How is COVID-19 Situation Affecting Anxiety and Depression Treatment Market?
The global anxiety and depression treatment market had a valuation of $17,770.9 million in 2020 and it is predicted to generate a revenue of $24,467.7 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 3.3% from 2021 to 2030. The key factors driving the advancement of the market are the surging geriatric population and the growing public awareness about mental disorders and their treatments around the world.
With increasing age, the chances of stress conditions in people surge sharply, which, in turn, pushes up the requirement for anxiety and depression treatment products and treatments. Geriatric people suffer from loss in various capabilities related to the functioning of the body. This when coupled with their reducing socioeconomic status makes them highly vulnerable to mental health issues such as depression and anxiety. Besides this, the growing public awareness about mental health issues is also driving the market advancement.
In the U.S., the National Alliance on Mental Illness (NAMI), which is a mental health organization providing support, treatment, and education on mental illness, was set up in 1979. These initiatives and measures are massively propelling the demand for anxiety and depression products and treatment procedures all over the world. Depending on product type, the market is divided into devices and drugs. Between these, the drugs category held higher market share in the past.
Source: P&S Intelligence
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