The global depression treatment market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period of 2020-2027, according to a report by Research & Markets.
Depression treatments are the type of prescription given to alleviate the symptoms of anxiety disorders, mild chronic depression, and Major Depressive Disorder (MDD). The rising prevalence of depression among the global population is the major factor driving the growth of the depression treatment market. Besides, the increasing awareness about mental illness, and the growing geriatric population with a higher rate of depression, is another factor accelerating the market growth.
According to the report of the World Health Organization (WHO) published in January 2020, there are around 800,000 suicide-related mortalities every year, and 264 million people of all ages suffer from depression globally. Moreover, depression is the second leading cause of suicide in the young generation which is expected to increase due to change in lifestyle and increasing workload. The presence of depression disorder cases is higher in the US.
According to the estimates of Anxiety and Depression Foundation facts and statistics, 6.8 million adults, or 3.1% of the US population have been affected by a generalized anxiety disorder. In line with this, 6 million adults, or 2.7% of the US population are affected by panic disorder. Other factors such as chronic medical conditions, crimes such as sexual abuse, femicide along other behavioral issues may further lead to depression, which in turn, creates demand for depression treatment drugs.