July 14, 2024

The Growing Depression Cases Across The Globe Set To Boost The Serotonin Norepinephrine Inhibitor Market

The Serotonin Norepinephrine Inhibitor Market is estimated to be valued at US$ 6.53 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Serotonin Norepinephrine Inhibitor drugs are used as antidepressants for the treatment of major depressive disorder and various anxiety disorders. These dual-action drugs help boost serotonin and norepinephrine levels in the brain. Key antidepressants under this category include Duloxetine, Venlafaxine, Desvenlafaxine etc. These drugs are mostly available in capsule or tablet form and are prescribed when other classes of antidepressants fail to show results.

Market Dynamics:
The rising prevalence of depression and anxiety disorders across the globe acts as a major driver for the serotonin norepinephrine inhibitor market. According to WHO, over 264 million people suffer from depression globally. Moreover, increasing awareness about mental health issues has encouraged more people to seek treatment. Additionally, these SNRI drugs are considered safer alternatives to tricyclic antidepressants owing to lesser side effects, thereby augmenting their demand. Furthermore, long term success rates associated with SNRIs compared to other antidepressants has resulted in their increased uptake. However, privacy concerns related to mental health issues still limit full access to treatment in some regions.
Segment Analysis
Serotonin Norepinephrine Inhibitor Market is dominated by the depression segment. Depression accounts for more than 60% of the total market share owing to the high incidence rate of depression globally. According to WHO, over 260 million people are suffering from depression. Increased awareness related to depression and accessibility of its treatment options are some of the major factors bolstering the growth of this segment.

PEST Analysis
Political:
Governments across various countries are increasing healthcare expenditure to boost access to mental healthcare. They are undertaking initiatives to reduce the stigma related to mental disorders.
Economic: Rising disposable income and growing awareness about the availability of effective treatments are increasing the demand for advanced drugs to treat mental health conditions.
Social: Changing attitudes towards mental health issues are encouraging more people to seek medical help. Growing social acceptance is positively impacting the market.
Technological: Advancements in drug R&D and manufacturing technologies are leading to the development of novel drugs with better efficacy and safety profile. Digital health solutions are also supporting remote monitoring.

Key Takeaways
The Global Serotonin Norepinephrine Inhibitor Market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing incidence of depression worldwide. North America dominates the market owing to the rising prevalence of mental health disorders, availability of advanced treatment options and strong healthcare infrastructure in the region.

Europe also holds a significant share in the market led by increasing government funding for mental health research. The Asia Pacific region is anticipated to proliferate at a fastest pace during the forecast period due to large patient population, growing awareness about mental illnesses and improving access to healthcare in developing countries.

Key players operating in the Serotonin Norepinephrine Inhibitor Market are Pfizer Inc., Eli Lilly and Company, Allergan Plc., AstraZeneca Plc., Forest Laboratories Inc., Johnson & Johnson, Lundbeck A/S, Merck & Co., Inc., Otsuka Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., Wyeth Pharmaceuticals Inc., Zydus Cadila Healthcare Ltd. These companies are focusing on new product launches, collaborations and geographic expansions to garner higher market shares.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it