Anxiety Drugs Market to Grow with a CAGR of 2.83% through 2028
The emergence of telehealth solutions and changing
lifestyles is expected to drive the Global Anxiety Drugs Market growth in the
forecast period, 2024-2028
According to TechSci Research report, “Anxiety
Drugs Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Anxiety Drugs Market stood at USD 11.57 billion in 2022 and is anticipated to grow with a CAGR of 2.83% in the forecast
period, 2024-2028. This can be attributed to increasing awareness and mental
health advocacy. In recent years, there has been a significant shift in
societal attitudes toward mental health. Greater awareness campaigns, advocacy,
and public discourse surrounding mental health issues have reduced stigma and
encouraged individuals to seek treatment. As a result, more people are seeking
medical help for anxiety disorders, driving the demand for anxiety drugs.
In addition, governments, organizations, and advocacy
groups are increasing their efforts to address mental health on a global scale.
These initiatives focus on reducing stigma, improving access to mental health
services, and increasing awareness of anxiety disorders. They create a
supportive environment for those seeking treatment, including anxiety drugs.
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Drugs Market”
The growth of the market was significantly impacted by
the COVID-19 outbreak, primarily due to the substantial increase in cases of
anxiety and depression during the pandemic. To illustrate, a report from the
World Health Organization (WHO) published in March 2022 revealed that in the
first year of the COVID-19 pandemic, there was a 25% surge in the global
prevalence of anxiety and depression in 2021. Furthermore, an article in the
Springer Journal, published in October 2021, estimated an additional 53.2 million
cases of major depressive disorders worldwide and an additional 76.2 million
cases of anxiety disorders in 2021 attributable to the pandemic. Consequently,
the heightened incidence of anxiety and depression disorders resulting from the
pandemic significantly affected the market's growth during this period.
Moreover, the demand for related treatments is expected to remain strong due to
the increasing awareness among the global population regarding anxiety and
depression, thus further contributing to market growth in the forecast period.
Several factors, including the rising prevalence of
anxiety disorders and depression, increased awareness levels, and product
launches by key industry players, are anticipated to boost market share. For
instance, a September 2021 article by WHO highlighted that depression is a
prevalent global ailment, affecting an estimated 3.8% of the population,
including 5.0% among adults and 5.7% among adults over 60 years old, totaling
approximately 280 million people worldwide in 2021. Additionally, data from TRV
published in 2022 indicated that an estimated 264 million people globally
experienced an anxiety disorder in 2021. This growing global prevalence of
anxiety and depression is expected to contribute to market expansion.
Furthermore, the increasing number of product
approvals is another factor poised to drive market growth. For instance, in
July 2021, Alembic Pharmaceuticals obtained final approval from the US FDA for
its Abbreviated New Drug Application (ANDA) for Desipramine Hydrochloride
tablets USP in various strengths. These approved tablets are therapeutically
equivalent to the reference listed drug product (RLD), Norpramin Tablets, and
are indicated for the treatment of depression.
The Global Anxiety Drugs Market is segmented into
product, indication, regional distribution, and company
Based on its product, Antidepressant drugs are poised
to dominate the global anxiety drugs market for several compelling reasons.
First and foremost, the prevalence of anxiety disorders is on the rise
worldwide, driven by factors such as increased stress levels, changing lifestyles,
and the lingering effects of the COVID-19 pandemic. Antidepressants, which
often have dual indications for treating both depression and anxiety, are
well-positioned to address this growing demand for anxiety management. Additionally,
pharmaceutical companies are continually investing in research and development
to introduce innovative antidepressant medications with enhanced efficacy and
fewer side effects, further bolstering their dominance in the market. Moreover,
the established market presence of well-known antidepressant brands, along with
extensive marketing and promotional activities, contributes to their widespread
recognition and acceptance among healthcare professionals and patients alike.
As a result, it is highly likely that antidepressant drugs will continue to
hold a prominent share in the global anxiety drugs market in the foreseeable
future.
Based on indication, it is anticipated that the Major
Depressive Disorder (MDD) segment will maintain a substantial market share
throughout the projected period. Major depressive disorder stands as the
primary contributor to the global burden of mental health conditions. The
COVID-19 pandemic brought about a multitude of uncertainties impacting mental
health, including factors such as virus transmission, lockdowns, public
transport restrictions, school and business closures, and reduced social
interaction. These factors escalated the potential risk of MDD, thereby
amplifying the global burden of mental health. The prevalence of major
depressive disorder has been on the rise, and the introduction of new products
by key industry players is expected to fuel market growth in the forecast
period. For example, an article published in Elsevier Journal in October 2021
reported a 26.7% increase in the prevalence of major depressive disorder in
2021, with a total prevalence of 3152.9 cases per 100,000 population in 2020.
Such high prevalence of major depressive disorder worldwide is projected to
drive demand for effective treatments, thus contributing to the segment's
growth in the foreseeable future.
Furthermore, the growth of this studied segment is
also expected to be bolstered by the continued launch of new products by major
market players. For instance, in December 2021, Dr. Reddy introduced
venlafaxine ER Tablets in the U.S. market, a therapeutic equivalent to Osmotica
Pharmaceutical U.S. LLC's Venlafaxine Extended-Release Tablets in 150mg and
225mg strengths. These tablets, categorized as selective serotonin and
norepinephrine reuptake inhibitors (SNRIs), are indicated for the treatment of
major depressive disorder (MDD) and social anxiety disorder (SAD).
Additionally, in October 2021, Biogen Inc. and Sage Therapeutics Inc. sought
FDA approval for zuranolone as a treatment for MDD. The initial submission
package for MDD will incorporate data from ongoing pharmacology and clinical
studies, as well as data from the LANDSCAPE and NEST clinical trial programs,
encompassing several studies evaluating the effectiveness of zuranolone in
various dosing regimens, treatment approaches, and clinical outcomes.
Major companies operating in Global Anxiety Drugs
Market are:
- AbbVie Inc
- Bristol-Myers Squibb Co
- Eli Lilly & Co
- GSK PLC
- H Lundbeck A/S
- Johnson & Johnson
- Merck & Co., Inc.
- Pfizer Inc
- Sanofi SA
- AstraZeneca PLC
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“The global anxiety drugs market is undergoing a transformative
phase, with emerging trends poised to shape its future. From personalized
medicine and biotechnology to digital therapeutics and natural remedies, these
trends reflect a holistic approach to anxiety treatment. As society continues
to prioritize mental health and well-being, the pharmaceutical industry and
healthcare providers are adapting to meet the evolving needs of individuals
with anxiety disorders. In this dynamic landscape, the synergy between
traditional anxiety drugs and these emerging trends promises to offer more
effective, personalized, and accessible treatments for those who seek relief
from anxiety,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Anxiety Drugs Market By
Product (Antidepressant Drugs, Therapy and Devices,
Others), Indication (Obsessive-Compulsive Disorder, Major Depressive Disorder,
Phobia, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Anxiety Drugs Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Anxiety Drugs Market.
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