According to the deep-dive market assessment study conducted by Growth+Reports, the global generalized anxiety disorder therapeutics market was pegged at ~US$ 8869.5 million in 2021. The market is expected to witness a CAGR of ~3.6% from 2022 to 2030.
Anxiety and mental health illnesses are becoming more common in both adults and children around the world. The socioeconomic impact of mental health difficulties will continue to increase as a result of the associated loss of employment and effects on lifestyle and social involvement. According to the WHO, mental health issues are becoming more prevalent worldwide. The increase in mental health issues and substance use disorders over the past ten years have mostly been attributed to demographic shifts. Pharmaceutical companies are stepping up their efforts to hasten the commercialization of treatments for anxiety disorders and depression. This has prompted various governments to initiate initiatives aimed at decreasing the burden of mental illnesses and anxiety disorders. Due to the fact that these estimates were mostly based on a small number of cost factors, such as direct treatment costs and needless treatment expenses, the societal cost of anxiety disorders has been significantly understated. Costs associated with poor work performance include lost earning potential and days of work owing to mortality. Many expenditures, including long-term opportunity costs and costs related to comorbidities, were not taken into account. Such elements reflect untapped potential and have been crucial signals for pharmaceutical companies to increase the use of current medications for anxiety disorders and even develop novel therapies, hence boosting the market growth.
According to the WHO, mental health problems can have a substantial impact on many facets of life, including academic or professional performance, friendships, and the capacity to engage in community activities. Two of the most prevalent mental health problems, anxiety and depression, cost the world economy $1 trillion annually. There has been a rising understanding of the crucial role mental health plays in accomplishing global development goals in recent years, as indicated by the inclusion of mental health in the Sustainable Development Goals.
Currently, some promising medications for anxiety disorders and generalised anxiety disorder are in development. The FDA has approved a phase 2b trial using an improved version of LSD to treat anxiety. A medication called MM-120 is being created by MindMed with the goal of treating generalised anxiety disorders as well as other mental illnesses. MindMed's clinical studies are anticipated to start in 2022. In a phase 2 research, both male and female patients with intermittent explosive disorder had less anxiety, fear, tension, aggression, and depression after taking the small molecule vasopressin V1A receptor antagonist SRX246. SRX246 is viewed as a potentially effective treatment for PTSD, GAD, and rage problems. Mid-stage and early-stage pipeline candidate candidates must perform well in order to increase GAD therapeutics market.
More than 90% of patients with GAD also have another psychiatric condition, according to The Recovery Village, ADAA. Due to a lack of an appropriate diagnostic test, generalised anxiety disorder is not diagnosed frequently, which is a serious problem. There are restrictions to psychotherapy for anxiety disorders. Typically taking longer than cognitive behavioural therapy (CBT), psychodynamic treatment might extend for several years. Therapy sessions are unstructured. According to a global study titled "Treatment Gap for Anxiety Disorders is Global: Results of the World Mental Health Surveys in 21 countries," 9.8% of 51,547 respondents had a DSM-IV anxiety disorder that had lasted for a year, 27.6% had received no treatment, and only 9.8% had possibly adequate treatment. Of those with anxiety for a year, 41.3% said they required assistance.
In the market for treatments for generalized anxiety disorder, Europe came in second. With an estimated 25 million cases of generalized anxiety disorders (or 5.4% of the population), anxiety disorders are the most common mental illness in EU countries. The government has implemented a number of policies under the social security program to address the issue because its prevalence puts a strain on the economy, including raising social assistance benefits, increasing work injury benefits, and raising the cost of medical care when a patient also has a mental illness. Additionally, measures are taken to address some indirect implications of mental health concerns on employment, such as lower employment rates or longer working hours for those who pursue unpaid informal occupations related to their mental health. Currently, in the European Union (EU),many individuals are consuming antidepressants.
The prominent players operating in the global generalized anxiety disorder therapeutics market are Abbvie Inc., Mind Medicine Inc., Genentech Inc., Pfizer Inc., Eli Lilly and Company, GSK PLC, VistaGen Therapeutics, Abbott Laboratories Inc., H. Lundbeck A/S, Merck & Co. Inc., Johnson & Johnson, and AstraZeneca among others.