July 22, 2020

Depression Drugs Market to Reflect Impressive Growth Rate by 2030

Entry of Novel Pharmacologic and Non-pharmacologic Interventions to Aid Market Growth

Depression today has emerged as a ‘silent killer’ in several regions around the world, particularly in urban cities. The prevalence of depression continues to grow at a rapid pace and has considerably high mortality and morbidity rate due to which, the healthcare sector continues its pursuit for novel medications and therapies. At present, tricyclic antidepressants, selective serotonin reuptake inhibitors (SSRIs), serotonin and norepinephrine reuptake inhibitors (SNRIs), and atypical antidepressants among others. Although these drugs have proved to be highly effective, a large number of patients have reported side effects or have not responded to these drugs in the required manner.

However, advancements in the neurobiology of depression over the past few years have opened up new avenues for antidepressant treatment. In addition, in the current depression drugs market, market participants are increasingly focusing on the development of novel non-pharmacologic and pharmacologic interventions. Research and development activities are expected to continue in full swing during the course of the forecast period. In addition, several drug developers are increasingly pinning their hopes to establish a strong presence in the depression drugs market landscape on the FDA to approve their products.

At the back of these factors, along with growing awareness regarding depression, the global depression drugs market is expected to attain a market value of ~US$ 24.3 Bn by the end of 2030. The evolving regulatory landscape, along with the fast-paced development of new depression medications are likely to influence the overall growth trajectory of the depression drugs market during the assessment period.

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Research and Development Activities to Remain Key for Market Growth

Major depressive disorder (MDD) continues to remain one of the leading causes of disability around the world. Conventional medications and methods to address depression have repeatedly exhibited a low success rate and are reportedly effective for ~40% patients. These factors have compelled researchers, scientists, and drug developers to explore new pathways that are likely to increase the efficacy of the treatment for major depressive disorder. Research and development activities are likely to influence the overall growth of the depression drugs market. Several research projects around the world are increasingly contributing to the development of novel medications, drugs, and therapies.

For instance, a team of researchers at the Icahn School of Medicine at Mount Sinai, are studying the interleukin-6 molecule– a protein that primarily facilitates communication between different cells. As per the research, individuals suffering from depression have higher levels of IL-6. Another aspect of the research primarily focuses on ezogabine– an anticonvulsant drug that offers immense promise in minimizing symptoms of depression, including low motivation, lack of interest, and inability to feel pressure, among others.

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To date, severe depression is largely treated with tricyclic anti-depressants– a class of drugs that is more effective than other classes of drugs used to address mild to moderate depression. However, the demand for tricyclic anti-depressants is gradually expected to decline due to the side effects associated with them. However, in March 2020, a group of researchers from the University of Copenhagen in collaboration with the National Institutes of Health in Baltimore and Lundbeck A/S has revealed that the team has discovered a potential drug that is likely to ease the side effects of medication that is used to address severe depression.

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Market Participants Focus on Attaining FDA Approval for Newly Developed Drugs

Conventional classes of drugs, including monoamine oxidase inhibitors and tricyclic antidepressants have remained popular in the depression drugs market over the past three decades. Over time, the uptake of serotonin reuptake inhibitors, first-generation antipsychotics, and various modern forms of psychotherapy has increased at a rapid pace. Although several pharmaceutical companies have gradually refrained from investing resources in research activities due to continual failure of several trials, several market operators have pinned their hopes on ketamine and various other emerging psychiatric medications. The future of the mental health treatment sector primarily depends on two major factors– investments for drug development & clinical trials and approval from the FDA.

The FDA has played an integral role in introducing new drug therapies and medications to the depression drugs market in the U.S. For instance, in March 2019, the FDA approved a unique postpartum depression drugs that has offered promising results in clinical trials. Another major breakthrough in the depression drugs market is the approval of a nasal spray to address treatment-resistant depression. Similar such trends are expected to provide a notable boost to the overall growth of the depression drugs market during the assessment period.

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Demand for Antidepressants Remains Steady amid COVID-19 Pandemic

The onset of the novel COVID-19 pandemic is expected to have an impact on the overall growth of the depression drugs market, as a large number of individuals suffering from mental health conditions is increasingly leaning toward prescription drugs such as benzodiazepines and antidepressants. In addition, as governments in several nations have imposed lockdowns as a preventive measure to contain the transmission of the novel coronavirus, the demand for antianxiety medications has witnessed a considerable growth. The number of prescriptions for antidepressants witnessed a noteworthy growth during the first two quarters of 2020 and the trend is likely to continue in the next two quarters of 2020.

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