Serotonin norepinephrine reuptake inhibitors (SNRIs) are a class of antidepressant medications works by increasing the levels of serotonin and norepinephrine in the brain. SNRIs medications are commonly used for the treatment of depression, anxiety disorders, and various pain conditions. As depression and anxiety disorders have become increasingly prevalent across the world in the recent years, the demand and adoption of SNRIs medications have also grown considerably. The SNRIs drugs help improve the mood, reduce feelings of hopelessness, and treat symptoms such as excessive worrying, social anxiety, and panic attacks associated with depression and anxiety disorders.
The global Serotonin Norepinephrine Inhibitor Market is estimated to be valued at US$ 6.29 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the key trends witnessed in the global SNRIs market is the significant growth in patent expiries and subsequent influx of generic medications. Patent expiries of major SNRIs drugs such as Prozac and Cymbalta has led to generic competition in the market. The entry of biosimilar and generic versions at significantly lower costs has increased the accessibility and adoption of SNRIs. This is expected to amplify the demand of SNRIs and in turn propel the overall market growth over the forecast period. Another emerging trend includes strong pipeline of novel SNRIs in clinical development which have potential to target specific indications, improved efficacy and tolerability. For instance, Esketamine nasal spray has demonstrated efficacy in treating treatment-resistant depression which possesses immense potential.
Porter’s Analysis
Threat of new entrants: Low – Require high investment for RD of new drugs and testing for market approval. Bargaining power of buyers: Moderate – Few options available thus buyers have moderate control over pricing. Bargaining power of suppliers: High – Require specialized ingredients and manufacturing facilities giving suppliers an edge. Threat of new substitutes: Low – Alternative therapies show limited efficacy against target conditions. Competitive rivalry: High – Major pharmaceutical companies competing for market share drives pricing pressure.
Key Takeaways
The global Serotonin Norepinephrine Inhibitor Market is estimated to be valued at US$ 6.29 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
North America dominates the market currently due to high healthcare spending and availability of advanced treatments. Europe holds a significant share due to growing mental health disorders. Asia Pacific shows high potential for growth with rising healthcare awareness.
Key players: Key players operating in the Serotonin Norepinephrine Inhibitor market are Pfizer Inc., Eli Lilly and Company, Allergan Plc., AstraZeneca Plc., Forest Laboratories Inc., Johnson Johnson, Lundbeck A/S, Merck Co., Inc., Otsuka Pharmaceutical Co., Ltd., Sun Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., Wyeth Pharmaceuticals Inc., Zydus Cadila Healthcare Ltd.
