Global Panic Attack Treatment Market is Driven by Rising Prevalence...

Global Panic Attack Treatment Market is Driven by Rising Prevalence of Psychiatric disorders

Posted 2024-03-12 07:04:34

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The global panic attack treatment market comprises therapeutic medications such as antidepressants and therapy types including psychological therapies and counseling. Antidepressants are the commonly prescribed medication type due to their effectiveness in reducing symptoms and include selective serotonin reuptake inhibitors (SSRIs), serotonin-norepinephrine reuptake inhibitors (SNRIs), and benzodiazepines. Psychological therapies aid in preventing future panic attacks through behavioural techniques and changing thought patterns. The Global panic attack treatment market is estimated to be valued at US$ 2.36 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Global Panic Attack Treatment Market Demand are Widex A/S, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group (now WS Audiology), and Cochlear Limited.

The growing prevalence of psychiatric disorders such as generalized anxiety disorder, post-traumatic stress disorder, social anxiety disorder, etc. which can result in panic attacks is a major factor driving the demand for panic attack treatment therapies and medications. According to the Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting over 40 million adults aged 18 years and older every year.

Owing to advancements in therapeutic options and increased awareness about availability of treatment, more patients are seeking professional help for panic attacks globally. Key market players are focusing on expanding their geographical presence especially in emerging nations of Asia Pacific and Latin America through new product launches and collaborations with local distributors.

Market Drivers
One of the key drivers for the global panic attack treatment market is the rising prevalence of psychiatric disorders. According to the National Institute of Mental Health, in 2019 anxiety disorders affected approximately 40 million American adults aged 18 years and older which corresponds to 18.1% of the population. Left untreated, panic attacks occurring due to underlying anxiety disorders can severely impair quality of life. The increasing mental health burden worldwide is expected to boost demand for effective therapeutic options for panic attack treatment over the forecast period.

The global geopolitical landscape is creating significant challenges for the growth of the global panic attack treatment market. Rising geo-political tensions and security issues are increasing the prevalence of anxiety disorders across many nations. The ongoing conflict between Ukraine and Russia has displaced millions, exacerbating panic attacks and other mental health issues brought on by the trauma of war. Various sanctions and supply chain disruptions due to the conflict are also limiting the availability of effective anti-anxiety drugs in these regions. Moreover, long-standing conflicts in other parts of the world like the Middle East and parts of Asia are fueling rising levels of stress, uncertainty and fear in local populations. This is translating to higher demand for treatment options but international aid and private investments in these regions have decreased significantly.

North America currently accounts for the largest share of the global panic attack treatment market in terms of value. This is due to high diagnosis and treatment rates in the US and Canada driven by favorable reimbursement policies and growing mental health awareness campaigns. Moreover, the presence of major pharmaceutical players in the region ensures the ready availability of advanced drug therapies. However, the Asia Pacific region excluding Japan is projected to grow at the fastest pace during the forecast period due to a rising middle class population seeking mental health solutions. Countries like China, India and South Korea are witnessing significant investments in developing their healthcare infrastructures and expanding insurance coverage which will propel the panic attack treatment market.

For more insights, Read- Global Panic Attack Treatment Market