The treatment resistant depression market is gaining traction with increasing popularity of alternative treatment methods like cannabidiol (CBD). Treatment resistant depression refers to depression that does not improve after adequate treatment with antidepressant medications. An estimated 30% to 40% of people diagnosed with depression do not achieve remission even after trying multiple standard treatments. The growing instances of resistant depression has boosted the need for novel treatment approaches offering relief through non-addictive means.
Products like CBD oils extracted from hemp plants have emerged as promising alternatives for managing symptoms of depression. CBD is one of over 100 chemical compounds known as cannabinoids found in the cannabis plant. It has neuroprotective and anti-inflammatory properties but does not cause the intoxicating ‘high’ of tetrahydrocannabinol (THC). Numerous studies have linked CBD to reduction in anxiety, cognitive impairment and pain symptoms in a variety of illnesses including depression. Its advantage lies in addressing the underlying causes of depression rather than just focusing on symptoms. CBD oils are also not associated with side-effects of pharmaceutical antidepressants like insomnia, fatigue and nausea.
The Global Treatment Resistant Depression Market Demand is estimated to be valued at US$ 1405.58 Mn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the treatment resistant depression market are HempFlax, Cavac Biomateriaux, BaFa, Hemp Planet, Dunagro, American Hemp, Hempline, Hemp Inc, Ecofibre, GenCanna, Hemp Oil Canada, Hemp Poland, Plains Industrial Hemp Processing, Colorado Hemp Works, MH Medical Hemp, Hempco, Hempfield Farms, Hemp Tech, Tilray, Canopy Growth.
The rising prevalence of depression globally coupled with limited efficacy of available antidepressants is driving the demand for alternative treatments like CBD. According to WHO, over 260 million people are affected by depression worldwide. Nearly 50% of these patients do not respond adequately to first line or second line drug therapies heightening the need for new treatment methods.
The untapped growth potential of emerging markets across Asia Pacific and Latin America has prompted leading CBD suppliers to expand their geographical footprint in these regions. Asia Pacific is expected witness the fastest CAGR during the forecast period supported by growing acceptance of herbal supplements in India and China. Promising clinical studies have raised hopes that CBD could emerge as a mainstream depression treatment in view of its safety, tolerability and multifaceted mechanism of action.
Market Key Trends
One of the major trends in the treatment resistant depression market is the standardization of CBD formulations. Currently, substantial variability exists in the quality, purity and concentration between CBD-based products due to loose regulations. This undermines the credibility of research and discourages medical acceptance. Treatment resistant depression is a serious condition requiring carefully evaluated therapeutic solutions. Hence, market players are collaborating with research institutes to develop standardized CBD dosing protocols and manufacturing practices. This will strengthen clinical evidence, empower healthcare providers and expand consumer access to clinically-effective goods.
Porter's Analysis
Threat of new entrants: Low barriers to entry due to established distribution channels and consumer familiarity with depression treatment options.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and standard treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technical expertise required.
Threat of new substitutes: Threat of new substitutes is high due to ongoing research in innovative treatment methods.
Competitive rivalry: Intense competition exists among existing players to develop more effective drugs.
Geographical regions of concentration
North America currently dominates the market accounting for over 40% of global market value due to high treatment costs and greater awareness. The United States represents the single largest market globally.
Fastest growing geographical region
Asia Pacific region is expected to grow at the fastest rate during the forecast period driven by rising prevalence of mental health issues, growing geriatric population susceptible to depression and improved access to modern treatment options in major countries like China and India.
For more details on the report, Read- https://www.rapidwebwire.com/treatment-resistant-depression-market-demand-share-analysis/
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