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Anxiety Disorders and Depression Treatment Market Size, Share & COVID-19 Impact Analysis, By Drug Class (Antidepressants, Anxiolytics, Anticonvulsants, Noradrenergic Agents, and Atypical Antipsychotics), By Indication (Anxiety and Depression), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI102787

 

KEY MARKET INSIGHTS

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The global anxiety disorders and depression treatment market size was USD 8.50 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with anxiety disorders and depression treatment products witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global anxiety disorders and depression treatment market will exhibit a stellar growth of 28.2% in 2020. The market is projected to grow from USD 10.89 billion in 2020 to USD 13.03 billion in 2027 at a CAGR of 2.6% in the 2020-2027 period. The sudden decline in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


According to a MindMed report, there are around 284 million anxiety patients globally, and only 36% out of these seek treatment. This is largely responsible for the lower number of prescriptions for anxiety disorders and depression treatment, leading to slower market growth. As populations are largely lethargic towards awareness about the treatment and management of mental health disorders, there is not much demand for antidepressants. Nonetheless, market players are actively launching novel drugs to boost market potential.


On the other hand, the burden of the rising prevalence of psychological conditions and the need for effective management of anxiety and depression-related disorders is leading to a rise in the sales of products as well as clinical trials in the global market. Moreover, collaborative efforts by pharmaceutical companies, NGOs, mental health organizations, and government initiatives for spreading awareness among populations are expected to accelerate market growth during the forecast period. For example, organizations such as the Live, Love, Laugh Foundation, the World Health Organization (WHO), etc. have launched mental health initiatives to spread awareness among populations. World Mental Health Day is also celebrated internationally on October 10 every year, which was initiated by the World Federation for Mental Health in 1992.


COVID-19 Pandemic to Have a Positive Impact on Product Sales


The COVID-19 pandemic has had a positive impact on the anxiety disorders and depression treatment market growth due to a surge in the sales of products for managing mental health conditions. According to a survey conducted by the WHO in 2020, more than 80% of the high-income countries deployed telemedicine and teletherapy to provide necessary consultations to patients suffering from anxiety disorders and depression. Pharmaceutical companies amid the pandemic have significantly focused on maintaining a balance between supply and demand, thus keeping their sales intact. During the pandemic, a large mass of people witnessed a decline in its cognitive behavior, owing to the increasing financial as well as emotional burden caused by the coronavirus, leading to stress, fear, anxiety, and depression. This led to a rise in the demand and adoption of medications intended for related indications. For instance, according to several news articles, the prescriptions for anxiety and depression drugs spiked up to 34.1% and 18.6%, respectively, during 2020. Therefore, COVID-19 has led to the tremendous growth of the market.


LATEST TRENDS


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Robust R&D by Companies to Improve Market Potential


The fundamental aim of companies operating in this market is to provide effective treatment options for improving mental health. Therefore, to materialize this aim, industry players are putting enormous efforts into R&D through strategic agreements, collaborations, and expanding funding. For example, in June 2020, Neurocrine Biosciences, Inc. and Takeda Pharmaceutical Company Limited entered into a collaborative agreement for the development of potential therapies for psychiatric disorders. Although there is less awareness among populations about the need for treatment against mental health issues, the demand for effective drugs has not lowered. Thus, the demand for novel drugs is expected to boost the R&D of companies during the forecasted timeframe.


DRIVING FACTORS


Economic Burden of Mental Disorders to Propel Product Demand


Globally, the prevalence of mental health disorders is increasing rapidly in adults and children, owing to the tremendous financial and emotional burden on individuals, families, and society as a whole. This will eventually have economic implications. According to the WHO, the cost of mental health problems in developed countries is estimated to be 3% to 4% of the Gross National Product (GNP). Therefore, the aim of governments to reduce the economic burden of such disorders is likely to propel product demand, ensuring timely management of anxiety and depression. 


Robust Drug Pipelines to Aid Growth Opportunities


Research and development to provide advanced patient care for mental health disorders are accelerating worldwide. Innovative experiments leading to combination therapies with new or existing drug molecules have led to a rise in the pipeline candidates for anxiety disorders and depression treatment. For instance, in March 2020, Luye Pharma announced that the US Food and Drug Administration (FDA) accepted its new drug application for LY03005, an antidepressant drug. Also, strong backing from government and international healthcare organizations for R&D funding is likely to contribute to the creation of varied opportunities in the market for anxiety disorders and depression treatment. This, coupled with the increasing preference for innovative drugs entering the market, is projected to augment market growth.


