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The global anxiety disorders and depression treatment market size is projected to reach USD 13.03 billion by 2027 owing to the expansion of online pharmacies in emerging economies, states Fortune Business Insights™ in its report, titled “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 (Major Depressive Disorder (MDD), Obsessive Compulsive Disorder (OCD), Phobia, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy), and Regional Forecast, 2020-2027”. The report finds that the value of the market was USD 8.50 billion in 2019 and that the market is expected to grow at a CAGR of 2.6% from 2020 to 2027.
The COVID-19 pandemic has proven to be a booster shot for the market for anxiety disorders and depression treatment due to an unprecedented rise in the demand for anti-anxiety and anti-depression drugs, triggered by strict social distancing measures, lockdowns, business closures, and disruptions in routine life. Big pharmaceutical companies, such as Pfizer and Cipla, reported a sudden spike in demand for anti-anxiety medications as the pandemic progressed in early 2020. As a result, the market exhibited a stellar CAGR of 28.2% and reached a value of USD 10.89 billion in 2020.
US FDA Approves Janssen’s Breakthrough Anti-Depression Therapy
Johnson & Johnson’s Janssen Pharmaceutical Companies announced that its CIII nasal spray, SPRAVATO, a unique formulation of esketamine, received clearance from the US Food and Drug Administration (FDA) in August 2020. The therapy has been created to manage symptoms in adults suffering from major depressive disorder with suicidal tendencies. The spray is also the first and only approved medication that has shown to lower the intensity of depressive symptoms within 24 hours. However, the efficacy of SPRAVATO in preventing suicidal ideation is yet to be investigated. Further, the use of the spray does not rule out hospitalization, if it is advised by the clinician.
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High Economic Burden of Depression and Anxiety to Fuel the Market
The physiological and psychological effects of anxiety and depression can take a heavy toll on a country’s economy and its healthcare system. According to the World Health Organization (WHO), disorders related to depression and anxiety cost the global economy USD 1 trillion every year. A loss of interest in work, hobbies, and physical activities and the harboring of suicidal thoughts have a paralytic effect on the productivity and efficiency of individuals. As a consequence, economic growth and development stumble, compelling governments to increase awareness about anxiety disorders and depression treatments. The global situation is being further exacerbated by the increasing prevalence of depression and anxiety disorders. The WHO estimates that 264 million people worldwide across all age groups suffer from depression, making it the foremost cause of disability globally. Between 1990 and 2013, the WHO’s recent study shows that the number of people affected by anxiety rose from 416 million to 615 million, indicating an increase of nearly 50% in a span of just 23 years. The adoption of anxiety disorders and depression treatment is, thus, likely to grow exponentially in the near future.
Strong Collaborations between Market Leaders to Stoke Innovation
Many of the key players in this market are entering into collaborations and partnerships with fellow participants and enhancing their capacity for innovation. These partnerships are enabling companies to expand their existing portfolios and diversify offerings, thus bolstering their market position. More importantly, the strengthening of research & development activities because of such collaborations is leading to the formulation of novel anxiety disorders and depression treatments, which will benefit the scores of people struggling with these disorders.
Industry Development:
List of Key Players Covered in the Anxiety Disorders and Depression Treatment Market Report:
Further Report Findings:
Table of 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
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By Indication
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By Distribution Channel
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By Geography
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