NEW YORK, April 8, 2021 /PRNewswire/ -- The World Health Organization (WHO) has designated October 10th as World Mental Health Day in order to raise awareness about such issues and lessen people's hesitation in seeking treatment. As a result of such initiatives, the globalanxiety and depression treatment market value is predicted to increase from $17,770.9 million in 2020 to $24,467.7 million by 2030, at a 3.3% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
Similarly, a program, named Better Outcomes in Mental Health Care (BOiMHC), and an organization, called Mental Health Association, have been formed to help the cause in Australia. Another such organization aiding the anxiety and depression treatment market growth with its support to patients and educational courses is the National Alliance on Mental Illness (NAMI), which was founded in the U.S. in 1979.
Key Highlights of Global Anxiety and Depression Treatment Market
Demand for devices to rise faster than for drugs
Booming geriatric population strongest market driver
Rising awareness on mental health positively affecting market growth
Hospital pharmacies accounting for most drug and device sales
North America largest market for anxiety and depression drugs and devices
Companies launching new drugs after receiving regulatory approval
Due to the COVID-19 pandemic, the anxiety and depression treatment market reported negative impact. The lockdowns implemented around the world led to the shutting down of factories, which resulted in the low production of drugs and devices. Moreover, the restrictions on non-essential movement and international trade led to the curtailed supply of such products.
The highest CAGR in the anxiety and depression drugs market in the years to come is expected to be witnessed in the online channels category, on the basis of distribution channel. Because of the shopping convenience offered by such websites, allowing people to order from home, avail discounts, and receive doorstep delivery, customers are switching to them.
Browse Detailed Report with COVID-19 Impact Analysis on Anxiety and Depression Treatment Market Research Report: By Product Type (Drugs, Devices), Disorder Type (Major Depressive Disorder, OCD, Phobia, PTSD), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Channels, Direct Channels) - Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/anxiety-and-depression-treatment-market
Presently, North America generates the highest revenue in the anxiety and depression treatment market due to the rising incidence of chronic pain, anxiety, and depression, increasing awareness regarding mental health, and growing number of people receiving prescriptions for the associated drugs and devices. In the years to come, the demand for such products will shoot up the fastest in Asia-Pacific (APAC). The prevalence of anxiety and depression is rising in the region owing to the booming population of the elderly.
Major companies in the global anxiety and depression treatment market are Novartis AG, Bristol-Myers Squibb Company, Pfizer Inc., Johnson & Johnson, AbbVie Inc., Merck & Co. Inc., Eli Lilly and Company, Sanofi, Lundbeck A/S, GlaxoSmithKline plc, Mylan N.V, Glenmark Life Sciences Limited, Cipla Ltd., Lupin Limited, AstraZeneca plc, Amneal Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd., Sumitomo Dainippon Pharma Co. Ltd., and Intas Pharmaceuticals Ltd.
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