RESTRAINING FACTORS


Adverse Effects of Drugs and Necessary Treatment Gaps to Restrict Market Growth


Treating affected neurological cells with high drug dosage generally damages normal cells of the body. These result in various side effects, such as weight gain, blurred vision, dizziness, nausea, etc., in many patients. Therefore, these adverse events pertaining to anxiety and depression drugs are negatively influencing the growth of this market. Additionally, the widening gap between the need for treatment and the resources available is also another factor causing hindrances in market growth. For instance, according to a WHO report, in developed countries, between 44% and 70% of the patients do not receive treatment, while in the developing countries the gap is even worse, being close to 90%.


SEGMENTATION


By Drug Class Analysis


Increased Sales of Products for Anxiety Treatment to Foster Growth


Based on drug class, the global market has been segmented into antidepressants, anxiolytics, anticonvulsants, noradrenergic agents, and atypical antipsychotics. The antidepressants segment accounted for the major market share in 2019. Antidepressants have greater efficacy compared to other medications, resulting in the lowering of an individual’s depressive state of mind. As a result, these drugs are commonly prescribed by hospitals, neurologists, and psychiatrists. Moreover, a growing number of pipeline candidates coupled with product approvals are anticipated to fuel the segment’s growth during the forecast period, enabling it to register the highest CAGR. For example, in September 2020, Janssen Research and Development LLC announced the initiation of Phase 3 clinical study of Seltorexant for testing its safety and efficacy in treating major depressive disorder (MDD).


The other drug class segments are anticipated to have a comparatively lower market share owing to the lower rate of adoption and prescription.


By Indication Analysis


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Rising Incidence of Anxiety Disorders among Populations to Drive the Market


On the basis of indication, the global market for anxiety disorders and depression treatment is classified into anxiety and depression. A higher prevalence of phobias, social anxiety disorders, and others in developed as well as emerging economies has led to the increased sales of anti-anxiety drugs. For instance, according to the Anxiety and Depression Association of America, in the U.S, anxiety disorders are the most common mental illness, affecting about a million adults annually.


Patient population with depressive disorders demanding effective drugs for improvements in their cognitive behavior is another major factor that contributed to the growth of the market in 2019. Also, indications, such as major depressive disorder, obsessive-compulsive disorder, post-traumatic stress disorder (PTSD), general anxiety disorder (GAD), etc., are visible in the majority of the populations worldwide. This is anticipated to boost market growth during the forecast period.


By Distribution Channel Analysis


Increasing Prescription of Medications at Hospitals to Support Market Growth


In terms of distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacy segment holds the lion’s share globally due to increased patient visits and sales of prescription-based drugs for treatment against depressive disorders, mainly MDD.


Rising patient preference to buy products from nearby pharmacies on a regular basis is responsible for the growth of the retail pharmacies segment.


The online pharmacy segment is expected to witness a lucrative CAGR over the forecast period due to the penetration of online pharmacies in developing countries.


REGIONAL INSIGHTS


North America Anxiety Disorders and Depression Treatment Market Size, 2019 (USD Billion)

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The market size in North America stood at USD 4.44 billion in 2019. The dominance of this region in the anxiety disorders and depression treatment market share is attributable to the high prevalence of anxiety and depression disorders among the U.S population. Another major factor contributing to the growth of the regional market is the presence of major players, coupled with the frequent launch of innovative products.


Europe holds the second-largest position in the market, owing to huge investments in R&D for the development of antidepressant drugs. This, along with the higher sales of products for anxiety-related disorders, is expected to drive the growth during the forecast period.


Asia Pacific is anticipated to witness the highest CAGR due to the growing demand for antidepressants by the adult population, coupled with the rising incidence of depressive disorders among individuals.


On the other hand, Latin America and the Middle East & Africa are likely to witness a comparatively slower growth rate due to the lower incidence rate of anxiety-related disorders and the lack of product approvals in these regions.


