Global Depression Therapeutics Market, By Drug Type [Antidepressants (Selective Serotonin Reuptake Inhibitors (SSRIs), Selective Norepinephrine Reuptake Inhibitors (SNRIs), Serotonin Modulators, Tricyclic & Tetracyclic Antidepressants, and Atypical Antidepressants), Antipsychotics, Others], By Indication (Major Depressive Disorder (MDD), Bipolar Disorder, Dysthymic Disorder, Postpartum Depression, Seasonal Affective Disorder (SAD), Premenstrual Dysphoric Disorder (PMDD), Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 12.9 Billion in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as signing collaboration agreements with market players, which will drive the global depression therapeutics market. For instance, in August 2020, Otsuka America Pharmaceutical, Inc. (Otsuka), a pharmaceutical company, announced that it had signed a collaboration agreement to facilitate access to the ABILIFY MYCITE System for select regional provider networks contracted through Magellan Health. The ABILIFY MYCITE System provides an opportunity for a connected care approach to treatment and tracks if ABILIFY MYCITE (aripiprazole tablet with sensor) has been taken.
Global Depression Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic
The governments of various countries were taking various initiatives to combat COVID-19. For instance, in January 2021, the U.S. started a coordinated pandemic response through the publication of the National Strategy for the COVID-19 Response and Pandemic Preparedness. This not only enhanced the effectiveness of the fight against COVID-19 but also helped in restoring people’s trust, accountability, and sense of common purpose in response to the pandemic. Moreover, governments, multilateral organizations, and private companies had invested billions of dollars in developing viable COVID-19 vaccines. According to the Council on Foreign Relations, in 2022, more than thirty vaccines had received approval for routine or urgent usage in several nations. Over twelve billion COVID-19 vaccine doses had been provided across the globe by June 2022. At least three-quarters of the population has received all recommended vaccinations in various nations. The highest immunization rates are seen in Qatar, Singapore, and the U.A.E. Furthermore, according to the Government of India, on August 4, 2022, the Union Government was dedicated to stepping up and broadening the COVID-19 vaccination program nationwide. On January 16, 2021, the countrywide COVID-19 immunization campaign began. On June 21, 2021, a new phase of COVID-19 vaccination was made mandatory. The availability of more vaccinations and early notification of vaccine availability to states and union territories (UTs) for improved planning related to the COVID-19 vaccine and streamlining the vaccine supply chain have boosted the vaccination campaign.
Moreover, in the U.S., the COVID-19 vaccines were available for free to everyone of age 6 months and older living in the U.S., regardless of immigration or insurance status.
Global Depression Therapeutics Market: Key Developments
- In August 2022, Karuna Therapeutics, Inc., a clinical-stage biopharmaceutical company driven to create and deliver transformative medicines for people living with psychiatric and neurological conditions, announced positive topline results from its Phase 3 EMERGENT-2 trial evaluating the efficacy, safety, and tolerability of its lead investigational therapy, KarXT (xanomeline-trospium), in adults with schizophrenia.
- In December 2021, Intra-Cellular Therapies, Inc., a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, announced that the U.S. Food and Drug Administration (FDA) approved CAPLYTA for the treatment of depressive episodes associated with bipolar I or II disorder in adults, as monotherapy and as adjunctive therapy with lithium or valproate.
- In June 2021, Cerevel Therapeutics, a company dedicated to unraveling the mysteries of the brain to treat neuroscience diseases, announced positive results from its Phase 1b clinical trial of CVL-231, a novel muscarinic M4-selective Positive Allosteric Modulator (PAM), in adult patients with schizophrenia. CVL-231 is an M4-selective PAM being developed as a potential treatment for schizophrenia. CVL-231 is designed as a once-daily medication that selectively targets activation of the M4 receptor in the brain to reduce dopaminergic activity without direct dopamine receptor antagonist activity.
Browse 36 Market Data Tables and 26 Figures spread through 180 Pages and in-depth TOC on “Global Depression Therapeutics Market”- Forecast to 2030, Global Depression Therapeutics Market, By Drug Type [Antidepressants (Selective Serotonin Reuptake Inhibitors (SSRIs), Selective Norepinephrine Reuptake Inhibitors (SNRIs), Serotonin Modulators, Tricyclic & Tetracyclic Antidepressants, Atypical Antidepressants), Antipsychotics, and Others], By Indication (Major Depressive Disorder (MDD), Bipolar Disorder, Dysthymic Disorder, Postpartum Depression, Seasonal Affective Disorder (SAD), Premenstrual Dysphoric Disorder (PMDD), Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/depression-therapeutics-market-1307
Key Takeaways of the Global Depression Therapeutics Market:
- The global depression therapeutics market is expected to exhibit a CAGR of 4.5% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global depression therapeutics market.
- Among drug type, the antidepressants segment is expected to hold a dominant position in the global depression therapeutics market during the forecast period, and this is attributed to the increasing number of drug launches in the market. For instance, in April 2020, Otsuka Pharmaceutical Co., Ltd., a pharmaceutical company, announced the launch in Japan of REXULTI Tablets (whose chemical name is brexpiprazole) in 1 mg and 2 mg tablets for the treatment of patients with schizophrenia. REXULTI is already available to patients in the U.S., Canada, and Australia.
- Among indication, the bipolar disorder segment is expected to hold a second largest share position in the global depression therapeutics market during the forecast period, and this is attributed to the increasing number of bipolar disorder patients. For instance, in June 2022, according to data published by the World Health Organization, 40 million people experienced bipolar disorder. People with bipolar disorder experience alternating depressive episodes with periods of manic symptoms.
- Among region, North America is expected to be the dominant region in the global depression therapeutics market, owing to the key players are focused on gaining approvals from regulatory bodies. For instance, on August 4 2023, Biogen Inc., a leading global biotechnology company, and Sage Therapeutics, Inc., a biopharmaceutical company, announced the U.S. Food and Drug Administration (FDA) approved ZURZUVAE (zuranolone) 50 mg for adults with postpartum depression (PPD). ZURZUVAE is the first and only oral, once-daily, 14-day treatment that can provide rapid improvements in depressive symptoms for women with PPD.
- Major players operating in the global depression therapeutics market are Johnson & Johnson, GlaxoSmithKline plc., Otsuka Pharmaceutical Co., Ltd., Takeda Pharmaceutical Company Limited., Eli Lilly and Company, Sanofi S.A., Pfizer, Inc., Allergan plc., H. Lundbeck A/S, Alkermes, Allergan, Novartis AG, Biogen, Sage Therapeutics, Inc., and AbbVie Inc.
