by Major Depressive Disorder (MDD), also known as clinical depression or major depression, is a mood disorder that causes a persistent feeling of sadness and loss of interest. The exact cause of depression is unknown, but may involve biological, genetic, environmental, and psychological factors. Common treatments include antidepressant medications, psychotherapy, electroconvulsive therapy (ECT), and other alternative therapies. The goal of treatment is to reduce depression symptoms and help patients function better.
The global Major Depressive Disorder Treatment Market is estimated to be valued at US$ 11.83 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the major depressive disorder treatment market is the increasing number of drug candidates in pipeline. Currently, there are many candidates in late-stage clinical trials which are expected to be launched in the market during forecast period. For instance, esketamine nasal spray by Johnson & Johnson received FDA approval in 2019 for treatment-resistant depression. Similarly, vortioxetine by Takeda and brexanolone by Sage Therapeutics are in late stage trials and if approved, can drive the market growth during forecast period.
Porter’s Analysis
Threat of new entrants: The major depressive disorder treatment market already has some big players with strong brand names and good customer base. However, this market’s growth potential and unmet medical needs can attract new pharmaceutical companies with strong R&D capabilities.
Bargaining power of buyers: Individual consumers have less bargaining power due to lack of transparency in pricing. However, large healthcare institutions and organizations have higher bargaining power as they can negotiate on price and purchase in bulk.
Bargaining power of suppliers: The suppliers of active pharmaceutical ingredients have some bargaining power due to consolidation across the supply chain and strict regulations.
Threat of new substitutes: Currently, there are limited treatment substitutes for major depressive disorder. However, new emerging therapies like digital/mobile health solutions may offer alternatives in future.
Competitive rivalry: Being a chronic disease, major depressive disorder treatment ensures long-term recurring demand. This attracts fierce competition among existing players to capture more market share through new product launches and acquisitions.
Key Takeaways
The Global Major Depressive Disorder Treatment Market Demand is expected to witness high growth, exhibiting CAGR of 2.8% over the forecast period, due to increasing awareness about depression and availability of various treatment options. North America dominated the market with over 30% share in 2023 due to supportive government initiatives and high healthcare expenditure in the US and Canada. Asia Pacific is anticipated to be the fastest growing market owing to improving access to healthcare facilities and rising mental health issues in the region.
The regional analysis indicated North America accounted for major share of the global major depressive disorder treatment market followed by Europe in 2023. Both North America and Europe are expected to maintain their leading position owing to increasing healthcare awareness and high availability of antidepressant drugs in these regions. Asia Pacific exhibited highest growth over the forecast period due to growing mental health issues, improving access to healthcare facilities and rising healthcare expenditure in major countries including India and China.
Key players operating in the major depressive disorder treatment market include Johnson & Johnson, Pfizer Inc., Eli Lilly and Company, and GlaxoSmithKline plc. These top companies account for major share of this market and are continuously focusing on expanding their product portfolios through acquisitions and new product developments to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
