Number of pages: 100 | Report Format: PDF | Published date: April 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global selective serotonin reuptake inhibitors market was valued at US$ 827.77 million in 2022 and is expected to register a revenue CAGR of 5.3% to reach US$ 1,306.40 million by 2031.
Selective Serotonin Reuptake Inhibitors Market Fundamentals
Selective serotonin reuptake inhibitors (SSRIs) are a type of antidepressant medication that works by increasing the levels of the neurotransmitter serotonin in the brain. Serotonin regulates mood, sleep, appetite, and other bodily functions, and low serotonin levels have been linked to depression. Selective serotonin reuptake inhibitors are often prescribed as a first-line treatment for depression and anxiety disorders due to their effectiveness and relatively low risk of SSRI side effects. Many people have demonstrated success using SSRI medications to lessen their depressive symptoms. They are frequently recommended due to their high efficacy rates and are regarded as a first-line treatment for depression. They are less likely to cause side effects like weight gain, drowsiness, and anticholinergic effects than other antidepressants. Selective serotonin reuptake inhibitors are the medications for treating depression that is most frequently administered. One of the key selective serotonin reuptake inhibitors market trends in recent years has been the development of SSRIs that are more targeted and specific to certain receptors in the brain. For example, some newer SSRIs target the 5-HT1A receptor, which is thought to be involved in regulating mood and anxiety.
Additionally, in the development of new SSRIs is an increased focus on improving the safety profiles of these drugs. This includes developing SSRIs with fewer side effects and a lower risk of adverse events. Some researchers are exploring the use of combination therapies that include SSRIs as part of a broader treatment regimen. For example, some studies have shown that combining an SSRI with cognitive-behavioral therapy may be more effective than either treatment alone.
Selective Serotonin Reuptake Inhibitors Market Dynamics
People are under increasing stress and pressure from different aspects of their personal life in the current fast-paced and competitive environment. This might result in emotions of helplessness, anxiety, and depression. Poverty, unemployment, and social isolation are also socio-economic issues that might contribute to the development of depression and other anxiety disorders. Furthermore, lifestyle changes such as a lack of exercise, a bad diet, and insufficient sleep can all contribute to the formation of mental illness. Therefore, the world is facing an overburden for psychiatric disorders. Regarding global selective serotonin reuptake inhibitors market dynamics, the increased prevalence of mental illness is the most important driving factor helping the overall market revenue growth.
The increasing awareness about the importance of mental health is considered a primary factor influencing the global serotonin reuptake inhibitors market revenue growth. People are more open to discussing mental health difficulties, and there is a better awareness of the importance of having access to mental health resources. Furthermore, the global increase in the prevalence of depression and anxiety disorders has led to the growth of the serotonin reuptake inhibitors market revenue, as these medications are often used to treat these problems. This selective serotonin reuptake inhibitors market trend will continue in the next years, resulting in significant market revenue growth.
Research and development efforts are being directed toward producing new and more effective selective serotonin reuptake inhibitors with fewer side effects that are more tolerable for patients. These interventions are driving market innovation and assisting in developing new pharmaceuticals that are more effective in treating mental health illnesses. Furthermore, discovering these new pharmaceuticals contributes to expanding the pharmaceutical sector while providing hope for people suffering from mental health illnesses who have not reacted well to present treatments. As a result, there is a growing need for these novel treatments and a greater emphasis on mental health research. The presence of robust drug pipelines in the serotonin reuptake inhibitors (SSRI) market is crucial for the market's success. As more people seek treatment for their mental health disorders, discovering new and more effective medications may raise the demand for selective serotonin reuptake inhibitors. This can potentially enhance sales and revenue for pharmaceutical businesses that manufacture selective serotonin reuptake inhibitor drugs.
However, selective serotonin reuptake inhibitors have several adverse effects, including nausea, headaches, and sexual dysfunction. They may also increase the risk of suicidal thoughts and conduct in some circumstances, particularly in children and adolescents. These safety concerns may limit selective serotonin reuptake inhibitor's use and influence market revenue growth. Furthermore, many first-generation selective serotonin reuptake inhibitors, such as fluoxetine (Prozac), are no longer on the market and face increased competition from generic copies. This has the potential to impair the profitability of these medications.
Furthermore, the regulatory framework surrounding selective serotonin reuptake inhibitors is complex, and changes in legislation or safety concerns might impact the availability and use of these medications. While SSRIs are useful for many individuals, other therapies, such as cognitive-behavioral therapy and other types of psychotherapy, are also effective for treating depression and anxiety. Some patients may prefer these treatments, which may restrict the use of SSRIs. There may be a stigma connected with mental health illnesses and seeking treatment in various cultures. This may restrict the usage of SSRIs and influence market revenue growth in certain regions.
