Major Depressive Disorder (MDD), also known as clinical depression, is a common and serious mental illness that negatively affects mood, thoughts, behavior, feelings and physical health. It is estimated that more than 264 million people suffer from depression globally. The rise in prevalence of depressive disorders can mainly be attributed to factors such as stressful lifestyle, substance abuse, genetics and medical illnesses. Depressive disorder treatments include antidepressants, psychotherapy and counseling that help in managing the symptoms effectively.
The global Major Depressive Disorder Treatment Market is estimated to be valued at US$ 13.63 Bn in 2024 and is expected to exhibit a CAGR of 24.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of major depressive disorder treatment market is rising adoption of electronic therapy. Electronic therapy involves use of digital devices and mobile applications for delivering psychological therapy to the patients. It provides convenience and overcomes limitations such as accessibility and cost associated with traditional face-to-face therapy sessions. Online cognitive behavioral therapy programs facilitate remote monitoring of the patients and enable delivery of treatment anytime, anywhere which is boosting their demand. Moreover, incorporation of technologies such as virtual reality and artificial intelligence in electronic therapy is further augmenting the market growth by offering personalized and more effective treatment experiences to depressive disorder patients.
Segment Analysis
The global major depressive disorder treatment market is dominated by the antidepressants sub segment. Antidepressants are the first line treatment for major depressive disorder and various new drug launches and strong pipeline will continue to drive the growth of this sub segment in the coming years.
Key Takeaways
Global Major Depressive Disorder Treatment Market Size is expected to witness high growth during the forecast period of 2024-2031. The increasing mental health awareness programs and reducing stigma associated with depressive disorders are driving the growth of the major depressive disorder treatment market globally.
Regional analysis: North America currently dominates the global major depressive disorder treatment market owing to growing acceptance of novel drug therapies and rising mental health burden in the region. However, Asia Pacific region is expected to witness fastest growth due to rising geriatric population, growing penetration of health insurance, and improving healthcare infrastructure in emerging countries of the region.
Key players operating in the major depressive disorder treatment market are BP Plc, Royal Dutch Shell Plc, Total SE, Chevron Corporation, ExxonMobil Corporation, Engie SA, RWE AG, ON SE, Vattenfall AB, Gazprom, Mitsubishi UFJ Financial Group (MUFG), JPMorgan Chase & Co., Goldman Sachs Group, Inc., Citigroup Inc., and Barclays PLC.
Get More Insights on this Topic- https://www.trendingwebwire.com/major-depressive-disorder-treatment-market-growth-insights-and-forecast/
Comments
0 comment