Depression is characterized by multiple mental health challenges that involve a lack of positivity, suicidal thoughts, insomnia, anxiety, loss of appetite, and sadness. Depression is caused by a combination of biological, genetic, environmental, and psychological factors. Globally, the prevalence of depression is increasing at an alarming rate. About 300 million people of all ages suffered from depression and the suicide rate rose to about 8,00,000 individuals in 2018. As per the CDC, the prevalence of depression is about 1 in every 6 adults. In the U.S. alone, over 16 million people are suffering from depression. As per the National Health and Nutrition Examination study, around 8.1% of Americans aged 20 and above experienced depression in a given 2-week period between 2013–2016. Apart from this, around 20–25% of people suffering from diabetes, cancer, stroke, and myocardial infarction are likely to develop depression. Also, around 10%–25% of women and 5%–12% of men are suffering from depression across the globe, which is further grabbing the attention of leading market players in the production of novel approaches to treat depression in the most efficient way. The governments and leading players are heavily investing in the manufacturing of depression treatment devices to control the prevalence of depression across the globe.
Traditionally, brain stimulation therapies were performed by physicians in hospitals, home care settings, clinics, and rehabilitation centers. However, depression devices have paved its way to becoming a breakthrough technology for the analysis and treatment of depression in the comfort of the home. Recently, Alpha-stim developed ALPHA-STIM CES for the effective way treatment of depression. It is a lightweight, FDA-released prescription device that uses Cranial Electrotherapy Stimulation (CES) to alleviate depression in the comfort of the home.
Helmet therapy is grabbing one of the highest shares in the depression treatment market. The people suffering from depression fail to respond to medication or psychological counseling, which is further boosting the need for helmet therapy as it delivers electromagnetic impulses to the brain and aids in treating depression in a more efficient way. The new device targets malfunctioning blood cells in the brain. To date, around 65 patients have been treated with helmet therapy.
The home care setting segment is dominating the depression treatment devices market. It is gaining popularity among patients as it offers better treatment in the comfort of the home. It also provides flexibility to limit care to over 2-3 days a week. In fact, after a single treatment, the majority of the patients have experienced significant relief, which is further driving the segment growth.
Regionally, the depression treatment device market is segmented into the Americas, Europe, Asia Pacific, and The Middle East and Africa (MEA)
North America is holding one of the highest shares in the depression treatment devices market on account of rising stress in daily lives, which is subsequently increasing the prevalence of depression. In the U.S. alone, around 3.2 million people aged 12–17 have suffered from depression once in their lifetime. To attend to the dire situation, the leading players in the market are arduously working to develop an optimum solution and are heavily investing in R&D activities for the same, which is further driving the market growth.
Europe is second in the depression treatment device market. This can be attributed to the increasing prevalence of depression and other mental disorders in the region. As per the WHO, in 2015, around 110 million people suffered from depression. However, the region is backed with the presence of leading players that are actively working to develop optimum depression treatment devices.
The Asia Pacific is gaining momentum in the depression treatment devices market. As per the WHO, in India, nearly 6.5% of Indians are suffering from serious mental disorders. Similarly, China is housing a huge population suffering from depression and anxiety patients, and the number is projected to increase in the years to come as the country only spends about 2.35% of its budget on mental health. However, the region is backed by the presence of leading players that are engaging in a number of mergers and acquisitions to develop technologically advanced devices.
The Middle East is emerging in the depression treatment device market. This can be attributed to the growing prevalence of depression, rising awareness regarding mental issues and its treatment, and increasing healthcare expenditure. Additionally, the governments in the region are actively working to spread awareness regarding depression and its effects on life. Whereas, Africa is expected to witness slow growth due to lack of availability of qualified mental health professionals, lack of infrastructure and funding, and lack of treatment guidelines.
The global depression treatment device market is fragmented in nature. Several large and small-scale players are focusing on price, brand, and new product development to expand their consumer base.
Some of the key players are engaging in acquisitions, collaborations, and partnerships to gain a competitive edge.
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