Booming Geriatric Population Propelling Anxiety And Depression Treatment Market

By Author: Pramod Kumar
Total Articles: 97
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According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 3.3% from 2021 to 2030 (forecast period). The market is being driven by the surging population of geriatric people, growing public awareness about mental illnesses and their treatment procedures, and soaring number of product approvals around the world.

According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. As geriatric people go through several stress conditions and are highly vulnerable to anxiety and depression, owing to their reduced socioeconomic conditions after retirement and isolation and loneliness, their ballooning population is positively impacting the worldwide demand for anxiety and depression treatment products.

Depending on product type, the market is divided into devices and drugs. Between these, the drugs category held the larger share in the market in the past. This was primarily ...
... because of the increasing implementation of government initiatives for raising mental health awareness and knowledge of associated illnesses and the surging number of clinical trials being conducted by research institutes for developing advanced drugs. This is subsequently expanding the portfolio of anxiety and depression drugs, which is, in turn, attracting a large number of healthcare professionals and patients.

Geographically, the Asia-Pacific (APAC) region is expected to be the fastest-growing region in the anxiety and depression treatment market during the forecast period. This is credited to factors, such as the mushrooming population of geriatric people, increasing age-related risks like anxiety and depression, and rising prevalence of depression among young individuals in the region. As per the United Nations Population Fund (UNFPA), one out of every four individuals in the APAC region will be above 60 years of age by 2050. Additionally, the population of people aged 60 years and above will triple between 2010 and 2050 and reach 1.3 billion.

Report Description: https://www.psmarketresearch.com/market-analysis/anxiety-and-depression-treatment-market

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.