Seasonal Affective Disorder Therapeutics Market Size

Seasonal Affective Disorder Therapeutics Market Analysis

The seasonal affective disorder therapeutics market is expected to register a CAGR of 5.9% during the forecast period.

• COVID-19 significantly impacted the studied market. The onset of the pandemic led to a reduction in patient visits and fewer patients seeking seasonal affective disorder treatment, affecting market growth. As the pandemic progressed, depression rates rose due to pandemic-related fears. According to a June 2021 study published in the World Journal of Psychiatry, COVID-19 had a significant impact on global daily life. The outbreak was predicted to have a lasting influence on mental health, posing worldwide challenges. The increased depressive symptoms during the pandemic created a demand for therapeutics in the late pandemic stages, positively impacting market growth in the following years. Furthermore, post-pandemic, the market is expected to grow at a significant pace as people feel less energetic, motivated, and chipper in seasons such as winter, thereby leading to increased adoption of seasonal affective disorder (SAD) therapeutics.
• Certain factors that are driving the market growth include the increasing prevalence of seasonal affective disorder and depression, growing R&D activities, and the rising number of treatment options.
• The rising prevalence of SAD is expected to drive the market growth. For instance, according to the National Health Service, United Kingdom update in January 2023, the winter blues, also known as seasonal affective disorder (SAD), is estimated to affect more than 12 million people in northern Europe and about 2 million people in the UK and people of all ages, including children, are susceptible to SAD. Such a high prevalence of SAD in developed nations is anticipated to drive market growth due to increased adoption of SAD therapeutics.
• Furthermore, according to the Anxiety and Depression Foundation facts and statistics updated in June 2022, generalized anxiety disorder affects 6.8 million adults or 3.1% of the United States population per year. Thus, such huge cases of depression and SADs across the world are expected to drive the overall growth of the studied market over the forecast period.
• Rising initiatives from the key market players, such as partnership and approval of therapies for SAD, are expected to drive the market growth over the forecast period. For instance, in March 2022, Sun Pharmaceutical Industries Limited entered into an exclusive patent licensing agreement with H. Lundbeck A/S to market and distribute its own version of Vortioxetine in India under the brand name VORTIDIF. In addition, in February 2022, Granules India received approval from the United States Food and Drugs Administration for Bupropion Hydrochloride to treat SAD. Such partnerships and approvals lead to increased market availability of SAD therapeutics, driving market growth.
• Therefore, the rising prevalence of SAD and the rising initiatives from the market players for the launch of drugs for SAD are the factors expected to drive market growth. However, lack of awareness across the regions, probable side effects, and risks are the major factors hindering the seasonal affective disorder therapeutics market's growth.