by Panic attacks are characterized by an abrupt onset of intense fear or apprehension and physical symptoms like pounding heart, sweating, trembling or shaking, shortness of breath, and fear of losing control or going crazy. Panic attacks can be treated using both non-pharmacological and pharmacological approaches. Non-pharmacological treatments involve cognitive behavioral therapy and exposure therapy that help patients understand the disorders and teach them coping mechanisms. Pharmacological treatments involve the use of antidepressants like selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs). SSRIs are often considered as first-line medications for panic disorder due to their effectiveness and tolerability. SNRIs are also used as alternative first-line or add-on treatment options. Benzodiazepines may provide fast symptom relief but have a risk of dependency and are generally not preferred as long-term treatments.
The global panic attack treatment market is driven by the rising prevalence of anxiety disorders like generalized anxiety disorder and panic disorder. According to the Anxiety and Depression Association of America, panic disorder affects about 6 million American adults aged 18 years and older in a given year. Moreover, the social stigma associated with mental health disorders and lack of awareness prevent many people from seeking timely medical help, leading to worsening of symptoms. This has driven significant demand for effective pharmacological and non-pharmacological treatment options for panic attacks.
The global panic attack treatment market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 16.8% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the panic attack treatment market is the shift from conventional antipanic drugs like benzodiazepines and SSRIs to novel emerging therapies. This is due to the risks of dependency, tolerance and side effects with existing drug classes. Many pharmaceutical companies are investing in developing antipanic therapies that selectively target panic circuits in the brain with minimal side effects. Another trend is the growing preference for non-pharmacological treatment options like cognitive behavioral therapy due to reluctance towards long-term medication use. Digital therapeutic tools and mobile health apps for delivering CBT are witnessing increasing adoption. Further, combination therapies utilizing drugs and psychotherapies together are demonstrating enhanced panic relief.
Porter’s Analysis
Threat of new entrants: Low as it requires huge capitial investments for R&D and clinical trials.
Bargaining power of buyers: High as there are many established players offering panic attack treatments.
Bargaining power of suppliers: Moderate as patents provide suppliers certain exclusivity initially.
Threat of new substitutes: Low as there are limited treatment options currently available for panic attacks.
Competitive rivalry: High as major players compete on basis of drug efficacy, patent exclusivity and geographical expansion.
Key Takeaways
The Global Panic Attack Treatment Market Demand is expected to witness high growth. Factors such as growing prevalence of anxiety disorders, ongoing drug innovations and patent expiries will drive the market in coming years.
Regional analysis- North America holds the major share of global panic attack treatment market and is expected to continue dominating owing to high awareness levels, strong healthcare infrastructure and presence of key market players. However, Asia Pacific region is likely to witness fastest growth on back of rising healthcare spending, growing middle class population and improving access to treatment.
Key players operating in the panic attack treatment market are Pfizer, GlaxoSmithKline, Merck & Co, Eli Lilly, Bristol-Myers Squibb and AstraZeneca. Major players compete on basis of larger portfolio of drug classes, strong geographical presence and increased investments in clinical trials to develop novel therapies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
