Depression Drugs Market to Surpass US$ 20 Billion by 2031 as Demand for Serotonin-norepinephrine Reuptake Inhibitors Surges

Depression Drugs Manufacturers to Capitalize on High Demand for Tricyclic Antidepressants with Minimal Side Effects

The most recent study from Fact.MR on the market for depression drugs offers a 10-year prediction through 2021 and beyond. The study explains important factors, including drivers, constraints, and opportunities. The report was divided into various segments such as drug type, drug class, disease type, distribution channel, and region to provide the information in an engaging manner.

NEW YORK, Aug. 11, 2022 /PRNewswire/ -- The global depression drugs market was estimated to be worth US$ 13 Billion in 2020. By 2031, sales of depression drugs are expected to surpass US$ 20 Billion and are projected to grow at a CAGR of 4% in the forecast period (2021-2031).

Over the assessment period of 2021 to 2031, demand for serotonin-norepinephrine reuptake inhibitors (SNRIs), which currently holds the largest market share, is anticipated to rise at a CAGR of 2%.

The World Health Organization (WHO) claims that depression, which affects more than 350 million people globally, is one of the main causes of disability. The WHO further mentions that more women are affected by depression than men and about 5% of adults suffer from depression across the globe.

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On account of this, key players are focusing on developing novel techniques for the production of tricyclic antidepressants with minimal side effects and long-term outcomes. They are also adopting new ingredients for producing unique medications for treating depression. 

Key Takeaways:

• The global depression drugs market stood at US$ 13 Billion in 2020 and held about 50% share of the psychotropic drugs industry.
• The North America depression drugs market is likely to grow 1.3x by 2031.
• The U.S. depression drugs market is anticipated to surge 1.5x by the end of 2031 with rising geriatric population.
• By drug class, the serotonin-norepinephrine reuptake inhibitors (SNRIs) category is likely to increase 2x over the evaluation period.
• Top 5 companies operating in the global depression drugs market are estimated to hold about 40% of share through 2021 and beyond.

Growth Drivers:

• Rising incidence of chronic illnesses, including anxiety, depression, and other conditions related to mental health is likely to drive growth.
• Increased sales of selective serotonin reuptake inhibitors (SSRIs) and high demand for tricyclic antidepressants are expected to boost growth.

Restraints:

• Antidepressants can have various side effects, including decreased libido, stomach upset, and fatigue, which may hinder their sales.
• Individuals often feel ambivalence about taking medicines and thus skip doses or do not disclose their use of antidepressants to providers, which can hamper growth.

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Competitive Landscape:

Leading producers of depression medications are adopting sustainable growth strategies to broaden their product offerings, maintain their leading positions in international markets, develop their client bases, and gain more market share.

For instance,

• In June 2021, a combined R&D agreement and an agreement for clinical research of the new antidepressant candidate called NC-2800 were announced by Nippon Chemiphar Co., Ltd and Sumitomo Dainippon Pharma Co., Ltd.

Key Companies Profiled by Fact.MR

• Johnson and Johnson
• Sebela Pharmaceutical Inc.
• Takeda Pharmaceutical Company
• GlaxoSmithKline
• Novartis AG
• Allergan USA Inc.
• AstraZeneca
• Pfizer Inc
• Eli Lilly and Company
• Otsuka Pharmaceutical Co. Ltd.
• Alkermes Plc
• Bristol Myers Squibb Co.
• H. Lundbeck
• Teva Pharmaceutical Industries Ltd.

More Valuable Insights on Depression Drugs Market

In the latest study, Fact.MR offers a detailed study on global depression drugs market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of depression drugs through detailed segmentation as follows:

By Drug Type:

• Generic Depression Drugs
• Branded Depression Drugs

By Drug Class:

• Serotonin-norepinephrine Reuptake Inhibitors (SNRIs)
• Selective Serotonin Reuptake Inhibitors (SSRIs)
• Atypical Antipsychotics
• Central Nervous System (CNS) Stimulants
• Tricyclic Antidepressants
• Monoamine Oxidase Inhibitors

By Disease Type:

• Major Depressive Disorder
• Obsessive-Compulsive Disorder
• Generalized Anxiety Disorder
• Panic Disorder
• Schizophrenia
• Bipolar 1 Disorder

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East Africa

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Key Questions Covered in the Depression Drugs Market Report

• What is the projected value of the depression drugs market in 2021?
• At what rate will the global depression drugs market grow until 2031?
• Which are the factors hampering the growth in the depression drugs market?
• Which region is expected to lead in the depression drugs market during 2021-2031?
• Which are the factors driving the depression drugs market during the forecast period?
• What is the expected market value of the depression drugs market during the forecast period?

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