The Major Depressive Disorder Treatment Market Is Estimated To Witness High Growth
SWOT Analysis
Strength:
- Growing awareness among patients about depression and available treatment options are driving the market growth
- Presence of several generic antidepressant drugs enabling cost-effective treatment is positively impacting the market
- Robust product pipeline of novel drugs with improved safety and efficacy profiles is expected to fuel the market over the forecast period
Weakness:
- Low diagnosis and treatment rates of depression in developing regions pose challenge for market players
- Side effects associated with antidepressant drugs lead to non-compliance
Opportunity:
- Untapped growth prospects in emerging economies with large patient pool offers lucrative opportunities for players
- Combination therapies and new drug delivery systems can further expand the market size in future
Threats:
- Patent expiration of blockbuster drugs leads to decline in revenue of companies
- Increasing preference for alternative treatment modalities like meditation and therapy poses threat
Key Takeaways
The Global Major Depressive Disorder Treatment Market Size is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to increasing prevalence of depression worldwide. As per WHO, over 300 million people are suffering from depression globally.
Regionally, North America is expected to dominate the global Major Depressive Disorder Treatment market during the forecast period. High awareness about mental health issues, favorable reimbursement policies, and presence of major players in the region are some factors responsible for its dominance. However, Asia Pacific is likely to witness fastest growth owing to improving healthcare infrastructure and growing focus of pharmaceutical companies in emerging nations.
Key players operating in the Major Depressive Disorder Treatment market are Johnson & Johnson, Pfizer Inc., Eli Lilly and Company, and GlaxoSmithKline plc. These players are continuously involved in new product launches and expansion of their geographic presence especially in developing regions to strengthen their market position.
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