London, 10 June 2015 – Technavio has published a new report on the global depression drugs market, which is expected to post a CAGR of -6.64% from 2015-2019.
According to the latest research by Technavio, there has been a significant rise in the patient population, as depression has become one of the most disabling illnesses worldwide. In 2012, more than 18 million people suffered from depression in the US alone.
“The prevalence of depression has become very high because of factors like genetic vulnerability, lack of proper diagnosis and treatment and a high degree of association with other disorders like diabetes, stroke and cardiovascular diseases,” says Faisal Ghaus, Vice President of Technavio.
But despite the increasing number of people suffering from depression, the market for depression drugs is shrinking thanks to alternative treatments.
“Many patients are opting for complementary and alternative medicines, in combination with conventional treatments,” says Ghaus.
“These therapies can include relaxation techniques, massage, meditation, counseling, and art therapy. Homeopathic and naturopathic medicines have also been found to be helpful in treating depression. These effective alternatives are expected to erode the market share of drugs currently being used for the treatment of depression over the projected period.”
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