Antidepressant Drugs Market Expected to Reach $21.00 Billion by 2030

According to a new report published by Allied Market Research, titled, “antidepressant drugs market by product, and depressive disorder: global opportunity analysis and industry forecast, 2021–2030," the global antidepressant drugs market size was valued at $15.651 billion in 2020, and is estimated to reach $21.004 billion by 2030, growing at a CAGR of 3.0% from 2021 to 2030.

Depression affects thoughts, behavior, feelings, and sense of well-being of a person and is caused due to biological, genetics, environment, and psychological factors. Low mood and aversion to physical activity are some of the common symptoms of depression. Depression is more common in women than men. Depression drugs work by fixing chemical imbalance such as lack of serotonin in the brain. Antidepressants help in treatment of depression by maintaining balance of various hormones and chemicals in the brain.

Rise in geriatric population, increase in prevalence of depression, and advancements in R&D activities in the pharmaceutical sector majorly drive the market growth. Furthermore, increase in awareness regarding depression and rise in number of people suffering from stress fuel growth of the antidepressant drugs market. However, poor efficacy and safety profiles of these drugs, preference for non-pharmacological therapies, and increase in number of patent expiration of antidepressants that lead to weak pipeline are expected to hamper the market growth.

Moreover, rise in disposable income and development of the pharmaceutical sector for manufacturing of antidepressant drugs are anticipated to drive growth of the antidepressant drugs market. In addition, expansion of many clinical studies on various types of products to evaluate their safety and efficacy propels growth of the market.

Rise in number of approval for antidepressant products and increase in number of pharmaceutical manufacturing companies are the key factors that further boost growth of the market. In addition, surge in demand for antidepressant drugs propel growth of the market.

The global antidepressant drugs market is segmented into product, depressive disorder, and region. On the basis of product, the market is segregated into tricyclic antidepressants, selective serotonin reuptake inhibitors, serotonin norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others. The selective serotonin reuptake inhibitors segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to advancements in R&D activities in the healthcare sector and increase in prevalence of major depressive disorder and anxiety disorders.

Depending on depressive disorder, the market is bifurcated into tricyclic antidepressants, selective serotonin reuptake inhibitors, serotonin norepinephrine reuptake inhibitors, monoamine oxidase inhibitors, serotonin antagonist and reuptake inhibitors, and others. The major depressive disorder exhibited the highest growth in 2020, and is expected to lead during the forecast period, owing to increase in prevalence of major depressive disorder and initiatives taken by governments and private organizations about development of drug.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global antidepressant drug market. The COVID-19 pandemic has stressed healthcare systems in the world and increased the need for advanced hospitals. Implementation of the spread of COVID-19 infection increased the fear of social isolation, and loneliness, which is the main reason for major depressive disorders.  Therefore, the COVID-19 have positive impact on the antidepressant drugs market.

Key Findings Of The Study

• By product, the selective serotonin reuptake inhibitors segment was the highest contributor to the market in 2020.
• On the basis of depressive disorder, the major depressive disorder segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• Region wise, North America garnered the largest revenue share in 2020, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America garnered a major share of the antidepressant drugs market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of depression disorder, increase in number of approvals for antidepressant drugs, presence of key players, and development in R&D activities in the healthcare sector in the region. However, Asia-Pacific is expected to register highest CAGR of 4.9% from 2021 to 2030, owing to increase in prevalence of mental disorder, rise in awareness about depression, growth in health care expenditures, and increase in number of clinical trials.