Agoraphobia Market Outlook 2020 | Global Industry Size, Share, Analysis, Business Growth Opportunities, Competitive Landscape and Sales Revenue


Posted January 10, 2020 by Sapanas

Agoraphobia Market Analysis: by drug treatment (selective serotonin reuptake inhibitors, norepinephrine reuptake inhibitors) by therapy (Psychotherapy, Cognitive Behavioral Therapy (CBT))

 
Agoraphobia Market Scenario:

Global agoraphobia market size is touted to cross USD 800 Mn at a staggering growth rate of CAGR 4.3% during the forecast period (2017-2023), Market Research Future (MRFR) reports. Agoraphobia is the fear of crowded place which can be stimulated by a number of factors, such as stress, genetic predisposition, sedentary lifestyle, substance abuse and others. This phobia is prevalent in about 1.7% of the global adult population with a higher chance of women getting affected.

Agoraphobia Market Drivers and Restraints:

With growing economies, a lot of factors have stepped in aggravating the cases of agoraphobia, such as stress, sedentary lifestyles, deteriorating health standards, substance abuse, lack of bonding in relations, rising awareness and screening, etc. Genetic predisposition is also a primary concern along with, the trauma of various kinds. Environmental factors, such as the individual experiencing a break-in, getting mugged or his involvement in accidents can trigger panic attacks. With cognitive therapy, behavioral therapy, and other methods, this phobia can be cured.

However, social stigma regarding psychotherapy and tendency to hide mental disorders act as major restraints.

Agoraphobia Industry Trends:

Latest technologies have opened up diverse mediums of treating agoraphobia. For instance, a virtual reality therapy treatment has been found to mitigate the symptoms of agoraphobia. Reports regarding this have been submitted at the 2018 Annual Meeting of the American Psychiatric Association. Reports published online have also shown that well-being therapy of a patient can improve psychological well-being. Moreover, Johnson and Johnson has developed a flexibly dosed esketamine nasal spray that can speed up the treatment procedure. Escitalopram, a drug approved by FDA and American Psychiatric Association, has been launched recently for treatment of agoraphobia.

People are also opting for naturopathy for treatment as it has minimal side-effects compared to that of allopathic medicines. Flowers and herbs, such as Passion Flower, Chamomile, Valerian, and Kava are useful in treating agoraphobia.

Agoraphobia Market Segmentation:

Global agoraphobia industry is segmented by drug treatment, therapy, and end-users.

Drug treatment-wise therapy includes selective serotonin reuptake inhibitors (SSRI), norepinephrine reuptake inhibitors, tricyclic antidepressants, anti-anxiety medications and others. Among these, SSRIs hold the largest market share as they are the most common drug used in for phobias. However, most of the drugs come with side-effects.

Therapy-based treatment has segments, such as psychotherapy, cognitive behavioral therapy (CBT), exposure therapy and others. Cognitive behavioral therapy, as per researchers, is the most effective and the fastest way to get a patient cured. It focuses on challenging worries and anticipating probable situations.

End-users segment the market into hospitals, clinics, academics, and others.

Agoraphobia Market Regional Analysis:

Geographical segmentation of the global agoraphobia market growth includes North America, Europe, Asia Pacific (APAC), and the Middle East & Africa.

In North America, the U.S. accounts for the maximum share of revenue generated. It is due to its massive healthcare expenditure, easy reimbursement policies, favorable insurance penetration, and advanced technological integration, the U.S. is fairing so well in this sector.

Europe registers the second largest market for agoraphobia. The hike in disposable income and growing concern regarding the phobia have led to a market boom.

APAC region has the maximum potential. The region can experience growth in agoraphobia market share owing to a rising population in India and China.

The Middle East and Africa can register moderate growth during the forecast period. The region does not have proper healthcare infrastructure, and this may deter the growth. Poor economic growth and deteriorating political condition can also adversely affect the market.

Agoraphobia Market Competition:

Global agoraphobic market is highly competitive owing to the presence of various international players who are affecting the market with continuous researches and introduction of multiple drugs to quicken the curing process.

The chief players, who are guiding the global market, are Bristol-Myers Squibb, Eli Lilly & Co., Johnson & Johnson, Sandoz Inc., AstraZeneca, Pfizer Inc, GlaxoSmithKline plc, and others.

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Categories Health , Industry , Medical
Tags agoraphobia industry , agoraphobia market , agoraphobia market analysis , agoraphobia market growth , agoraphobia market share , agoraphobia market size , agoraphobia market trends
Last Updated January 10, 2020