SEATTLE, Jan. 7, 2022
SEATTLE, Jan. 7, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global depression drugs market is estimated to be valued at US$ 11,939.2 million in 2021 and is expected to exhibit a CAGR of 3.7% over the forecast period (2021-2028).
Key Trends and Analysis of the Global Depression Drugs Market:
Key trends in the market include increasing incidence of depression, increasing approval of novel products, and research and development activities by the key players for development of novel therapeutics. These key trends are expected to aid in the growth of the global depression drugs market.
For instance, according to the World Health Organization report published in September 2021, depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults, 5.7% among adults older than 60 years and approximately 280 million people in the world suffered from depression in 2020.
Moreover, increasing approvals of novel products is expected to drive the market growth over the forecast period. For instance, in March 2019, Janssen Pharmaceutical Companies of Johnson & Johnson received the U.S. Food and Drug Administration (FDA) approval for its SPRAVATO (esketamine) CIII nasal spray for use in conjunction with an oral antidepressant in adults with treatment-resistant depression (TRD).
Furthermore, key players operating in the global depression drugs market are focusing on research and development in order to develop novel therapeutics. For instance, Johnson & Johnson developed SPRAVATO (esketamine) CIII nasal spray for use in conjunction with an oral antidepressant in adults with treatment-resistant depression (TRD). The therapy gained the U.S. FDA approval in March 2019.
Key Market Takeaways:
The global depression drugs market is expected to exhibit a CAGR of 3.7% over the forecast period, owing to thehigh presence of several generic manufacturers who offer innovative generic products at competitive prices. For instance, in 2016, InvaGen Pharmaceuticals Inc., a subsidiary of Cipla Ltd., received final approval for its Abbreviated New Drug Application (ANDA) for Bupropion Hydrochloride Extended-Release Tablets (XL), 150mg and 300mg, from the U. S. Food and Drug Administration (FDA) to market a generic version of Valeant's Wellbutrin XL Tablets, 150mg and 300mg.
Among drug type, antidepressants segment accounted for the largest market share in 2020, owing to a high prevalence of depressive disorders and increasing prescriptions of antidepressants for its treatment. For instance, according to the data published by American Psychological Association in 2017, there was a 64% increase in the percentage of people using antidepressants between 1999 and 2014 in the U.S.
Key players operating in the global depression drugs market include Merck & Co., Inc., GlaxoSmithKline plc, AstraZeneca Plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Johnson & Johnson, Sanofi S.A., Pfizer, Inc., Allergan plc, H. Lundbeck A/S, and Alkermes.
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Detailed Market Segmentation:
Global Depression Drugs Market, By Drug Type:
Global Depression Drugs Market, By Indication:
Global Depression Drugs Market, By Distribution Channel:
Global Depression Drugs Market, By Region:
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