Market Research Future (MRFR) states that the Global Depression Screening Market could expect to achieve a growth rate of 6.20% during the forecast period (2017-2023).
Market Drivers and Key Barriers
Depression is a type of a mental condition which leads to depressed mood, feelings of low self-worth, loss of interest, low energy, poor concentration, and disturbed sleep or appetite among individuals. A person suffering from depression experiences hopelessness, intense emotions of anxiety, helplessness, and negativity. MRFR estimates the worldwide depression screening market as a moderately expanding market, which could have better growth during the evaluation period.
Surging cases of patients with a number of mental disorders along with rise in stressful lifestyle positively impact the market. Other than this, hike in funding for research and development (R&D) as well as clinical trials favors the market. On this note, significant companies in the market are funding R&D to obtain effective solutions for mental health.
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Esteemed vendors hold substantial portion of the market while owing to high investment cost, medium and small companies are predominantly stressing on the manufacturing of drugs instead of R&D. To illustrate, companies such as Pfizer Inc., Eli Lilly and Company and Allergan spend a rather huge amount on R&D, resulting in market growth.
The worldwide depression screening market can be segmented on the basis of disease type, diagnosis, treatment, and end user.
The types of diseases covered in the report include mood disorders, anxiety, bipolar disorders, depression, eating disorders, psychotic disorders, along with other mental and behavioral & disorders.
Diagnosis-based segments in the market are a psychological test, Lab tests, depression screening tests, and others.
Treatment-wise, the market includes brain-stimulation treatments (Vagus Nerve Stimulation (VNS), repetitive Transcranial Magnetic Stimulation (rTMS), Magnetic Seizure Therapy (MST), and Deep Brain Stimulation (DBS)), medication (anti-anxiety medications, antidepressants, antipsychotic medications, stimulants, anti-seizure medications and others), substance abuse treatment and others.
The end users in the market are medical research centers, hospitals and clinics, academic institutes, and others.
The worldwide depression screening market comprises four main regions of Europe, the Americas, Middle East & Africa and Asia Pacific.
The Americas is the largest market for depression screening as the region houses some of the top pharmaceutical companies, leading to innovation and new solution development. Companies such as Pfizer Inc., Eli Lilly and Company, among others provide huge monetary support for R&D. The Canadian Mental Health Association has released data that says that 1% of the Canadian population suffers from Schizophrenia, whereas close to 5% of the household population in the country deals with anxiety disorders.
Cases of mental disorder and illness are observing a sharp rise in Europe. The depression screening market in Europe has grown as a result of changing lifestyle and the rising prevalence of depression. Additionally, speedy rate of adoption of latest drugs and techniques could be another critical factor backing the market growth. The World Health Organization (WHO) says that nearly 27% of the adult population in the European Union (EU) countries suffers from severe form of depression.
In Asia Pacific, prevalence of several mental disorders is quickly increasing in middle-low income countries like India and China. The data published in International Journal of Behavioral Science reveals that depression, anxiety, substance abuse disorder, suicidal behavior and Post-Traumatic Stress Disorder (PTSD0 are the leading mental issues in Asia Pacific. With this surge in mental disorder cases, there has been a subsequent increase in the awareness levels regarding the treatment options. This is perceived to have a lucrative effect on the market growth in the following years.
Reluctance in adopting new therapies, restricted availability of healthcare facilities and low awareness of the disorders are some of the prime reasons for the slow market growth in Middle East and Africa.
The major players in the worldwide market are Novartis AG (Switzerland), Eli Lilly and Company (US), ALLERGAN (Republic of Ireland), Alkermes (Republic of Ireland), Johnson & Johnson Services, Inc. (US), Pfizer Inc. (US), Otsuka Holdings Co. Ltd. (Japan), AstraZeneca (UK), F. Hoffmann-La Roche Ltd (Switzerland), Bristol-Myers Squibb Company (US), and others.
The American Academy of Family Physicians recently unveiled a clinical practice guideline pertaining to the screening as well as treating of depression after acute coronary syndrome. It an updated replacement of the Academy’s guideline for detecting and treating depression after myocardial infarction.
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