by The Global Panic Attack Treatment Market is estimated to be valued at US$ 2.04 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Panic attacks are characterized by sudden feelings of intense fear or discomfort that develop abruptly and peak within 10 minutes. Physical symptoms of panic attacks may include chest pain, heart palpitations, sweating, trembling, shortness of breath, nausea, dizziness or lightheadedness, feeling of choking or smothering, numbness or tingling sensations. Panic attack treatment includes medication, psychotherapy and self-help techniques. Commonly used medications include SSRIs, SNRIs, benzodiazepines and beta-blockers which can help control panic attacks and reduce physical symptoms. Cognitive behavioral therapy aims to change thought patterns that lead to panic attacks. Self-help strategies comprise relaxation techniques, lifestyle changes, and avoiding triggers.
Market Dynamics:
One of the major drivers fueling growth of the global panic attack treatment market is the rising prevalence of mental health disorders. According to WHO statistics, around 284 million people suffer from anxiety disorders globally. In the U.S., the lifetime prevalence of panic disorder is around 2.7% to 3.5%. Moreover, with growing health awareness and better access to healthcare facilities, more number of people are seeking treatment for panic attacks boosting market revenues. Additionally, ongoing approval and launch of novel drugs for panic disorder are also expected to provide new scope for market growth. For instance, in February 2020, US FDA approved Yupelri (revefenacin) inhalation solution, developed by Theravance Biopharma, Inc., for treatment of acute exacerbation of chronic obstructive pulmonary disease. However, high costs associated with psychotherapy and pharmacological treatment can restrain market growth to some extent.
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Segment Analysis
The global panic attack treatment market is dominated by antidepressants segment. Antidepressants are the first line of treatment for panic disorder and are highly effective in reducing the frequency and severity of panic attacks. Selective serotonin reuptake inhibitors (SSRIs) are most commonly prescribed antidepressants for panic attack treatment due to their better safety and tolerability profile as compared to older antidepressants. Within antidepressants segment, SSRI antidepressants sub-segment holds the largest market share owing to benefits such as less severe withdrawal symptoms and lesser drug interactions.
PEST Analysis
Political: Guidelines by regulatory bodies for diagnosis and treatment of panic disorders promote the development and adoption of innovative treatment options.
Economic: Rising healthcare expenditure in developing nations and growing awareness about availability of effective treatment provide ample opportunities for market players in the panic attack treatment market.
Social: Social support groups for panic disorders help in reducing stigma and encourage individuals to seek timely medical help, thus supporting market growth.
Technological: Advancements in drug delivery systems help in developing patient-centric treatment options for panic disorders with improved safety and efficacy profiles.
Key Takeaways
The Global Panic Attack Treatment Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing awareness about available treatment options and reduction in stigma around mental health disorders.
Regionally, North America is expected to dominate the global panic attack treatment market owing to advanced healthcare infrastructure, presence of major market players, and high healthcare affordability in countries like US and Canada. Europe also holds significant share in the global market.
Key players operating in the panic attack treatment market are GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Johnson & Johnson Services, Inc., Bausch Health Companies Inc., H. Lundbeck A/S. Majority of these players are focusing on developing advanced treatment formulations and bolstering their sales and distribution networks across high potential markets to strengthen their geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
