by The major depressive disorder treatment market consists of drugs, devices, and other treatment options used for managing symptoms of major depressive disorder such as low mood, lack of energy, changes in appetite, poor concentration, feelings of guilt, lack of interest in activities, feelings of worthlessness, and thoughts of death or suicide. Major depressive disorder, commonly known as clinical depression, is a mood disorder that negatively impacts daily functioning. The first-line treatments for depression include antidepressants such as selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), and others. Moreover, neuromodulation devices such as transcranial magnetic stimulation (TMS) and deep brain stimulation (DBS) are gaining popularity in treatment-resistant cases owing to advantages like non-invasiveness and effectiveness.
The Global Major Depressive Disorder Treatment Market is estimated to be valued at US$ 13.63 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
Key Takeaways
Key players in the major depressive disorder treatment market: Key players operating in the major depressive disorder treatment market are BP Plc, Royal Dutch Shell Plc, Total SE, Chevron Corporation, ExxonMobil Corporation, Engie SA, RWE AG, ON SE, Vattenfall AB, Gazprom, Mitsubishi UFJ Financial Group (MUFG), JPMorgan Chase & Co., Goldman Sachs Group, Inc., Citigroup Inc., Barclays PLC.
Key opportunities: Growing awareness about mental health, improving accessibility to treatment, increasing research on neurobiology of depression, and advancements in neuromodulation devices are some of the key opportunities in the major depressive disorder treatment market.
Technological advancements: Technological advancements like closed-loop stimulation in which devices automatically adapt treatment based on patient symptoms, wireless and miniaturized TMS coils, and individualized brain mapping for DBS are driving the adoption of neurostimulation therapies for treatment-resistant depression.
Market Drivers:
Increasing prevalence of major depressive disorder treatment market size globally, growing geriatric population more prone to depression, rising economic burden of depression, and favorable reimbursement policies are some of the key drivers propelling the growth of the major depressive disorder treatment market.
The major depressive disorder treatment market is expected to witness high growth over the forecast period owing to advancements in neurostimulation devices and therapies which offer viable treatment options for drug-resistant depression. Growing awareness, improving accessibility, and rising research funding will also augment the market expansion.
Current challenges in Major Depressive Disorder Treatment Market:
The major challenges faced by the Major Depressive Disorder Treatment Market are lack of awareness, social stigma associated with mental illness, and high cost of treatment. Mental health issues are still not given due importance in many countries. This leads to less number of people seeking timely treatment. The social stigma and prejudices attached to mental disorders also prevent people from openly discussing their problems and seeking medical help. The treatment options available are also quite expensive which makes them unaffordable for many. This discourages people from following the prescribed treatment protocol on a regular basis. Overcoming these challenges would help expand access to care and improve treatment outcomes.
SWOT Analysis
Strength: Growing research and development funding for new drug development. Various treatment options available ranging from medications, therapies to lifestyle changes.
Weakness: Social stigma associated with mental illness. High cost of treatments and medications. Dependence on government policies and regulations.
Opportunity: Increasing awareness campaigns help reducing stigma and encouraging people to seek help. Growing geriatric population prone to depression provides market opportunity.
Threats: Patent expiries of blockbuster drugs. Stringent regulatory approvals for new drug launches. Economic slowdowns affecting healthcare spending.
Geographically, North America currently dominates the global major depressive disorder treatment market in terms of value owing to growing prevalence of the disorder, availability of advanced treatment options and favorable reimbursement policies. However, Asia Pacific region is expected to witness fastest growth during the forecast period driven by increasing healthcare spending, large patient pool and improving access to care in growing economies.
The United States alone accounts for over 40% value share of the global market currently due to well-established healthcare infrastructure and high affordability for expensive drugs and therapies. However, China and India are likely to offer highest growth opportunities during 2024-2030 driven by growing mental health awareness, expanding insurance coverage and presence of leading players focusing on these markets.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
