The Treatment Resistant Depression Market is estimated to be valued at US$ 1220.12 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Treatment resistant depression refers to depression that does not improve after several standard antidepressant treatments. It generally persists for over two years and does not improve with multiple antidepressant medications from different classes. With the advent of neuromodulation treatment and advanced versions of antidepressants, a higher number of patients suffering from severe and persistent depression are receiving appropriate treatment.
Market key trends:
One of the key trends in the treatment resistant depression market is the increased use of advanced drugs and neuromodulation therapies. Neurostimulation therapies like repetitive transcranial magnetic stimulation (rTMS), vagus nerve stimulation (VNS), and deep brain stimulation (DBS) are proving promising for treatment resistant depression. This is expected to drive the market growth during the forecast period. Additionally, advent of new and advanced classes of antidepressants like ketamine, esketamine, and rapastinel are providing effective treatment options for patients not responding to standard therapies. These new drugs have novel mechanisms of action hence providing relief from depression symptoms in refractory cases. This increasing availability of advanced treatment alternatives is estimated to propel the treatment resistant depression market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the treatment resistant depression market is low due to high capital requirements and presence of established players. The industry also requires strong supply chain and distribution network to deliver medications effectively.
Bargaining power of buyers: The bargaining power of buyers in the treatment resistant depression market is low as the demand for improved treatment options is continuously rising. Buyers have limited alternatives when a drug is declared treatment resistant by physicians.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of upstream API and excipients suppliers. However, suppliers may switch to alternative drug manufacturers if deals are not favorable.
Threat of new substitutes: The threat of substitutes is low in the treatment resistant depression market as there are limited alternatives once a patient is declared treatment resistant. However, novel therapies and devices show potential to be substitutes.
Competitive rivalry: The competitive rivalry in the treatment resistant depression market is high due to the presence of multiple established brands and generics manufacturers.
SWOT Analysis
Strength: The treatment resistant depression market has a large patient pool suffering from inadequate response to standard antidepressants. Advancements in novel drug delivery systems also offer growth opportunities.
Weakness: High development costs and regulatory hurdles associated with developing new central nervous system drugs pose challenges. Dependence on limited product lines also increases business risk.
Opportunity: Emerging economies like China and India present lucrative prospects driven by improving access to healthcare. Growth avenues also arise from combination therapies and healthcare digitalization.
Threats: Patent cliffs of major brands increase generic competition risks. Rising pricing pressures from payers also threaten pricing ability and market access.
Key Takeaways
The Global Treatment Resistant Depression Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing awareness about treatment resistance and availability of newer therapies.
Regional analysis: North America dominates the treatment resistant depression market currently due to supportive reimbursement policies and extensive R&D activities. Asia Pacific is anticipated to exhibit the fastest growth owing to rising mental health burden and growing healthcare spending in China and India.
Key players operating in the treatment resistant depression market are AbbVie Inc., Lupin, Eli Lilly and Company, GlaxoSmithKline Plc., Pfizer Inc., Bausch Health Companies Inc., Sanofi, Mallinckrodt, Johnson & Johnson, Merck & Co., Inc., Viatris Inc., Otsuka Holdings Co., Ltd., H. Lundbeck A/S, AstraZeneca, and Aurobindo Pharma Ltd.
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