The Global Depression Treatment Therapy Market size is expected to gain momentum backed by the increasing incidence of suicides and the growing number of psychiatrists that is likely to boost the adoption of advanced depression treatment therapy modules worldwide. This information is published by Fortune Business Insights in its upcoming report, titled, “Depression Treatment Therapy Market Size, Share & Industry Analysis, By Type (Medications, Devices), By Disease Indication (Major Depression, Bipolar Depression, Seasonal Affective Disorder (SAD), Premenstrual Dysphoric Disorder (PMDD), Others), By End User (Hospitals, Specialty Clinics, Others) and Regional Forecast 2020-2027.”
The effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in resumption of industrial activities.
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There are about 264 million people who suffer from some type of mental illness across the globe, according to the World Health Organization. The depression treatment therapy has witnessed significant changes due to technological advancement and growing awareness amongst the general population.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Incidence of Suicides to Accelerate Growth
According to the World Health Organization, nearly 800,000 cases of death due to suicide are witnessed across the globe. The increasing prevalence of suicide cases is propelling the need for advanced depression treatment therapy solutions. Moreover, to deal with several depression cases the growing number of psychiatrists is likely to be foreseen as a positive sign for the global depression treatment therapy market growth during the forecast period. For instance, in 2020, according to the psychiatryonline, there were around 42,221 psychiatrists in the U.S. and is projected to reach 54,790 by 2040.
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Increasing Incidence of Depression Disorders in North America to Augment Growth
Among all the regions, North America is expected to hold the highest position in the global depression treatment therapy market during the forecast period. This is attributable to the increasing incidence of depression disorders in countries such as the U.S. that is propelling the demand for advanced depression treatment therapy procedures in the region between 2020 and 2027.
The market in Asia-Pacific is expected to experience substantial growth backed by the growing demand for effective drug therapies in the region.
Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The global depression treatment therapy market comprises small, medium, and large companies that are striving to maintain a stronghold. The companies are investing in R&D activities to develop effective depression treatment therapy solutions to cater to the growing need amongst patients. Moreover, other key players are adopting organic and inorganic growth strategies that are likely to bode well for the market growth.
November 2020 – Janssen, a global pharma firm, announced its partnership with Koa Health, a leading digital mental healthcare provider. Together, the companies will work to provide effective digital treatment for patients suffering from depression and further strengthen their positions in the global market for depression treatment therapy.
List of the Companies Operating in the Global Market for Depression Treatment Therapy:
Merck & Co. Inc.
Johnson & Johnson
Eli Lilly and Company
Novartis International AG
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Name: Shridhar Patil
Shridhar Patil is part of a talented team of content writers working at Fortune Business Insights™, one of the promising market research firms in the industry. With quality experience in developing content, he is actively involved in writing articles, press releases, and blogs for the company. He is highly motivated and works towards seeking knowledge from every possible source, with a penchant for updating himself to valuable information around him.