Global Panic Attack Treatment Market is Anticipated to Witness High Growth Owing to Increasing Preva
Author : Purvaja Jadhao | Published On : 12 Mar 2024
The global panic attack treatment market consists of various medications and therapies used for treating panic disorder. Panic attacks are episodic spikes in anxiety that can occur without an apparent trigger. They are characterized by physical symptoms like palpitations, sweating, trembling, shortness of breath, feelings of choking, chest pain, nausea and dizziness. Panic disorder involves recurring unexpected panic attacks along with major behavioral change due to the attacks. The rising prevalence of panic disorder and increasing awareness about available treatment options for panic attacks are majorly driving the demand for panic attack treatment products.
The Global panic attack treatment market is estimated to be valued at US$ 2.36 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030. Key players operating in the panic attack treatment market are Widex A/S, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group (now WS Audiology), and Cochlear Limited.
Key Takeaways
Key players: Key players operating in the Global Panic Attack Treatment Market Demand are focusing on introducing novel medications and combination therapies for better management of panic attacks. For instance, Widex A/S offers a range of hearing aids and instruments like StressReliefSound and StressTherapy for treating anxiety and stress-related disorders.
Key opportunities: Increasing adoption of digital health technologies and growing awareness about psychological therapies present significant opportunities in the panic attack treatment market. Biofeedback apps and virtual therapy platforms are gaining popularity for remotely managing mild to moderate panic attacks.
Global Expansion: Leading market players are expanding their global footprint through new product launches and strategic partnerships. For example, in 2021, Cochlear Limited launched the Nucleus 8 Sound Processor in several international markets to provide improved hearing experiences for patients with severe-to-profound hearing loss.
Market drivers: Rising geriatric population prone to mental health issues and growing acceptance of pharmacological treatments for panic disorder are major drivers of the panic attack treatment market. According to the National Institute of Mental Health, around 6 million American adults suffer from panic disorder annually.
Market restraints: High cost of prescription drugs and lack of awareness in developing nations hamper the market growth. Adverse effects associated with long-term use of antidepressants also limit their adoption. Furthermore, social stigma regarding mental illnesses poses a challenge.
Segment Analysis
The global panic attack treatment market is dominated by drugs segment owing to high prescription rates of anti-depressants and anti-anxiety medications to treat panic attacks. Drugs like Selective Serotonin Reuptake Inhibitors (SSRIs) and Serotonin-norepinephrine reuptake inhibitors (SNRIs) are commonly prescribed due to their effectiveness and relatively fewer side effects. Therapy segment holds a small yet significant share majorly encompassing Cognitive Behavioural Therapy (CBT) which has proven efficacy in reducing panic attack symptoms without reliance on drugs.
Global Analysis
North America dominates the global panic attack treatment market propelled by rising awareness, clinical adoption of new therapies and drugs, supportive reimbursement policies and strong healthcare infrastructure. The region holds the highest diagnosed patient population treated under medical guidance. Europe is the second largest regional market fuelled by high healthcare spending and increasing acceptance of advanced treatment technologies. Asia Pacific is poised to register the fastest growth over the forecast period on back of expanding medical tourism industry, rapidly developing healthcare networks and growing patient awareness in highly populated countries like India and China.
For more insights, Read- Global Panic Attack Treatment Market
