Selective Serotonin Reuptake Inhibitors Market to Receive Overwhelming Hike in Revenues by 2024

Selective serotonin reuptake inhibitors (SSRIs) elevate the extracellular level of neurotransmitters known as serotonin by inhibiting its uptake in presynaptic cells. Therefore, selective serotonin reuptake inhibitors are widely used as medication for the treatment of severe or persistent depression. In addition, selective serotonin reuptake inhibitors are also used in combination with therapies such as cognitive behavioral therapy (CBT).

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Furthermore, selective serotonin reuptake inhibitors are also used for mental conditions such as panic disorders, obsessive compulsive disorder (OCD), post-traumatic stress disorder (PTSD), severe phobias, including social phobia and agoraphobia, and generalized anxiety disorder (GAD). In addition, selective serotonin reuptake inhibitors are also used for the treatment of premenstrual syndrome, premature ejaculation, irritable bowel syndrome and fibromyalgia. Side effects of selective serotonin reuptake inhibitors include, low sex drive, dizziness, sickness, anxiety, erectile dysfunction in male population and blurred vision.

Selective Serotonin Reuptake Inhibitors Market: Growth Enablers

According to the World Health Organization (WHO), depression is the fourth leading cause of deaths and by 2020; it is expected to be the second leading cause of deaths worldwide. According to the National Institute of Mental Health (NIHM), part of National Institute of Health (NIH) of the U.S., in 2012, around 16 million adults above 18 years of age had at least one major depressive episode in the past year in the U.S. Risk of depression is twice in women population.

According to the Depression and Bipolar Support Alliance, the lifetime prevalence for female population is 20% to 26%. While life time prevalence of depression for male population is 8% to 12%. According to the article published by the British Psychology Society in June 2013, finding from the Office for National Statistics (ONS) states that approximately one fifth of the overall adult population experience depression. Thus, perpetually rising prevalence depression worldwide is the major factor driving the growth of the global selective serotonin reuptake inhibitors (SSRIs) market.

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Selective Serotonin Reuptake Inhibitors Market: Region-wise Insight

Geographically, the selective serotonin reuptake inhibitors market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Presently, Europe and North America are dominating the global selective serotonin reuptake inhibitors (SSRIs) market. Factors such as, divorce, unemployment, work pressure, and higher life expectations are resulting in higher rate of depression cases.

Furthermore, availability of advanced healthcare facilities and higher healthcare spending are driving the growth of selective serotonin reuptake inhibitors market in Europe and North America. Asia Pacific is a lucrative market for selective serotonin reuptake inhibitors (SSRIs). Factors such as rapidly growing prevalence of depression and mental conditions, rising awareness about depression and related treatments available and rising healthcare expenditure are expected to drive the selective serotonin reuptake inhibitors market in Asia Pacific region.

Though, prevalence rate of depression is high in Rest of the World (RoW), lack of awareness about related treatment is limiting the growth of the selective serotonin reuptake inhibitors market in this region. Brazil and Argentina are expected to show faster growth rate than other countries in Rest of the World owing to availability of well defined regulatory framework and developed healthcare infrastructure. African countries will experience slower growth rate in the forecast period due to poorly developed healthcare infrastructure coupled with lack of availability of regulatory framework.

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Some of the commercially available brands of SSRI include Fluvoxamine (Luvox), Citalopram (Celexa), Fluoxetine (Prozac), Paroxetine (Paxil), and Sertraline (Zoloft).