Global Depression Drug Market published by Variant Market Research is expected to reach $18 billion by 2024 from $15 billion in 2016; growing at a CAGR of 2.6% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 3.2% and 2.7%, respectively, during the forecast period.
Growth in geriatric population, rising efficacy and declining side effects of drugs are the major factors driving the global depression drug market. However, lack of awareness among individuals regarding depression and its rising prevalence would limit the demand for depression drugs in coming years. Augmenting prevalence of fretfulness and various other depression disorders would provide several growth opportunities for the market in coming years.
The global depression drug market is majorly classified as anticonvulsants, serotonin-norepinephrine reuptake inhibitors (SNRIs), beta-blockers, benzodiazepines, tetracyclic antidepressants (TeCAs), selective serotonin reuptake inhibitors (SSRIs) and monoamine oxidase inhibitors (MAOIs). Among all the segments, SNRIs dominated the market accounting for more than one fourth of the total depression drugs market share in 2016. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world.
North America accounted for the largest market share of 37.2% in 2016; owing to the presence of large consumer base suffering from various kinds of depression and fretfulness disorders. Europe was the second largest market with a total market share of 32.6%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 3.2% during the forecast period, driven by increased demand from emerging countries such as China, Japan, and Australia. Rising awareness among consumers regarding benefits of depression drug is also expected to propel the growth of depression drugs market in the region.
Market players have used various strategies to increase consumer awareness and gain their market presence. The major players in the market include H. Lundbeck, Merck & Co., SK Biopharmaceuticals, Novartis, AstraZeneca, Forest Laboratories, Naurex, GlaxoSmithKline, Eli Lilly and Co., Naurex, and others.