The Global Panic Attack Treatment Market is estimated to be valued at US$ 2.04 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Panic attacks are episodes of intense fear that strike suddenly without any warning and last for several minutes. Symptoms include pounding heart, chest pain, dizziness, difficulty breathing and fear of dying or losing control. Panic attacks can be treated through cognitive behavioural therapy (CBT), antidepressants and anxiolytics. CBT aims to change panic-related thoughts and actions while medications help reduce physical symptoms associated with panic disorder.
Market key trends:
One of the key trends fueling the growth of global panic attack treatment market is the increasing adoption of combination therapies. Combination therapy combines medication with therapy to maximize treatment effectiveness. Commonly prescribed combination include selective serotonin reuptake inhibitors (SSRIs) or serotonin–norepinephrine reuptake inhibitors (SNRIs) along with CBT. Studies have shown combination therapy helps patients gain control over panic attacks faster as medications provide quick relief from anxiety symptoms while therapy addresses the root cause. Growing awareness about benefits of combination treatment over monotherapy is expected to drive its demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to enter the panic attack treatment market makes threat of new entrants moderate. However, establishing brand and gaining acceptance takes significant time and resources.
Bargaining power of buyers: Large number of established players in the market increases bargaining power of buyers. Buyers can negotiate on price and demand high-quality products.
Bargaining power of suppliers: Suppliers of raw materials needed for manufacturing panic attack treatment drugs have moderate to high bargaining power due to limited availability and pricing pressures.
Threat of new substitutes: Alternative treatments like cognitive behavioral therapy pose threat to pharmaceutical products. However, drugs provide immediate relief decreasing potential of substitutes.
Competitive rivalry: Intense competition exists among established players driving focus on innovation and cost control.
SWOT Analysis
Strength: Wide product portfolio and strong brand presence of leading players. Significant investment in R&D to develop advanced drugs.
Weakness: High dependency on few blockbuster drugs exposes companies to revenue risks. Side effects of few existing drugs restricts their usage.
Opportunity: Rising mental health concerns worldwide presents growth opportunities. Development of novel treatment options through combination therapies.
Threats: Stringent drug regulations increase approval timelines and costs. Patent expiries of major drugs allow generic competition eroding sales.
Key Takeaways: The Global Panic Attack Treatment Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing prevalence of psychological disorders globally. According to recent estimates, over 5% of the world population suffers from panic attacks every year. Growing mental health awareness initiatives by private and public organizations are encouraging people to seek appropriate treatment.
The North America region currently dominates the panic attack treatment market, with the United States accounting for the major share. This is attributed to the availability of advanced healthcare facilities, high healthcare spending, and presence of key pharmaceutical companies in the region. On the other hand, Asia Pacific is expected emerge as the fastest growing regional market owing to improving healthcare infrastructure and expanding patient pool in developing countries.
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. Leading manufacturers are focused on developing novel drug formulations and targeting untapped emerging markets through strategic collaborations.
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