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According to the statistics of World Health Organization (WHO), the most common mental disorder, depression is caused to more than 264 million people globally. Also the study states that women are most likely to undergo depression than men. Changing lifestyle, smoking, and alcohol habits may lead to the depressive state in a person. Treatment therapy for such disorders have now evolved owing to technological advancements and increased R&D. Medical devices such as brain stimulators have also effectively helped in lowering the symptoms of the disorder. Adoption of stimulators intended for the treatment of depression disorders is anticipated to drive the growth of the market during the projected period.
The major factor driving the global depression treatment therapy market is increasing prevalence of bipolar disorder, major depression patients owing to change in lifestyle habits such as smoking, unhealthy diet, lack of exercise etc. Moreover, rising awareness among population of depression therapy is likely to increase the adoption of medical devices.
On the flip side, lack of awareness among the country population regarding the available treatment options may lower the adoption of devices. Additionally, limited reach of the medications and devices in the lower-income countries is also anticipated to hinder the growth of the market.
Key Market Driver -
Increasing prevalence of associated disorders in the patient population
Key Market Restraint -
Lack of awareness among the population about treatment options
By type, the market is segmented into Medications (Selective Serotonin Reuptake Inhibitors, Atypical Antidepressants, Tricyclic Antidepressants, and Others); Devices (Transcranial Magnetic Device, Deep Brain Stimulator, Vagus Nerve Stimulator, and Others). Based on disease indications, the global market is categorized as Major Depression, Bipolar Depression, Seasonal Affective Disorder (SAD), Premenstrual Dysphoric Disorder (PMDD), and Others. Based on end users, the depression treatment therapy market is segmented into hospitals, specialty clinics, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global depression treatment therapy market report includes Pfizer Inc., Teva Pharmaceuticals, Merck & Co. Inc., Johnson & Johnson, Eli Lilly and Company, Novartis International AG, Sanofi S.A., AstraZeneca PLC, and others.
The global depression treatment therapy market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America followed by Europe dominated the global market in 2019, owing to the rise in prevalence of the associated depression disorders in the region. However, demand for effective therapies and drugs in the Asia Pacific is likely to accelerate the growth of the market in this regions. This along with growing mergers and acquisitions between industry players and awareness among population for the need to undergo therapy procedures is likely to promote the sales of the treatment medications/devices in countries like China, India, and other countries. Latin America and Middle East & Africa are projected to register a comparatively lower CAGR by the end of the forecast period.
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