Selective Serotonin Reuptake Inhibitors Market: Overview
Selective serotonin reuptake inhibitors (SSRIs) elevate the extracellular level of neurotransmitters known as serotonin by inhibiting its uptake in presynaptic cells. Therefore, selective serotonin reuptake inhibitors are widely used as medication for the treatment of severe or persistent depression. In addition, selective serotonin reuptake inhibitors are also used in combination with therapies such as cognitive behavioral therapy (CBT).
Furthermore, selective serotonin reuptake inhibitors are also used for mental conditions such as panic disorders, obsessive compulsive disorder (OCD), post-traumatic stress disorder (PTSD), severe phobias, including social phobia and agoraphobia, and generalized anxiety disorder (GAD). In addition, selective serotonin reuptake inhibitors are also used for the treatment of premenstrual syndrome, premature ejaculation, irritable bowel syndrome and fibromyalgia. Side effects of selective serotonin reuptake inhibitors include, low sex drive, dizziness, sickness, anxiety, erectile dysfunction in male population and blurred vision.
Selective Serotonin Reuptake Inhibitors Market: Growth Enablers
According to the World Health Organization (WHO), depression is the fourth leading cause of deaths and by 2020; it is expected to be the second leading cause of deaths worldwide. According to the National Institute of Mental Health (NIHM), part of National Institute of Health (NIH) of the U.S., in 2012, around 16 million adults above 18 years of age had at least one major depressive episode in the past year in the U.S. Risk of depression is twice in women population.
According to the Depression and Bipolar Support Alliance, the lifetime prevalence for female population is 20% to 26%. While life time prevalence of depression for male population is 8% to 12%. According to the article published by the British Psychology Society in June 2013, finding from the Office for National Statistics (ONS) states that approximately one fifth of the overall adult population experience depression. Thus, perpetually rising prevalence depression worldwide is the major factor driving the growth of the global selective serotonin reuptake inhibitors (SSRIs) market.
Selective Serotonin Reuptake Inhibitors Market: Region-wise Insight
Geographically, the selective serotonin reuptake inhibitors market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Presently, Europe and North America are dominating the global selective serotonin reuptake inhibitors (SSRIs) market. Factors such as, divorce, unemployment, work pressure, and higher life expectations are resulting in higher rate of depression cases.
Furthermore, availability of advanced healthcare facilities and higher healthcare spending are driving the growth of selective serotonin reuptake inhibitors market in Europe and North America. Asia Pacific is a lucrative market for selective serotonin reuptake inhibitors (SSRIs). Factors such as rapidly growing prevalence of depression and mental conditions, rising awareness about depression and related treatments available and rising healthcare expenditure are expected to drive the selective serotonin reuptake inhibitors market in Asia Pacific region.
Though, prevalence rate of depression is high in Rest of the World (RoW), lack of awareness about related treatment is limiting the growth of the selective serotonin reuptake inhibitors market in this region. Brazil and Argentina are expected to show faster growth rate than other countries in Rest of the World owing to availability of well defined regulatory framework and developed healthcare infrastructure. African countries will experience slower growth rate in the forecast period due to poorly developed healthcare infrastructure coupled with lack of availability of regulatory framework.
Some of the commercially available brands of SSRI include Fluvoxamine (Luvox), Citalopram (Celexa), Fluoxetine (Prozac), Paroxetine (Paxil), and Sertraline (Zoloft).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.