The global anxiety disorders and depression treatment market is fragmented with the top five companies accounting for 66.4% of the market in 2013. These players are Eli Lilly and Company, Pfizer, Inc., AstraZeneca plc, H. Lundbeck A/S, and GlaxoSmithKline plc. Since there are a number of players, the competitive rivalry is extremely high. Companies are trying to improve their market presence and product portfolio by widening their distribution network, which is intensifying the competition further. Although at present there are no real substitutes for antidepressants and anxiolytics, the launch of new drugs and herbal remedies in the future may pose a threat to the market, states a new report by Transparency Market Research (TMR). Thus, the threat of substitutes is expected to rise from low to medium in the coming years.
According to the report, the global anxiety disorders and depression treatment market is expected to be worth US$18.18 bn by 2020. By drug class, the SSRIs segment is anticipated to lead in the anxiety disorders treatment market and will be worth US$1.33 bn by the same year. Similarly, the SSRIs segment will also lead in the global depression treatment market, which is expected to be worth US$4.70 bn by 2020. On the basis of geography, North America will lead in the market and will be worth US$6.45 bn by 2020. However, Asia Pacific is expected to witness a high growth rate in the coming years.
Rising Stress Levels and Growing Geriatric Population to Aid Growth of Market
According to the WHO, over 350 mn people across the globe suffer from depression. Similarly, the Anxiety and Depression Association of America (ADAA) estimates that around 14.8 mn people suffer from depression, in the U.S. alone. The large base of depressed patient population is expected to increase in the future owing to the growing complications, societal pressure, and stress in daily lives. This will lead to a greater demand for anxiety disorders and depression treatment drugs, boosting the market.
The growing geriatric population is another factor contributing to the high demand for anxiety disorders and depression treatment. This is because, most aged people experience some form of anxiety, depression, and psychiatric disorders, which will drive the market and generate higher revenues.
Patent Expirations of Blockbuster Drugs to Impede Growth of Market
The anxiety disorders and depression treatment market is projected to experience a patent cliff in the coming years on account of popular drugs such as Paxil and Seroquel XR facing patent expirations in 2015 and 2017 respectively. This is expected to have a profound effect on the overall market and is likely to cause a dip in revenues.
Another factor restraining the growth of the market is the weak pipeline of antidepressants and anxiolytics despite the growing population base of people suffering from depression and shortage of treatments. There exist only a few potential candidates that are in the development phase.
Development of Herbal Remedies to Emerge as Opportunity in Market
Developing innovative and herbal products is expected to be a profitable business venture in the coming years. This is because the preference for herbal treatment regimens over traditional pharmacological drugs is gaining traction. Thus, novel drugs based on herbal formulations will likely gain wider acceptance and emerge as a growth opportunity for the global anxiety disorders and depression treatment market.
This information is based on the findings of a report published by Transparency Market Research titled “Anxiety Disorders and Depression Treatment Market - Global Industry Analysis, Pipeline Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The global anxiety disorders and depression treatment market is segmented as follows:
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