Panic Attack Treatment Market Is Rapidly Expanding Due To Increasing Prevalence
Author : Leena Shedmake | Published On : 25 Jan 2024
Panic attacks are sudden episodes of intense fear that trigger severe physical symptoms that may include chest pain, heart palpitations, shortness of breath, dizziness or abdominal distress. The exact causes of panic disorder are unknown but risk factors include genetics, brain chemistry and life stress. Medications including antidepressants and anti-anxiety drugs as well as psychotherapy are primarily used to treat panic attacks and panic disorder.
The global panic attack treatment market is estimated to be valued at US$ 3.5 Bn in 2023 and is expected to exhibit a CAGR of 16.8%over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rapidly expanding panic attack treatment market is primarily driven by the increasing prevalence of panic disorder across the globe. According to the National Institute of Mental Health, around 6 million American adults aged 18 or older experience panic disorder in a given year. Additionally, women are twice as likely as men to have panic disorder. The rising cases of panic disorder are propelling the demand for effective treatment options such as antidepressants and psychotherapy protocols.
Another major driver for the market growth is the ongoing research and development activities focused on developing advanced medication and other non-drug based therapies. Several pharmaceutical companies are investing in clinical trials to evaluate new drug candidates for panic disorder with reduced side effects. Moreover, development of digital therapeutics and novel cognitive behavioral therapy approaches are expanding the treatment landscape, thus fueling the panic attack treatment market expansion over the forecast period.
SWOT Analysis
Strength: The global panic attack treatment market offers a variety of treatment options which help patients manage their symptoms effectively. Drugs such as antidepressants and anti-anxiety medications are widely used owing to their effectiveness in reducing the frequency and severity of panic attacks. Psychotherapy is also becoming increasingly popular due to its long term benefits and minimal side effects.
Weakness: Patients often hesitate to seek medical help for panic attacks due to stigma and low mental health awareness. Treatment adherence can also be challenging as medications may cause side effects and psychotherapy requires long term commitment. The exact causes of panic attacks also remain unknown which makes prevention difficult.
Opportunity: The covid-19 pandemic has highlighted the need to address growing mental health issues. It has helped reduce stigma and encouraged more people to access treatment. Products offering on-demand support through apps and online counselling are gaining popularity. Partnerships between pharma companies and digital health startups provide innovative treatment models.
Threats: Limited funding for mental healthcare in many countries restricts access to panic attack treatment. High treatment costs pose affordability challenges, especially in developing regions. Generic competition intensifies pricing pressures on branded drug makers.
Key Takeaways
The Global Panic Attack Treatment Market Size is expected to witness steady growth.
The market is domianted by North America currently due to high mental health awareness and advanced healthcare systems in countries like the US. However, Asia Pacific is poised to emerge as the fastest growing regional market owing to improving access to diagnosis and treatment options in major countries like India and China which account for over a third of the global population.
Key players operating in the panic attack treatment market include Eli Lilly and Company, Pfizer, Inc., GlaxoSmithKline plc, H. Lundbeck A/S, Neurocrine Biosciences, Inc. These leading pharmaceutical companies offer a diverse portfolio of antidepressants and anti-anxiety medications which are first line of treatment for panic attacks. Collaborations with digital platforms allow them to enhance access and engagement with patients
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https://www.rapidwebwire.com/global-panic-attack-treatment-market-size-and-share-analysis-growth-trends-and-forecasts/
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