Treatment Resistant Depression Market Growth Accelerated By Rising Prevalence Of Treatment Resistant Depression

 

Treatment Resistant Depression Market 


Treatment resistant depression refers to depression that does not respond to at least two antidepressant treatments of adequate dose and duration in the current episode. It is associated with serious functional impairment and increased medical costs. Patients suffering from treatment resistant depression opt for alternative therapies such as psychotherapy, somatic treatments including electroconvulsive therapy, and novel pharmacological therapies. 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 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising prevalence of treatment resistant depression across the globe is the major factor driving the growth of this market. As per the WHO, over 264 million people suffer from depression worldwide. Close to 30% of individuals with MDD have treatment-resistant depression. Moreover, the introduction of novel therapeutics in the pipeline is also expected to boost the treatment resistant depression market growth over the forecast period. For instance, companies are developing psychedelic drugs such as psilocybin, ketamine, and MDMA for treatment resistant depression. These new therapeutic modalities have shown encouraging results in treatment resistant patients by changing neuroplasticity and promoting neurogenesis. Furthermore, rising awareness regarding alternative therapies such as transcranial magnetic stimulation and vagus nerve stimulation is also contributing to the market growth.

Segment Analysis
The global treatment resistant depression market is segmented based on treatment type, application, and end user. Based on treatment type, the ketamine segment dominates the market due to increased success rate of ketamine treatment in reducing depression symptoms. Ketamine therapy works by changing brain functions and helping formation of new neural connections.

Key Takeaways
The global treatment resistant depression market analysis is expected to witness high growth over the forecast period. Increasing prevalence of depression and lack of effective treatment options is driving the growth of this market.

Regional analysis: North America region currently dominates the global market due to favorable reimbursement policies and increasing healthcare expenditure. The United States accounts for a major share in the North American market. Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising awareness and improving healthcare infrastructure in countries like China and India.

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. These companies are focusing on new product launches and increasing production capacities to strengthen their market position.

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