Anxiety and Depression Treatment Market To Generate Revenue Worth $24,467.7 Million by 2030

  • Published: April 2021

The rising number of product approvals, surging public and private initiatives for spreading awareness for mental health, and increasing aging population coupled with mental risks are some of the main factors positively impacting the growth of the global anxiety and depression treatment market. Due to the aforementioned factors, the industry is projected to grow at a CAGR of 3.3% during the forecast period (2021–2030), to reach $24,467.7 million by 2030.

Due to the ongoing COVID-19 pandemic, the anxiety and depression treatment market has been negatively impacted, due to the disruption in raw material supply triggered by restriction in movement of goods after the implementation of lockdown by several governments, worldwide. Moreover, factory shutdown in several countries has led to the complete closure of manufacturing units and research organizations. This has resulted in stoppage of drug development, which further acts as a hindrance to the growth of the market.

Drugs Category Dominated the Industry in 2019

Based on product type, the anxiety and depression treatment market is categorized into drugs and devices. Between the two, the drugs category accounted for the larger market share in 2020. This is mainly attributed to the rising government initiatives to spread mental health awareness and associated diseases, and the increasing number of clinical trials by research organizations for developing innovative drugs. These result in expanding portfolio of depression and anxiety drugs in the market, which, in turn, will attract more patients and healthcare professionals.

On the basis of disorder type, the anxiety and depression drugs industry is classified into major depressive disorder, obsessive-compulsive disorder (OCD), phobia, post-traumatic stress disorder (PTSD), and others. Out of these, the major depressive disorder category is expected to progress at the highest CAGR in the forecast period. This can be mainly ascribed to the high incidence of depressive disorders, decreasing financial stability, and rising number of individuals indulging in screening test for mental diseases.

Based on distribution channel, the anxiety and depression drugs market is categorized into hospital pharmacies, retail pharmacies, online channels, and direct channels. Among these, the hospital pharmacies category held the largest share in the market in 2020 and is expected to maintain the lead in coming years. This is majorly attributed to the rise in influx of patients to visit hospitals for the treatment of mental disorders, such as depression and anxiety.

Geographically, the Asia-Pacific (APAC) anxiety and depression treatment market is expected to witness the fastest growth during the forecast period. This can be ascribed to the factors such as rising age-related risks including depression and anxiety, growing cases of depression in younger population, and increasing stress caused by financial burden. For instance, according to the United Nations Population Fund (UNFPA), one in four individuals in APAC will be over 60 years of age by 2050. Moreover, the population aged 60 years and above in the region is expected to triple between 2010 and 2050, reaching 1.3 billion.

Industry Players Involving in Product Launches to Expand their Position

Players operating in the global anxiety and depression treatment market are actively involved in product launches and to get approvals of their products from several organizations to gain a competitive edge over competitors. For instance, in February 2021, Lupin Limited received the approval for its droxidopa capsules, 100 mg, 200 mg, and 300 mg, from the United States Food and Drug Administration (USFDA), to market these generic drugs, which are equivalent of Lundbeck NA Ltd.’s Northera capsules, 100 mg, 200 mg, and 300 mg. Droxidopa capsules, 100 mg, 200 mg, and 300 mg, are indicated for the treatment of orthostatic dizziness and lightheadedness.

Similarly, in August 2020, Janssen Pharmaceutical Companies, a subsidiary of Johnson & Johnson, announced the receipt of FDA approval for its SPRAVATO (esketamine) CIII nasal spray for the treatment of depression symptoms in adults with major depressive disorder.

Some of the other key players in the anxiety and depression treatment market include Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Merck & Co. Inc., AbbVie Inc., Eli Lilly and Company, GlaxoSmithKline plc, and Sanofi.