Agoraphobia can be defined as an anxiety disorder, in which people tend to avoid places or situations where they feel trapped. The fear can be related to using public transportation, being in enclosed or open spaces, or being in the crowd.
People with agoraphobia develop the anxiety after having one or more panic attacks causing them to avoid the places where they experienced the panic attack
The common symptoms of agoraphobia include being in open spaces such as parking lots, malls, and bridges; using public transportation; waiting in lines or crowds; and leaving from home alone
In addition, people with agoraphobia also suffer from panic disorder, which is a type of anxiety disorder, wherein people experience sudden attacks of fear which reach the peak in few minutes and then trigger intense physical symptoms.
Key Drivers and Restraints of Global Agoraphobia Treatment Market
The prevalence of agoraphobia in the U.S. population is considered to be around 2%; and in adults over 65 years of age, it is considered to be over 11%. Furthermore, the prevalence of agoraphobia is considered to be higher in women than in men. In addition, agoraphobia is considered to be very common, though is often misunderstood. This high prevalence of agoraphobia contributes to the strong demand for agoraphobia treatment, contributing to the growth of the market.
Agoraphobia is associated with other forms of anxiety disorders, including social anxiety disorder, specific phobias, panic disorder, and substance use disorder. Furthermore, rising pandemic and the lockdowns globally, could further increase the agoraphobia and related psychological fears among people, creating a demand for treatment, contributing to the growth of the agoraphobia treatment market.
However, social stigma associated with psychological disorders, despite significant advances in the field of psychiatry and the development of treatment for mental illness, might hamper the growth of the agoraphobia treatment market
North America to Lead Global Agoraphobia Treatment Market
In terms of region, the global agoraphobia treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global agoraphobia treatment market in 2019, owing to strong presence of leading market players, high prevalence of agoraphobia, increasing government focus on mental health, and focus on research and development. In addition, favorable reimbursement and insurance schemes in the U.S. would contribute to the growth of the agoraphobia treatment market in the country.
Europe was the second largest market for agoraphobia treatment in 2018, followed by Asia Pacific. Asia Pacific is projected to be the fastest growing market for agoraphobia treatment, followed by Latin America and Middle East & Africa. Growing focus of governments in countries in Asia on enhancing the healthcare facilities, growing awareness among people, government initiatives, rising disposable income, and rapid economic development contribute to the growth of the agoraphobia treatment market in the region.
Key Manufacturers Operating in Global Agoraphobia Treatment Market
Leading players in the global agoraphobia treatment market are:
Eli Lilly & Co.
Johnson & Johnson
Mylan Pharmaceuticals Inc.
Global Agoraphobia Treatment Market: Research Scope