NEW YORK, April 8, 2021 /PRNewswire/ -- The World Health Organization (WHO) has designated October 10th as World Mental Health Day in order to raise awareness about such issues and lessen people's hesitation in seeking treatment. As a result of such initiatives, the globalanxiety and depression treatment market value is predicted to increase from $17,770.9 million in 2020 to $24,467.7 million by 2030, at a 3.3% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
Similarly, a program, named Better Outcomes in Mental Health Care (BOiMHC), and an organization, called Mental Health Association, have been formed to help the cause in Australia. Another such organization aiding the anxiety and depression treatment market growth with its support to patients and educational courses is the National Alliance on Mental Illness (NAMI), which was founded in the U.S. in 1979.
Key Highlights of Global Anxiety and Depression Treatment Market
- Demand for devices to rise faster than for drugs
- Booming geriatric population strongest market driver
- Rising awareness on mental health positively affecting market growth
- Hospital pharmacies accounting for most drug and device sales
- North America largest market for anxiety and depression drugs and devices
- Companies launching new drugs after receiving regulatory approval
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Due to the COVID-19 pandemic, the anxiety and depression treatment market reported negative impact. The lockdowns implemented around the world led to the shutting down of factories, which resulted in the low production of drugs and devices. Moreover, the restrictions on non-essential movement and international trade led to the curtailed supply of such products.