The Global Panic Attack Treatment Market is estimated to be valued at US$ 2.04 Bn or Billion in 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Panic attacks can be detrimental to mental and physical health if left untreated. Panic attack treatment helps to manage symptoms and prevent future episodes. Treatment options include cognitive behavioral therapy (CBT), selective serotonin reuptake inhibitors (SSRIs), and other antidepressants. CBT teaches skills to change fearful thoughts and behaviors that lead to panic attacks while medications target chemical imbalances in the brain.
Market key trends:
The rising prevalence of mental health disorders such as generalized anxiety disorder, post-traumatic stress disorder etc are leading to increased incidence of panic attacks. According to WHO, close to 500 million people suffer from some form of mental disorder globally. Furthermore, changing lifestyle, environmental factors, and constant stress are fueling the risk of developing mental illnesses and associated conditions like panic attacks. Medications continue to be the first line therapy for panic attacks. SSRIs and SNRIs aid in relief from symptoms by regulating neurotransmitter levels in the brain. However, their potential side effects have led to increased adoption of alternative treatment methods like CBT and mindfulness meditation.
Threat of new entrants: Low capital requirements and established customer base reduce barriers to entry in the panic attack treatment market. However, major players dominate distribution channels which act as a deterrent for new entrants.
Bargaining power of buyers: Large customer base increases buyers bargaining power. However, differentiated product offerings and availability of generic alternatives reduces buyers power.
Bargaining power of suppliers: Established manufacturing capabilities and strategic collaborations reduces suppliers bargaining power. However, suppliers hold bargaining power for critical and proprietary raw materials.
Threat of new substitutes: Availability of alternative treatment options like cognitive behavioral therapy, relaxing techniques, and lifestyle changes poses threat of substitution.
Competitive rivalry: Intense competition between major players like GSK, Roche, Teva owing to technology advancements and new product launches.
Strength: Wide product portfolio and global presence of major players. Availability of both branded and generic treatment options.
Weakness: Heavy reliance on few blockbuster drugs facing patent expiration. Side effects associated with long term use of medications.
Opportunity: Rising geriatric population and increasing mental health awareness drives market growth. Emerging economies with large untapped market potential.
Threats: Stringent regulatory approvals and recalls impact revenues. Alternative treatment options reduce dependence on drugs.
The global Panic Attack Treatment Market Share is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing awareness regarding availability of treatment options and de-stigmatization of mental illnesses.
Regionally, North America dominated the global market in 2023 with over 35% market share owing to high healthcare spending and advanced healthcare infrastructure. Asia Pacific is expected to register fastest growth during the forecast period supported by rapid economic development, growing awareness, and increasing healthcare access in major countries like China and India.
Key players operating in the Panic Attack Treatment market are GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Bristol-Myers Squibb Company, AstraZeneca, Pfizer Inc., Johnson & Johnson Services, Inc., Bausch Health Companies Inc., H. Lundbeck A/S. Major players are focusing on development of novel, effective, and safer drugs through strategic collaborations and partnerships with research institutes.