February 25, 2024

Treatment Resistant Depression Market Propelled By Growing Awareness Regarding Mental Health Issues

Treatment Resistant Depression refers to chronic or recurrent forms of Major Depressive Disorder that have failed to respond adequately to optimized antidepressant medication treatment. According to estimates, about 30% of individuals with major depression exhibit signs of treatment resistance. Treatment Resistant Depression has emerged as a significant global health concern, with a range of psychotherapeutic and electroconvulsive therapy interventions being explored for effective management. The growing incidence of mental health issues such as depression and rising economic burden of associated healthcare costs are prompting healthcare providers and payers to focus on treatment resistant forms of depression.

The global Treatment Resistant Depression Market is estimated to be valued at US$ 1220.12 Mn in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing awareness regarding mental health issues and reducing stigma around depression is boosting the adoption of advanced treatment options for treatment resistant depression. Educational campaigns by mental health organizations are playing a significant role in enabling individuals to acknowledge mental health conditions without fear. This is encouraging more treatment seeking behavior and improving healthcare accessibility for resistant forms of depression. As societal support increases, the market for adjunct therapies and innovative treatment models for treatment resistant depression is expected to witness substantial gains over the coming years.

SWOT Analysis
Strength: Treatment Resistant Depression has a large market size of US$ 1220.12 Mn in 2024 presenting a huge opportunity.
Weakness: Lack of approved drugs and high costs of R&D are hindering market growth.
Opportunity: Increasing awareness and support from regulatory bodies for new innovative treatment options.
Threats: Stringent regulations for approval of new drugs and alternative treatment options.

Key Takeaways
The global Treatment Resistant Depression market demand is expected to witness high growth at a CAGR of 22% during the forecast period of 2023 to 2030.

Regional analysis: North America is currently the largest regional market followed by Europe. The US dominates the North America market owing to high incidence rates and availability of approved drugs. Key players are focusing on expanding their presence in emerging markets of Asia Pacific and Latin America presenting scope for future growth.

Key players operating in the Treatment Resistant Depression market are HempFlax, Cavac Biomateriaux, BaFa, Hemp Planet, Dunagro, American Hemp, Hempline, Hemp Inc, Ecofibre, GenCanna, Hemp Oil Canada, Hemp Poland, Plains Industrial Hemp Processing, Colorado Hemp Works, MH Medical Hemp, Hempco, Hempfield Farms, Hemp Tech, Tilray, Canopy Growth. These players are focusing on new product launches, collaborations and expansion strategies to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it