agitation or retardation, fatigue or loss of energy, feelings of worthlessness or excessive guilt, difficulty in thinking or concentrating and recurring thoughts of death or suicide. Treatment for major depressive disorder involves psychotherapy, medication or a combination of both.
The global Major Depressive Disorder Treatment Market is estimated to be valued at US$ 11.83 Billion in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the major depressive disorder treatment market is increasing awareness regarding mental health issues. Various mental health organizations and foundations are educating people about signs and symptoms of depression and creating awareness about available treatment options. They are also reducing stigma associated with mental illness which is encouraging more people to seek treatment for conditions like depression. This growing awareness is supporting growth of major depressive disorder treatment market.
SWOT Analysis
Strength: Major depressive disorder is a highly prevalent mental health condition, affecting over 300 million people worldwide. There is increasing awareness and diagnosis of depression that is driving the market growth.
Weakness: High cost of new drugs and therapies limits their accessibility and affordability. Long-term use of antidepressants can lead to issues like tolerance and dependence.
Opportunity: Emerging economies with large patient pools present significant market opportunities. Novel therapeutic approaches like digital therapeutics, neuromodulation devices are expanding the treatment landscape.
Threats: Patent expiries of blockbuster drugs will increase generic competition. Social stigma and underreporting of depressive symptoms restrict the market potential.
Key Takeaways
The Global Major Depressive Disorder Treatment Market Size is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing awareness about depression and availability of new treatment options.
Regional analysis
North America dominated the global market and is expected to maintain its lead position during the forecast period, owing to rising prevalence of depression, strong healthcare infrastructure, and early adoption of advanced therapies. Asia Pacific is anticipated to be the fastest growing market due to the growing geriatric population, increasing affordability and accessibility of treatments.
Key players operating in the major depressive disorder treatment market are Johnson & Johnson, Pfizer Inc., Eli Lilly and Company, and GlaxoSmithKline plc. Patent expiry of several blockbuster antidepressants is expected to boost the growth of generics market and increase the affordability of treatment. Emerging therapies targeting alternate pathways and novel mechanisms of action hold promise to revolutionize the treatment landscape over the long run.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
