by Major depressive disorder, also known as clinical depression, is a mood disorder that causes a persistent feeling of sadness and loss of interest. Some key symptoms include depressed mood, lack of interest and pleasure in activities, significant weight changes, insomnia or oversleeping, restlessness or sluggishness, fatigue or loss of energy, feelings of worthlessness or excessive guilt, difficulty concentrating, and recurrent thoughts of death or suicide. Currently, antidepressants, psychotherapy, electroconvulsive therapy, and other medication therapies are used to manage depression symptoms. Novel therapies including ketamine treatment and transcranial magnetic stimulation therapy are also gaining popularity in treatment-resistant depression.
The global major depressive disorder treatment market is estimated to be valued at US$ 11.83 billion in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The major driving factor promoting the growth of the market includes the increasing adoption of novel therapies such as ketamine treatment and transcranial magnetic stimulation (TMS) therapy. According to NIH data, around 40% to 60% of individuals with major depression do not achieve complete remission with initial antidepressant treatment. This has resulted in growing demand for non-drug therapies like ketamine and TMS for the treatment of treatment-resistant depression. For instance, ketamine has shown quick and significant antidepressant effects within hours after administration in patients who failed to respond to standard antidepressant treatments. Additionally, TMS uses magnetic fields to stimulate nerve cells in the brain to improve symptoms of depression. Unlike ECT, TMS does not require anesthesia or produce memory loss. It is considered well-tolerated and able to induce remission in patients who do not respond to medication. These advantages associated with novel therapies are expected to drive the overall market growth over the forecast period.
Segment Analysis
The major depressive disorder treatment market can be segmented based on drug type, distribution channel, and regions. Based on drug type, the major depressive disorder treatment market is segmented into antidepressants, antipsychotics, combo medication and others. Antidepressants dominates the drug type segment and holds around 60% share of the market. This is because antidepressants are the first line of treatment for depression and have wider acceptance among patients and physicians.
PEST Analysis
Political: Governments across developing nations are focusing on improving access to mental healthcare through initiatives like awareness campaigns and subsidies for treatment drugs. However, stigma around mental illness persists in many regions.
Economic: The growing incidence of depression due to increased stress levels associated with modern lifestyles is driving the market growth. However, high treatment costs may limit the demand in price sensitive markets.
Social: Acceptance of mental health issues are improving in developed regions but social taboo still exists in developing world. Support groups play a crucial role in helping people overcome stigma.
Technological: New drug delivery methods and digital therapeutics are being researched to improve patient compliance and treatment outcomes. Technologies like AI are aiding drug development to discover safer and more effective drugs.
Key Takeaways
The Global Major Depressive Disorder Treatment Market Size is expected to witness high growth during the forecast period of 2023 to 2030 owing to the rising prevalence of depression globally.
Regional analysis: North America dominates the global market currently owing to raised awareness levels and easy accessibility to advanced treatment options in the region. The Asia Pacific region is anticipated to witness the fastest growth during the forecast period supported by increasing affordability of mental healthcare in emerging economies of India and China.
Key players: Key players operating in the major depressive disorder treatment market are Robert Bosch GmbH., Continental AG, DENSO CORPORATION, HELLA GmbH & Co. KGaA, Infineon Technologies AG, Autoliv Inc., Lockheed Martin Corporation., NXP Semiconductors., smart microwave sensors GmbH, Oculii Corporation, SRC, Inc., Arbe, Echodyne Corp., Raytheon Company Corporation, Saab AB, Northrop Grumman, ZF Friedrichshafen AG, Hitachi, Ltd., InnoSenT – Innovative Radar Sensor Technology, and Kestrel Radar Sensors among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
