NEW YORK, April 8, 2021 / PRNewswire / – The World Health Organization (WHO) has designated October 10º as World Mental Health Day, in order to raise awareness of these issues and decrease people’s hesitation to seek treatment. As a result of such initiatives, the global anxiety and depression treatment market the value is expected to increase from $ 17,770.9 million in 2020 for $ 24,467.7 million in 2030, at a CAGR of 3.3% between 2021 and 2030, according to the market research report published by P&S Intelligence.
Likewise, a program, called Better Outcomes in Mental Health Care (BOiMHC), and an organization, called the Mental Health Association, were formed to help the cause in Australia. Another organization that is helping the growth of the anxiety and depression treatment market with its support for patients and educational courses is the National Alliance on Mental Illness (NAMI), which was founded in the USA in 1979.
Main highlights of the global anxiety and depression treatment market
Demand for devices increases faster than for drugs
Expanding geriatric population is the biggest market driver
Increased awareness of mental health, positively affecting market growth
Hospital pharmacies responsible for the majority of sales of drugs and devices
North America largest market for drugs and devices for anxiety and depression
Companies launching new drugs after receiving regulatory approval
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Due to the COVID-19 pandemic, the anxiety and depression treatment market reported a negative impact. The blockages implemented around the world led to the closure of factories, which resulted in the low production of drugs and devices. In addition, restrictions on non-essential movements and international trade have led to a reduction in the supply of these products.
The largest CAGR in the anxiety and depression medication market in the coming years is expected to be witnessed in the online channel category, based on the distribution channel. Due to the convenience of shopping offered by these sites, allowing people to place orders from home, take advantage of discounts and receive home delivery, customers are switching to them.
See the detailed report with COVID-19 Impact Analysis on Anxiety and Depression Treatment Market Research Report: By product type (drugs, devices), type of disorder (major depressive disorder, OCD, phobia, PTSD), distribution channel (hospital pharmacies) , retail pharmacies Online channels, direct channels) – Global industry analysis and demand forecast for 2030 @ https://www.psmarketresearch.com/market-analysis/anxiety-and-depression-treatment-market
Currently, North America generates the highest revenue in the anxiety and depression treatment market due to the increased incidence of chronic pain, anxiety and depression, increasing awareness of mental health and the increasing number of people receiving prescriptions for medications and associated devices. In the coming years, demand for these products will increase more rapidly in Asia Pacific (APAC). The prevalence of anxiety and depression is increasing in the region due to the growth of the elderly population.
The main companies in the global anxiety and depression treatment market are Novartis AG, Bristol-Myers Squibb Company, Pfizer Inc., Johnson & Johnson, AbbVie Inc., Merck & Co. Inc., Eli Lilly and Company, Sanofi, Lundbeck A / S, GlaxoSmithKline plc, Mylan NV, Glenmark Life Sciences Limited, Cipla Ltd., Lupine Limited, AstraZeneca plc, Amneal Pharmaceuticals Inc., Sun Pharmaceuticals Ltd., Sumitomo Dainippon Pharma Co. Ltd. and Intas Pharmaceuticals Ltd.
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SOURCE P&S Intelligence