by Major depressive disorder (MDD), commonly referred to as clinical depression or major depression, is characterized by feelings of sadness, hopelessness, worthlessness, and loss of interest in activities that were once enjoyed. It is considered as one of the most common mental disorder worldwide and is estimated to affect more than 300 million people globally. People with MDD often experience significant changes in sleep, appetite, and activity levels along with difficulty in thinking, concentrating, and decision making. They may also have thoughts of death or suicide.
Major depression can significantly impair daily functioning in professional and social spheres due to decreased energy and motivation. Key treatments for major depressive disorder (MDD) include antidepressant medications such as selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), and psychotherapy or “talk therapy” such as cognitive behavioral therapy. The increasing awareness about mental health issues and destigmatization of depression and anxiety disorders have compelled more people to seek professional help for the effective treatment of MDD symptoms. The growing accessibility to affordable healthcare facilities and telemedicine options across major regions is also fueling the adoption of depression treatment.
The global major depressive disorder treatment market is estimated to be valued at US$ 13.63 Bn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing Awareness About Mental Health and Increasing Telemedicine Adoption are Driving the Major Depressive Disorder Treatment Market
One of the major drivers propelling the growth of the major depressive disorder treatment market is the growing awareness about mental health issues including depression and anxiety disorders. Various campaigns by non-profit organizations, depression treatment advocacy groups, and government initiatives are helping to reduce the social stigma associated with mental illnesses. This has encouraged more individuals with depressive symptoms to seek reliable diagnosis and therapy. Furthermore, the rising accessibility and adoption of telehealth and telepsychiatry services during the COVID-19 pandemic has improved the availability of affordable healthcare for remote major depression screening and therapy. Government support for telemedicine in developed regions is augmenting the outreach of major depression care.
Availability of More Effective Therapy Options Strengthening Market Growth
The emergence of new antidepressant drugs, innovative neuromodulation techniques, and advanced psychotherapy modalities are offering physicians and patients more effective options for major depression treatment resistant to initial therapy regimens. Breakthrough therapies such as ketamine infusions, transcranial
Segment Analysis
The Major Depressive Disorder Treatment Market can be segmented on the basis of type of medication into antidepressants, therapy and others. Among these, antidepressants occupy the major market share owing to wide availability of generics and efficacy in treatment. The most commonly used antidepressants include selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), norepinephrine and dopamine reuptake inhibitors (NDRIs) and others. SSRIs like citalopram, escitalopram and sertraline dominate the antidepressant sub-segment due to their effectiveness and fewer side effects.
PEST Analysis
Political: Government focus on mental healthcare reforms and rising mental health funding is supporting the growth of this market. Subsidies for mental health medications is improving their accessibility.
Economic: Rising geriatric population and economic prosperity driving the demand for advanced and effective treatment options. High treatment cost is a restraint.
Social: Reducing social stigma associated with mental illnesses and growing awareness is encouraging people to seek help. Support groups are forming online.
Technological: E-therapy, mobile health apps and digital solutions are improving remote access and adherence to treatment. Self-care guidelines are empowering individuals.
Key Takeaways
The global Major Depressive Disorder Treatment Market is expected to witness high growth during the forecast period. Global Major Depressive Disorder Treatment Market Size for 2024 is estimated to be US$ 13.63 Bn.
Regional analysis indicates North America dominates currently due to early adoption of new therapies and large patient pool but Asia Pacific is set to experience fastest growth with increasing healthcare spending and growing awareness in major countries.
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. BP Plc, Pfizer Inc. dominate the antidepressant segment while emerging players are expanding indications of existing drugs and focusing on new drug development.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
