Major depressive disorder, also known as clinical depression or unipolar depression, is a serious mental health condition that is characterized by persistent feelings of sadness and loss of pleasure. It typically includes symptoms like loss of energy, feelings of worthlessness or guilt, problems sleeping, loss of appetite or weight loss, difficulty concentrating, and thoughts of death or suicide.
Major depression can significantly impact daily life activities and the ability to function at work or school and in interpersonal relationships. Common treatments for major depression include various antidepressant medications like selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants (TCAs), and monoamine oxidase inhibitors (MAOIs). Non-pharmacological treatments may include psychotherapy (cognitive behavioral therapy, interpersonal therapy), electroconvulsive therapy (ECT), transcranial magnetic stimulation (TMS) therapy.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the major depressive disorder treatment market is the increasing prevalence of depression globally. According to WHO estimates, more than 264 million people suffer from depression worldwide. Women are nearly twice as likely as men to experience depression. Other factors triggering depression include substance abuse, chronic medical conditions, stressful life events, and genetics. A survey conducted by the National Institute of Mental Health found that in the U.S. alone, over 17 million adults had at least one major depressive episode in 2020. With the pandemic outbreak further aggravating the mental health crisis, the demand for effective depression therapies is expected to surge in the coming years.
Porter’s Analysis
Threat of new entrants: The major depressive disorder treatment market requires high R&D investment and strict regulatory approvals which creates entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options. However, prevalence of major depressive disorder increases buyer dependence on available treatments.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and necessity of their components in manufacturing major depressive disorder drugs.
Threat of new substitutes: Threat of new substitutes is moderate as major depressive disorder has limited treatment alternatives and substitute drugs require high approval time.
Competitive rivalry: The major depressive disorder treatment market witnesses high competition due to presence of key generic and branded drug manufacturers.
Key Takeaways
Global Major Depressive Disorder Treatment Market Size is expected to witness high growth.
Regional analysis: North America dominates the major depressive disorder treatment market owing to high treatment rates and developed healthcare infrastructure. Europe accounts for a significant share due to rising awareness regarding mental health issues. Asia Pacific shows fastest growth prospects over the forecast period due to growing geriatric population and increasing disposable income.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it