Agoraphobia Treatment Market Overview 2030
Agoraphobia is a type of anxiety disorder in which the patients avoid and fear situations or places that might cause them to panic or make them feel helpless, trapped, or embarrassed. The patients fear an anticipated or actual situation, such as being in closed or open spaces, being in a crowd, using public transportation, or standing in line. The anxiety is usually caused by the fear that there is no way to get help or escape. Most patients who have agoraphobia start developing it after having one or more panic attacks. This causes them to worry about having another panic attack and make them avoid the places or situations where it may happen again. Sometimes, the fear associated with agoraphobia can be so intense that the patient may feel unable to leave his home.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the agoraphobia treatment market.
Top Impacting Factors
The prevalence of agoraphobia is seen in both men and women. High prevalence of this phobia has contributed to the strong demand for its treatment contributing to the growth of the agoraphobia treatment market.
Agoraphobia is associated with other forms of anxiety disorders such as social anxiety disorder and panic disorder. Rise in spread of the pandemic and global lockdowns has increased psychological related fears and this had led to more incidences of agoraphobia, which contributes toward the growth of the market.
However, a social stigma associated with various psychological disorders exists, despite advancements in the field of psychiatry and treatment developments for mental illnesses, which might hamper the growth of agoraphobia treatment market during the forecast period.
Key Market Trends
Cognitive-behavioral therapy (CBT) is the leading psychotherapy for the treatment of agoraphobia. It focuses on teaching skills that help tolerate anxiety, challenge the patient's worries, and anticipate more realistic and probable effects of the place or situation. With time, people have grown acceptance toward CBT and it has become common for patients suffering from agoraphobia to seek it.
In 2019, North America dominated the agoraphobia treatment market. This is due to the presence of leading market players, increased focus of the government on mental health, high prevalence of agoraphobia, and focus on R&D activities to develop better treatments & therapies for agoraphobia.
Asia-Pacific is anticipated to be the fastest contributor toward the agoraphobia treatment market. Rise in the disposable income of the population and rapid economic development in the region have contributed to this region.
However, Africa is projected to witness moderate growth due to poor economic conditions as well as poor healthcare penetration. In addition, Africa has a lack of reimbursements in healthcare policies which impede the agoraphobia market growth.
Key Benefits of the Report
- This study presents the analytical depiction of the agoraphobia treatment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the agoraphobia treatment market share.
- The current market is quantitatively analyzed to highlight the growth scenarioof the agoraphobia treatment market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed analysis depending on the competitive intensity and how the competition is expected take shape in the coming years.
Questions Answered in the Agoraphobia Treatment Market Report
- Which are the leading players active in the agoraphobia treatment market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the agoraphobia treatment market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 on the industry?
- What is agoraphobia?
- What is the prediction for the agoraphobia treatment market in the future?
- What are the current trends and predicted trends?
Agoraphobia Treatment Market Report Highlights
By Drug Treatment
By End User
Key Market Players
Apotex Corp., Johnson and Johnson, Sandoz, Inc., Mylan Pharmaceuticals, Inc., Lundbeck A/S, Eli Lilly & Co., Bristol-Myers Squibb, Pfizer, Inc., GlaxoSmithKline Plc., AstraZeneca