The global antidepressants market size is projected to reach USD 18.29 billion by 2027, exhibiting a CAGR of 2.9% during the forecast period. The skyrocketing demand for depression management drugs amid the COVID-19 pandemic will rapidly broaden the horizons of this market, observes Fortune Business Insights™ in its report, titled “Antidepressants Market Size, Share & Industry Analysis, By Drug Class (Selective Serotonin Reuptake Inhibitors (SSRIs), Serotonin and Norepinephrine Reuptake Inhibitors (SNRIs), Atypical Antidepressants, Tricyclic Antidepressants (TCAs), and Atypical Antipsychotics), Monoamine Oxidase Inhibitors (MAOIs), and Others), By Disorder (Major Depressive Disorder (MDD), Obsessive-Compulsive Disorder (OCD), Generalized Anxiety Disorder, Panic Disorder, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027”. According to a joint study conducted by researchers from Boston University, Brown University, and the Hassenfeld Child Health Innovation Institute, depression symptoms were three times higher during the coronavirus-induced lockdown.
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List of Key Companies Covered in the Antidepressants Market Report:
- Teva Pharmaceutical Industries Ltd. (Petah Tikva, Israel)
- AstraZeneca (Cambridge, U.K)
- Pfizer Inc. (New York, U.S)
- Eli Lilly and Company (Indiana, U.S)
- Lundbeck A/S (Denmark, Europe)
- Bristol-Myers Squibb (New York, U.S)
- Merck & Co. Inc. (New Jersey, U.S)
- Janssen Pharmaceuticals (Beerse, Belgium)
- GlaxoSmithKline plc (Brentford, U.K)
The sudden spike in the prevalence of anxiety and depressive tendencies among populations has created major shortages of essential antidepressants worldwide. In Canada, for instance, Pfizer’s anti-depressant, Nardil, went out of stock in June 2020 and Health Canada predicts that the drug shortage is likely to last till August 2021. Furthermore, the US Food and Drug Administration (FDA) revealed in June 2020 that the antidepressant Zoloft is facing huge shortages as the pandemic has disrupted pharmaceutical supply chains. The dramatic rise in the demand for depression medications and the consequent surge in sales enabled the market to showcase a prolific CAGR of 28.0% in 2020, reaching USD 14.93 billion in value.
The report states that the global market value stood at USD 11.67 billion in 2019 and features the following highlights:
- Elaborative overview of the industry outlook and trends;
- Valuable insights into the market drivers, opportunities, and restraints;
- Unmatched analysis of the regional dynamics and competitive milieu shaping the market; and
- Holistic & piecemeal study of each individual segment of the market.
Increasing Application of AI in Detecting Depression to Open Floodgates of Innovation
The employment of artificial intelligence (AI) in identifying depressive behaviors in individuals is paving new pathways for the antidepressants market growth. Several startups, healthcare technology entities, and academic institutions have been AI-based algorithms, systems, and tools for depression. For example, Baltimore-based Sunrise Health, a startup incubated under Johns Hopkins Technology Ventures, has developed a system that uses AI-based predictive analytics to regulate patient activity and inhibit the onset of mental health breakdown episodes through support-group texting. On the other hand, California-based startup, Mindstrong Health, utilizes machine learning (ML) to aid the diagnosis and treatment of behavioral health disorders by leveraging data generated from smartphones. In June 2020, psychiatry researchers at Stanford University developed an AI-based algorithm to study brainwave patterns specific to depression patients, aiming to identify which symptoms change with treatment in a more pinpointed manner. Thus, AI has displayed vast potential in enhancing the efficacy and accuracy of antidepressants, thereby brightening the outlook of this market.
Presence of Leading Market Players to Catalyze the Market in North America
North America is expected to dominate the antidepressants market share during the forecast period, backed by the strong presence and widespread operations of large pharmaceutical companies, such as Pfizer and Merck, in the US. These conglomerates, due to their sound financial health, are constantly engaged in the creation and launch of novel depression therapies, which has been the primary factor for the region’s apex position in this market. The North America market size stood at USD 6.00 billion in 2019.
In Europe, rising investments in clinical trials and huge funding for research & development activities will foster lasting growth of the regional market. On the other hand, Asia Pacific is set to present lucrative opportunities over the next decade as the increasing incidence of depression and anxiety disorders will stoke the adoption of antidepressants.
Mergers & Collaborations to be the Principal Growth Strategies for Key Players
The prominent players in this market are rapidly adopting the strategies of mergers and collaborations to expand their market footprint. These strategies are allowing companies to mutually benefit from each other’s portfolios, technologies, and research related to antidepressants.
- December 2020: NeuroRx and Big Rock Partners Acquisition inked a merger agreement worth USD 500 million. The merger will strengthen NeuroRx’s clinical-stage development of treatments for bipolar depression and COVID-19.
- June 2020: Neurocrine Biosciences and Takeda Pharmaceutical entered into a strategic partnership to develop and commercialize Takeda’s psychiatry pipeline candidates. Under the agreement, Neurocrine will grant an exclusive license to Takeda for three clinical-stage assets for schizophrenia, treatment-resistant depression, and anhedonia.
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Table Of Content
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Anxiety & Depression –Key Regions/Country
- New Product Launch
- Pipeline Analysis
- Impact of COVID-19 on the Antidepressants Market
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Global Antidepressants Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Drug Class
- Selective Serotonin Reuptake Inhibitors (SSRIs)
- Serotonin and Norepinephrine Reuptake Inhibitors (SNRIs)
- Atypical Antidepressants
- Tricyclic Antidepressants (TCAs)
- Monoamine Oxidase Inhibitors (MAOIs)
- Market Analysis, Insights and Forecast – By Disorder
- Major Depressive Disorder
- Obsessive Compulsive Disorder
- Generalized Anxiety Disorder
- Panic Disorder
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Market Analysis, Insights and Forecast – By Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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