July 13, 2024
Treatment Resistant Depression Market

Treatment Resistant Depression Therapies Expected to Witness Significant Growth

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 Overview:

Depression is a serious mental health condition which affects the patient’s mood and daily activities. Treatment Resistant Depression (TRD) is a condition where depression does not respond to at least two antidepressant treatments of adequate dose and duration in the current episode. Some common symptoms of TRD include persistent sadness or empty mood, feelings of hopelessness, loss of interest in activities or hobbies, difficulty concentrating or making decisions, disrupted sleep pattern or change in appetite. The main cause of TRD is thought to be genetic but environmental factors like stress, trauma or medical conditions can also play a role. Treatments for TRD include changes in medication, psychotherapy, electroconvulsive therapy and other novel therapies.

Market key trends:

One of the key trends in the treatment resistant depression market is increasing research in novel treatment therapies. Significant research is being done in neuromodulation therapies like repetitive transcranial magnetic stimulation (rTMS) and electroconvulsive therapy (ECT) for treatment resistant patients. Companies are also investing in developing new classes of antidepressant drugs with different mechanisms of action. Combination therapies using two or more antidepressants or antidepressant along with other psychotropic drugs is also gaining popularity. Greater awareness about mental health issues globally is also driving more patients to seek treatment, fuelling growth of this market.

Porter’s Analysis

Threat of new entrants: Low barrier to entry since industry is well established, however new entrants will face strong competition from existing major players.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of alternative treatment options.

Bargaining power of suppliers: Suppliers have low bargaining power since raw materials used in the manufacturing process are easily available.

Threat of new substitutes: Substitutes have low threat as treatment resistant depression has limited substitutes.

Competitive rivalry: Intense competition exists among existing players.

Key Takeaways

The Global Treatment Resistant Depression Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing prevalence of depression disorders globally. North America is expected to dominate the global market throughout the forecast period, owing to the rising mental health awareness campaigns and availability of advanced treatment options in the region.

The global Treatment Resistant Depression market size for 2023 is US$ 1220.12 Mn. The market is expected to reach US$ 1625.78 Mn by 2030. The rising geriatric population and growing adoption of antidepressant drugs for treatment will propel the market growth during the forecast period.

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. Major players are focusing on developing novel combination therapies and adopting inorganic growth strategies such as acquisitions and collaborations to strengthen their market position.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it