Global Panic Attack Treatment Market Is Estimated To Witness High Growth Owing To Increasing Prevalence
Market Dynamics:
The global panic attack treatment market is primarily driven by increasing prevalence of anxiety disorders globally. According to Anxiety and Depression Association of America, around 6.8 million American adults experience a panic attack each year. Moreover, growing awareness about panic attack management options through social media platforms and increasing adoption of antidepressants and psychotherapy as first-line treatment options are further fueling market growth. Furthermore, recent approval and launch of novel antidepressants specifically indicated for panic disorder treatment by major pharmaceutical companies is also expected to boost market revenues over the forecast period. However, social stigma associated with mental health issues and underdiagnosis of panic attacks in developing regions limits market growth to some extent.
SWOT Analysis
Strength: The global panic attack treatment market witnesses high prevalence of panic disorders. Drugs like SSRIs, SNRIs, TCAs etc. are effective in treating panic attacks and are widely available. Increased awareness about available treatment options drives the market growth.
Weakness: High cost of branded drugs limits their adoption in developing nations. Alternative treatment options like psychotherapy are time consuming and not readily available.
Opportunity: Rising healthcare expenditure in emerging countries creates new growth opportunities. Novel drug delivery systems and newly approved drugs will expand the treatment options.
Threats: Safety concerns over long term usage and side effects of drugs hamper their uptake. Alternative therapeutic options like meditation pose competition. Stigma associated with mental health issues limits patients from seeking timely medical intervention.
Key Takeaways
The global Panic Attack Treatment Market Share is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing prevalence of panic disorders worldwide. Around 2-3% population suffer from panic disorders annually and require long term management.
Regional analysis: North America accounts for over 35% market share and remains dominant due to high healthcare spending and better access to advanced therapies. Asia Pacific exhibits highest growth on back of rising healthcare infrastructure, health awareness and large patient pool. Countries like China and India are emerging as key investment hotspots.
Key players: Key players operating in the panic attack treatment market are GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Johnson & Johnson Services, Inc., Bausch Health Companies Inc., H. Lundbeck A/S. GSK, Roche and Teva Pharmaceuticals dominate the market with their product offering of SSRIs and SNRIs. Novel drugs in pipeline will further intensify competition.
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