by The global Panic Attack Treatment Market is estimated to be valued at US$ 2.04 Bn or Mn 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.
Market Overview:
Panic attacks involve sudden feelings of terror that strike repeatedly and without warning. Physical symptoms include chest pain, heart palpitations, dizziness, shaking and nausea. Advantage of panic attack treatments include relief from distressing symptoms and stopping future panic attacks. Panic attack treatment involves medications and psychotherapy. Medications commonly used include selective serotonin reuptake inhibitors (SSRIs), serotonin–norepinephrine reuptake inhibitors (SNRIs) and benzodiazepines. These drugs work to balance brain chemicals and reduce symptoms.
Market key trends:
One of the key trend observed in the global panic attack treatment market is rising development of novel therapeutic drugs and devices. Anxiety and panic disorders have emerged as the most prevalent psychiatric disorders. Existing drug therapy faces challenges of side effects and intolerability issues. For instance, benzodiazepines used in acute treatment pose risk of dependence. Hence, there is significant research ongoing for development of drugs with improved safety and efficacy profile for treatment of panic attacks. Device based therapies such as transcutaneous vagus nerve stimulation therapy (tVNS) are also under research. These innovations are expected to drive the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global panic attack treatment market is moderate. High capital requirements for R&D and manufacturing pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is moderate. A wide range of treatment options are available for buyers to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers. Buyers can source materials from alternate suppliers.
Threat of new substitutes: The threat of new substitutes is low as alternative treatment options for panic attacks have limitations.
Competitive rivalry: High due to the presence of many global brands competing on efficacy and price.
Key Takeaways
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 about panic disorders and availability of treatment options.
North America dominated the panic attack treatment market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to the increasing prevalence of anxiety disorders, strong healthcare infrastructure, and presence of major market participants in the region. Asia Pacific is expected to be the fastest-growing market, owing to growing healthcare expenditure, rising patient population, and favorable government policies.
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. GSK and Roche collectively accounted for over 30% share in 2020.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
