by The global panic attack treatment market is estimated to be valued at US$ 2.04 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Panic attacks are abrupt feelings of intense fear or discomfort that reach a peak within minutes. Common physical symptoms include chest pain, heart palpitations, sweating, and feelings of choking or smothering. These symptoms often mimic those of a heart attack. Panic attacks usually result from a complex interaction between genetic vulnerabilities and life experiences. Treatment options include medications, psychotherapy, support groups, and self-help methods.
Market Dynamics:
Panic attacks can be effectively managed and treated with a comprehensive treatment plan. Two main drivers that are boosting the panic attack treatment market include –
Firstly, the increasing prevalence of anxiety disorders across the globe is a key growth factor. According to the Anxiety and Depression Association of America’s report, around 6.8 million adults experience a panic disorder every year in the US alone. Effective treatment options help address this vast patient pool.
Secondly, pharmaceutical companies have a strong product pipeline to develop safer and more efficacious therapeutic options for panic disorder treatment. For example, in 2020 GlaxoSmithKline received FDA approval for its antidepressant Luvox CR, indicated for both obsessive-compulsive disorder and panic disorder. Such pipeline advances aid market revenues over the stipulated period.
Segment Analysis
The global panic attack treatment market is dominated by antidepressant drugs segment, which accounts for over 40% of the total market share. Antidepressant drugs such as selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs) are increasingly being used for treatment of panic attacks as they are highly effective in reducing the symptoms. Antidepressant medications work by balancing natural chemicals in the brain that are linked with mood. Within antidepressant drugs, selective serotonin reuptake inhibitors sub-segment generates the highest revenue due to drugs like escitalopram and sertraline being the first line of medications prescribed by doctors to patients experiencing panic attacks.
PEST Analysis
Political: Regulations related to testing and approval of new drug formulations by regulatory bodies like FDA influence the research and development activities in this market.
Economic: Availability of sufficient health insurance coverage impacts the affordability of panic attack medications among consumers. Rising disposable incomes in developing nations drive the market growth.
Social: Growing social acceptance and discussions around mental health issues have increased the treatment seeking rate for panic disorders over the past decade.
Technological: Utilization of digital health technologies and apps to provide psychological therapies for panic attacks remotely is witnessing increasing adoption.
Key Takeaways
The global Panic Attack Treatment Market Share is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing mental health awareness campaigns driving more people affected with panic attacks to opt for treatment.
The North America panic attack treatment market holds the largest market share of over 35% globally, led by the US. High treatment seeking rate coupled with presence of key market players is driving the North America regional market.
The Europe region also captures a significant share owing to rising acceptance of psychological therapies. Growing initiatives by mental health organizations in countries like the UK and Germany are propelling the Europe panic attack treatment market size.
Key players operating in the panic attack treatment market are GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Johnson & Johnson Services, Inc., Bausch Health Companies Inc., H. Lundbeck A/S. Major players are involved in new drug developments and acquisitions to strengthen their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