Selective Serotonin Reuptake Inhibitors Market Ecosystem
The global selective serotonin reuptake inhibitors market is analyzed from three perspectives: application, distribution channel, and region.
Selective Serotonin Reuptake Inhibitors Market by Application
Based on the application, the global selective serotonin reuptake inhibitors market is segmented into depression, anxiety and panic attack, chronic pain, and others.
According to the selective serotonin reuptake inhibitors industry analysis, depression accounted for a large revenue share of the selective serotonin reuptake inhibitors market in 2022. Selective serotonin reuptake inhibitors market demand is rising due to the rise in depression cases, which provides a lucrative opportunity for the market. Technology, sedentary occupations, greater screen time, and social isolation have become known risk factors for depression. Additionally, economic and globalization trends have increased competition, job instability, and financial stress, all of which can hasten the onset of depression. According to the 2023 updates of WHO, depression is a prevalent mental illness. An estimated 5% of adults worldwide experience depression. As a result, numerous businesses are funding the investigation and creation of novel depression treatments.
In contrast, owing to the increasing use of selective serotonin reuptake inhibitors for chronic pain, it is considered the fastest-growing segment with the highest revenue CAGR in terms of the selective serotonin reuptake inhibitors market during the forecast period. Selective serotonin reuptake inhibitors are a mainstay for treating many chronic pain problems. These are useful alternatives for managing chronic pain combined with other treatments like physical or cognitive behavioral therapy as they alter the amounts of specific chemicals in the brain that impact mood and pain perception. Thus, the increasing emergence of chronic pain associated with several diseases is responsible for the fast revenue growth.
Selective Serotonin Reuptake Inhibitors Market by Distribution Channel
Based on the distribution channel, the global selective serotonin reuptake inhibitors market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment accounted for the largest revenue share of the global selective serotonin reuptake inhibitors market in 2022. Since selective serotonin reuptake inhibitors are prescription medications, a certified pharmacist can only dispense them after receiving a valid prescription from a healthcare professional. Hospital pharmacies are probably more likely to dispense prescribed selective serotonin reuptake inhibitors than retail pharmacies because hospitals are the principal setting where patients receive medical care and treatment, as not all retail pharmacies have the proper permits. Due to the complexity of their medical conditions, hospital patients may be more likely to require selective serotonin reuptake inhibitors frequently. For instance, patients who suffer from severe depression or anxiety disorders may need to be hospitalized and may consequently get their prescriptions from the hospital pharmacy. Furthermore, hospitalization can be a stressful experience that could aggravate pre-existing mental health issues or result in the emergence of new ones, necessitating the usage of selective serotonin reuptake inhibitors.
Moreover, changes in healthcare policy, such as the Affordable Care Act in the United States, may lead to increase funding for mental health services and the expansion of mental hospitals for which the stigma surrounding mental health continues to decrease, more people may be seeking treatment for mental health issues, leading to an increased need for mental hospitals. Therefore, the increasing number of mental health hospitals is also crucial to segmental revenue growth.
Selective Serotonin Reuptake Inhibitors Market by Region
Based on the region, the global selective serotonin reuptake inhibitors market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global selective serotonin reuptake inhibitors market in 2022. Depression instances are on the rise due to factors such as splitting up, unemployment, work stress, and increased life expectations. The market for selective serotonin reuptake inhibitors is growing in North America due to the availability of modern healthcare facilities and rising healthcare spending.
The selective serotonin reuptake inhibitors market in the Asia Pacific is also expanding at a fast revenue CAGR. The selective serotonin reuptake inhibitors market in Asia is expected to be driven by factors including the fast-expanding prevalence of mental illnesses and depression, increasing awareness of depression and accessible therapies, and rising healthcare spending.
Selective Serotonin Reuptake Inhibitors Market Competitive Landscape
Multiple companies and governments across the globe are investing in raising awareness and reimbursement, which is expected to improve the selective serotonin reuptake inhibitors market outlook. Notable market participants account for a prominent revenue share of the global selective serotonin reuptake inhibitors market include,
Serotonin reuptake inhibitors (SSRIs) are a type of antidepressant medication commonly used to treat depression, anxiety, and other mental health disorders.
The depression segment accounts for the largest revenue share of the global selective serotonin reuptake inhibitors market.
Asia Pacific is expected to be the fastest-growing market for selective serotonin reuptake inhibitors in terms of revenue share.
Key companies operating the global selective serotonin reuptake inhibitors market are AbbVie Inc., Apotex Inc., Aurobindo Pharma Ltd., Cipla Inc., and Eli Lilly and Co.,
The global selective serotonin reuptake inhibitors market is expected to register a revenue CAGR of 5.3% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain