Pune, India, April 29, 2021 (GLOBE NEWSWIRE) -- The global antidepressants market size is projected to reach USD 18.29 billion by 2027, exhibiting a CAGR of 2.9% during the forecast period. The skyrocketing demand for depression management drugs amid the COVID-19 pandemic will rapidly broaden the horizons of this market, observes Fortune Business Insights in its report. According to a joint study conducted by researchers from Boston University, Brown University, and the Hassenfeld Child Health Innovation Institute, depression symptoms were three times higher during the coronavirus-induced lockdown.

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The sudden spike in the prevalence of anxiety and depressive tendencies among populations has created major shortages of essential antidepressants worldwide. In Canada, for instance, Pfizers anti-depressant, Nardil, went out of stock in June 2020 and Health Canada predicts that the drug shortage is likely to last till August 2021. Furthermore, the US Food and Drug Administration (FDA) revealed in June 2020 that the antidepressant Zoloft is facing huge shortages as the pandemic has disrupted pharmaceutical supply chains. The dramatic rise in the demand for depression medications and the consequent surge in sales enabled the market to showcase a prolific CAGR of 28.0% in 2020, reaching USD 14.93 billion in value.

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Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.

Increasing Application of AI in Detecting Depression to Open Floodgates of Innovation

The employment of artificial intelligence (AI) in identifying depressive behaviors in individuals is paving new pathways for the market growth. Several startups, healthcare technology entities, and academic institutions have been AI-based algorithms, systems, and tools for depression. For example, Baltimore-based Sunrise Health, a startup incubated under Johns Hopkins Technology Ventures, has developed a system that uses AI-based predictive analytics to regulate patient activity and inhibit the onset of mental health breakdown episodes through support-group texting.

On the other hand, California-based startup, Mindstrong Health, utilizes machine learning (ML) to aid the diagnosis and treatment of behavioral health disorders by leveraging data generated from smartphones. In June 2020, psychiatry researchers at Stanford University developed an AI-based algorithm to study brainwave patterns specific to depression patients, aiming to identify which symptoms change with treatment in a more pinpointed manner. Thus, AI has displayed vast potential in enhancing the efficacy and accuracy of antidepressants, thereby brightening the outlook of this market.

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Presence of Leading Market Players to Catalyze the Market in North America

North America is expected to dominate the antidepressants market share during the forecast period, backed by the strong presence and widespread operations of large pharmaceutical companies, such as Pfizer and Merck, in the US. These conglomerates, due to their sound financial health, are constantly engaged in the creation and launch of novel depression therapies, which has been the primary factor for the regions apex position in this market. The North America market size stood at USD 6.00 billion in 2019.

In Europe, rising investments in clinical trials and huge funding for research & development activities will foster lasting growth of the regional market. On the other hand, Asia Pacific is set to present lucrative opportunities over the next decade as the increasing incidence of depression and anxiety disorders will stoke the adoption of anti-depressants.

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The recent coronavirus outbreak has brought major businesses to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures. The report includes the impact on Covid-19 pandemic on the global Pharmaceuticals market and discusses how major companies are coping with this.

The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market. Furthermore, the report offers a detailed analysis and information as per Pharmaceuticals Market Growth Analysis by manufacturers, market segments helping our readers to get a comprehensive overview of the global market. Several players are planning to focus on developing cost-effective products or services, aiming to maintain a strong foothold in the market.

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Antidepressants Market Size 2021 | Is Projected to Reach USD 18.29 Billion by 2027, Exhibiting a CAGR of 2.9% during 2020-2027 - GlobeNewswire