Treatment Resistant Depression Market is Estimated to Witness High Growth Owing to Opportunity of Rising Disease Prevalence
Treatment Resistant Depression Market |
Treatment resistant depression refers to a major depressive episode that fails to respond adequately to adequate pharmacotherapy with antidepressants. Factors such as genetic predisposition and other psychiatric comorbidities may contribute to treatment resistant depression. There is need for newer therapeutic options for patients suffering from treatment resistant depression as existing therapies have limited efficacy.
The global 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 Opportunity:
Rising disease prevalence presents a high growth opportunity for players in
treatment resistant depression market. It is estimated that nearly 30% of
patients diagnosed with major depressive disorder do not respond to initial
antidepressant therapy. This non-response rate further increases with each
subsequent treatment attempt. With limited therapeutic alternatives, there is a
significant unmet need for more effective and newer treatment options for
treatment resistant depression patients. Development of innovative drugs and
therapies targeting novel mechanisms can help address this large patient
population and drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants:The treatment resistant depression treatment market
requires high R&D investments and clinical trial costs pose significant
entry barriers. Bargaining power of buyers:The presence of few alternative
treatment options gives buyers less bargaining power. Bargaining power of
suppliers:Established drug manufacturers and suppliers have significant
bargaining power over buyers in this market. Threat of new substitutes:New
substitute treatments can pose a major threat given the lack of effective
alternatives currently available. Competitive rivalry:The market is highly competitive
with major players continuously investing in R&D to develop novel
therapies.
SWOT Analysis
Strengths: Major players have strong R&D capabilities and pipelines.
Weaknesses: Low treatment response rates and recurrence of symptoms is a major
concern. Opportunity 1: High unmet needs present scope for innovation and
market expansion. Opportunity 2: Emerging economies present large untreated
patient populations. Threat 1: Stringent regulatory approval process raises
development costs. Threat 2: Patents expiration of blockbuster drugs allows
entry of generics.
Key Takeaways
Global
Treatment Resistant Depression Market Demand is expected to witness
high growth over the forecast period driven by large patient pools and
increasing awareness. The United States dominates the market currently due to
supportive reimbursement policies and widespread diagnosis. Regional growth is
expected to be faster in emerging Asian countries due to improving access to
care.
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. All major players are focusing on developing novel
drug candidates and combinations to address the significant unmet needs in
treatment resistant depression management.
Get More Insights on this Topic- https://www.dailyprbulletin.com/treatment-resistant-depression-market-value-analysis-and-forecast/
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