KEY INDUSTRY PLAYERS


Brand Presence of Novel Products to Improve Sales of Industry Players


The market is fragmented owing to the presence of multiple players focusing on anxiety disorders and depression treatments. The industry players’ brand presence is attributable to the strong sales of anti-depression drugs, coupled with the launch of novel therapies. Additionally, the emergence of new players during the forecast period and multiple product approvals are anticipated to broaden the scope of the global market. Moreover, owing to the COVID-19 pandemic, companies witnessed a sudden surge in the sales of products for treating mental health conditions, which is likely to drive the trends in the global market. For instance, according to several news articles, sales of anxiety and depression drugs witnessed a sudden rise during the pandemic as people increasingly turned towards prescription medications, such as antidepressants, to cope up with the stress and anxiety induced by the coronavirus.


LIST OF KEY COMPANIES PROFILED:



  • Pfizer Inc. (New York, U.S)

  • H. Lundbeck A/S (Denmark, Europe)

  • GlaxoSmithKline plc (Brentford, U.K)

  • Merck & Co. Inc. (New Jersey, U.S)

  • Eli Lilly and Company (Indiana, U.S)

  • Johnson & Johnson (New Jersey, U.S)

  • AstraZeneca (Cambridge, U.K)

  • Bristol-Myers Squibb (New York, U.S)

  • Other Players


KEY INDUSTRY DEVELOPMENTS:



  • December 2020 – Cadent Therapeutics announced that it would be acquired by Novartis. Cadent Therapeutics is a biopharmaceutical company focused on developing treatments for cognitive, mood, and movement disorders.

  • December 2020 – Big Rock Acquisition Corp. and NeuroRx Inc. entered into a merger agreement to develop novel treatments for COVID-19 and bipolar depression (NRX-100, 101).


REPORT COVERAGE


An Infographic Representation of Anxiety and Depression Treatment Market

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The anxiety disorders and depression treatment market research report provides a detailed analysis of the market. It focuses on key aspects, such as leading companies, drug class types, and leading indications of the drugs. Besides this, the report offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the developed market in recent years.


Report Scope & Segmentation


















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



  Drug Class; Indication; Distribution Channel; and Region



By Drug Class


 




  • Antidepressants

  • Anxiolytics

  • Anticonvulsants

  • Noradrenergic Agents

  • Atypical Antipsychotics



By Indication


 




  • Anxiety

  • Depression



By Distribution Channel


 




  • Hospital Pharmacy

  • Retail Pharmacy

  • Online Pharmacy



By Geography


 




  • North America (Drug Class; Indication; Distribution Channel)

    • USA (By Indication)

    • Canada (By Indication)



  • Europe (Drug Class; Indication; Distribution Channel)

    • The U.K. (By Indication)

    • Germany (By Indication)

    • France (By Indication)

    • Italy (By Indication)

    • Spain (By Indication)

    • Scandinavia (By Indication)

    • Rest of Europe (By Indication)



  • Asia Pacific (Drug Class; Indication; Distribution Channel)

    • Japan (By Indication)

    • China (By Indication)

    • India (By Indication)

    • Australia (By Indication)

    • Southeast Asia (By Indication)

    • Rest of Asia Pacific (By Indication)



  • Latin America (Drug Class; Indication; Distribution Channel)

    • Brazil (By Indication)

    • Mexico (By Indication)

    • Rest of Latin America (By Indication)



  • The Middle East & Africa (Drug Class; Indication; Distribution Channel)

    • GCC (By Indication)

    • South Africa (By Indication)

    • Rest of Middle East & Africa (By Indication)





Frequently Asked Questions

Fortune Business Insights says that the global market size for anxiety disorders and depression treatment was USD 8.50 billion in 2019 and is projected to reach USD 13.03 billion by 2027.

In 2019, the North America market size stood at USD 4.44 billion.

Growing at a CAGR of 2.6%, the market will exhibit slow growth in the forecast period (2020-2027).

The antidepressants segment is expected to be the leading segment in this market during the forecast period.

Increasing stress levels among individuals globally and the introduction of advanced products by market players are the major factors driving the growth of the market.

Pfizer Inc., GlaxoSmithKline, and Merck & Co. Inc. are the major players in the global market.

North America dominated the market share in 2019.

The increasing prevalence of depressive disorders in developed and emerging economies is expected to drive the adoption of these drugs in the global market.

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