Depression is a common mental disorder globally. It causes severe mental sadness, and the affected individual loses interest in day-to-day tasks. There can be various types of depression, such as major depression, dysthymia disorder, seasonal affective disorder, postpartum depression, psychotic depression, atypical depression, and bipolar disorder. Since it makes daily lives of individuals difficult, healthcare practitioners suggest taking treatment. Some of the most commonly used drugs for treatment include serotonin and noradrenaline reuptake inhibitors (SNRIs), selective serotonin reuptake inhibitors (SSRIs), tricyclic antidepressants (TCAs), monoamine oxidase inhibitors (MAOIs), and noradrenaline and specific serotoninergic antidepressants (NASSAs). Other than drugs, there are several types of treatment devices available as well, such as transcranial magnetic devices, deep brain stimulators, and vagus nerve stimulators.
Market Stats and Drivers
According to OMR Research, the global depression treatment market is projected to grow at a CAGR of 4.1% during the forecast period (2023-2029). The key driver of the growth is the growing incidence of depression worldwide. The World Health Organization (WHO) estimates that 3.8% of the world's population suffered from depression in 2021, with 5.0% of adults and 5.7% of individuals over 60 years of age being affected. As a result, governments are taking steps to provide adequate assistance to people suffering from mental illnesses, which is also one of the main factors driving the market for depression therapy. For instance, the WHO's Mental Health Action Plan 2013–2030 intends to assist nations in improving services for persons with mental, neurological, and drug use problems through treatment offered by medical professionals who are not experts in mental health.
Another reason for the depression treatment market’s growth is increasing childbirth. According to the WHO, almost one in every five women suffers from a mental health problem during or after giving birth. 20% of women with perinatal mental health disorders have suicidal thoughts or engage in self-harm. Ignoring mental health not only jeopardizes women's general health and well-being, but it also has an influence on the physical and emotional development of newborns. Due to this, depression treatment becomes necessary.
Moreover, financial conditions, family issues, and others are the major reasons for depression. According to a study by the Office for National Statistics in Great Britain, the prevalence of moderate to profound depressive symptoms was higher in adults who were economically inactive due to long-term illness (59%), unpaid carers for 35 or more hours per week (37%), adults who were disabled (35%), adults who lived in the most impoverished areas of England (25%), young adults aged 16 to 29 (28%), and women (19%). This depicts that the depression is more prevalent in low- or middle-income economies or countries. Hence, the demand for depression treatment is also driven by increasing expenses, commodity prices, and a lack of employment. According to the International Labour Organization, in 2023, the number of unemployed people worldwide is projected to increase by 3 million, reaching 208 million (corresponding to a global unemployment rate of 5.8%).
Also, finding and retaining quality jobs is extremely challenging for young people (ages 15 to 24). Three times as many of them are unemployed as adults. More than one in five young people (23.5%) do not have access to jobs, education, or training (NEET). Such factors are expected to increase the number of individuals with depression, resulting in a high demand for depression treatment. However, the market may face restraints due to a lack of knowledge among individuals, especially in underdeveloped countries where the treatment cost is high.
Recent Developments
The key companies in the market include Eli Lilly and Co., Pfizer, Inc., H. Lundbeck A/S., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, and others. These companies are following various mergers, research and developments, investments, and collaboration activities for the market’s growth. Some recent developments in the market include-
• In January 2023, the US Food and Drug Administration approved Rykindo (risperidone) by Luye Pharma for use as an extended-release injectable suspension for the treatment of schizophrenia in adults, as well as for use as a monotherapy or as an adjunctive therapy to lithium or valproate for the maintenance of bipolar I disorder in adults.
• In February 2023, Australia's medical regulator authorized the use of psychedelics to treat specific mental health issues, making the country among the first in the world to "legally acknowledge MDMA and psilocybin as medicines." From July 1, 2023, authorized psychiatrists will be permitted to prescribe patients psilocybin for treatment-resistant depression and MDMA for post-traumatic stress disorder (PTSD).
• In December 2022, the US Food and Drug Administration (FDA) approved AbbVie's VRAYLAR® (cariprazine) as an adjuvant therapy to antidepressants for the treatment of major depressive disorder (MDD) in adults. This additional indication, which is supported by clinical evidence indicating effectiveness and well-established safety, provides a new alternative for people who have had a partial response to antidepressant medication.
• In August 2022, Axsome Therapeutics, Inc., a biopharmaceutical company that offers novel therapies for the management of central nervous system (CNS) disorders, announced that the US FDA had approved AUVELITY (dextromethorphan HBr-bupropion HCl) extended-release tablets for the treatment of MDD in adults. AUVELITY is the first and only rapid-acting oral drug licensed for the treatment of MDD, with labeling indicating statistically significant antidepressant effectiveness against placebo beginning at one week.