Serotonin Norepinephrine Inhibitor Market Is Estimated To Witness...

Serotonin Norepinephrine Inhibitor Market Is Estimated To Witness High Growth Owing To Growing Prevalence Of Depression Worldwide

Posted 2023-11-29 12:50:31

The Serotonin Norepinephrine Inhibitor Market is estimated to be valued at US$ 6.53 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Serotonin norepinephrine inhibitors (SNRIs) are a class of antidepressant medications that function through influencing levels of neurotransmitters like serotonin and norepinephrine in the brain. They are commonly prescribed to treat major depressive disorder and a number of other conditions like anxiety disorders, fibromyalgia, chronic musculoskeletal pain, and menopausal symptoms.

Market Dynamics:
The serotonin norepinephrine inhibitor market is expected to witness high growth over the forecast period owing to growing prevalence of depression worldwide. According to the World Health Organization (WHO), approximately 300 million people of all ages suffer from depression. Moreover, it projects that depression will be the leading cause of disease burden by 2030. Rising awareness regarding mental health issues and availability of effective treatment options like SNRIs are another major factor fueling growth of the market. However, high costs associated with branded SNRIs and availability of cheaper generic alternatives are some of the factors expected to hamper growth of the market to some extent over the forecast period.