Market Trends of Seasonal Affective Disorder Therapeutics Industry
Bipolar Disorder Segment Holds Significant Share in the Seasonal Affective Disorder Therapeutics Market
- Bipolar disorder is expected to attain a significant market share during the forecast period. The factors owing to the growth of this segment include the increasing prevalence of bipolar disorder owing to various risk factors, such as high stress, substance abuse, and other rising initiatives from the key market players, among others.
- The rising prevalence of mental disorders is anticipated to drive the segment growth. As per the National Institute of Mental Health updated in January 2022, mental illnesses are common in the United States. One in every five adults in the United States suffered from a mental illness in 2021 (57.8 million in 2021). Moreover, as per the data published by the Mental Health Foundation in 2022, 9.5% of Americans are affected each year by depressive diseases, such as dysthymia, severe depression, and bipolar disorder. Bipolar disorder affects about 2.6% of the population of adults over the age of 18. Men and women both have an equal chance of acquiring bipolar disorder. Such a huge prevalence of bipolar disorders is anticipated to drive segment growth due to the rise in the adoption of therapeutics for bipolar disorders.
- Additionally, companies are focused on product launches and expansion to maintain their presence in the target industry. For instance, In June 2021, Alkermes plc. received the United States Food and Drug Administration authorization for its new medication (LYBALVI) for schizophrenia and bipolar illness as a maintenance monotherapy or for the acute treatment of manic or mixed episodes. Thus, the approval of drugs for bipolar disorder is anticipated to increase the adoption of LYBALVI, driving the segment's growth.
- Therefore, the growing incidence of bipolar disorders has increased the demand for therapeutic drugs for the same, in turn aiding the overall target segment growth.
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North America Holds a Healthy Share in the Seasonal Affective Disorder Therapeutics Market Over the Forecast Period
- North America is found to hold a significant share of the seasonal affective disorder therapeutics market and is expected to show a similar trend over the forecast period.
- The factors driving the growth of the region include the rising prevalence of seasonal affective disorder, rising product launches in the region, and the strong foothold of key market players, among others. Seasonal affective disorder (SAD) is a major depressive disorder with a seasonal pattern, and the rising prevalence of seasonal affective illness is likely to drive market expansion in the region. According to a Psychology Today news update in February 2022, it is estimated that seasonal affective disorder affected 10 million Americans, and another 10% to 20% percent may have mild SAD. Furthermore, according to the same source, SAD is four times more common in women than in men. The high prevalence of SAD in the United States leads to increased adoption of SAD therapeutics, driving market growth in the region.
- In addition, key strategic initiatives undertaken by prominent players in the market and approval of drugs from regulatory agencies are also responsible for regional growth. For instance, in December 2021, the FDA authorized Caplyta (lumateperone) to treat depressive episodes in people with bipolar 1 or 2 illnesses. It can be taken alone, with lithium, or with valproate (Depakote). Caplyta is an oral capsule that can be taken once a day with or without food, and no dose changes are needed with Caplyta.
- Furthermore, the number of people in the United States experiencing depressive symptoms has increased since the COVID-19 epidemic began. For instance, according to a study conducted by Mental Health America and updated in September 2021, the number of people taking depression screenings at mhascreening.org has risen dramatically as well. Over 530,000 people have taken the depression test between January and September 2020, up by 62% from the previous year. Hence, the demand for therapeutic drugs is likely to increase to control the onset of symptoms of seasonal affective disorder (SAD), in turn fueling the target market's growth significantly.
- Therefore, owing to the abovementioned reasons, the North American market for seasonal affective disorder therapeutics is expected to bolster over the forecast period.
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