LONDON--(BUSINESS WIRE)--The global selective serotonin reuptake inhibitors market is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global selective serotonin reuptake inhibitors market size is the rising prevalence of mental illnesses. Mental illness has become one of the most commonly diagnosed disorders across the world. The growing prevalence of mental illness is leading to an increased patient pool that needs effective neurological drugs for treatment. In this context, patients with mental illnesses are more likely to opt for SSRIs over antidepressant drugs owing to the increased therapeutic efficacy of SSRIs. Thus, the rising prevalence of mental illnesses is expected to fuel the SSRIs market growth during the forecast period.
As per Technavio, the growing geriatric population will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global selective serotonin reuptake inhibitors market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Selective Serotonin Reuptake Inhibitors Market: Growing Geriatric Population
The geriatric population is growing rapidly across the world. This population is more likely to develop mental disorders when compared to the adult population. Moreover, the increased awareness about self-health in patients and the availability of efficacious antidepressants such as SSRIs are likely to increase the adoption of SSRIs by the geriatric population. This is expected to positively influence the growth of the SSRIs market size during the forecast period.
“Apart from the growing geriatric population, other factors such as the lack of R&D in neuropsychopharmacology, will propel the use of SSRIs for the treatment of neurological disorders. This in addition to rising government initiatives will have a significant impact on the selective serotonin reuptake inhibitors market growth during the forecast period,” says a senior analyst at Technavio.
Global Selective Serotonin Reuptake Inhibitors Market: Segmentation Analysis
This market research report segments the global selective serotonin reuptake inhibitors market by application (depression, anxiety and panic disorder, and other mental conditions), and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the selective serotonin reuptake inhibitors market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the selective serotonin reuptake inhibitors market in North America can be attributed to factors such as the presence of large pharmaceutical companies that offer both branded and generic SSRIs, and the presence of a proper regulatory framework for the approval of new drugs in the region.
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