The South Korea anxiety disorder and depression market is expected to grow at a CAGR of 3.8% between 2024 and 2032. UNICEF and BTS’ collaboration for LOVE MYSELF CAMPAIGN, along with COVID-19 and lockdown significantly propel the growth if the industry in South Korea.
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Genetic, biochemical, psychological, and environmental elements may all play a role in the development of depression. A gloomy day or a sad mood are not the only symptoms of depression. A person may be depressed if a depressive state persists for a long time and interferes with daily activities. Anxiety disorders go beyond momentary uneasiness, stress, or worry. For those who suffer from an anxiety disorder, the symptoms may even worsen with time if coping strategies and professional help aren't taken. The symptoms usually hamper daily tasks, including work and academic-related performance and interpersonal connections, among others. Generalized anxiety disorder, social anxiety disorder, and several phobia-related illnesses are only a few of the forms of anxiety disorders.
As per the World Health Organization (WHO), South Korea has the fourth-highest suicide rate in the world. Suicides among the elderly are one cause of their high suicide rate. Traditionally, children care for their aged parents. However, because this system has mostly vanished now, many older people commit suicide rather than feel like a financial burden on their relatives or family. In addition to the elderly, students also experience higher-than-average suicide rates, which may be at least partially attributed to their intense academic pressure. When students can't succeed scholastically, they could feel as if they have betrayed their families. Students may experience a higher risk of suicide due to alcohol usage, lack of sleep, and stress, which lead to mental health issues such as anxiety disorders and depression, among others.
The LOVE MYSELF campaign , which was launched by UNICEF, the record label BigHit MUSIC, and 21st-century pop sensations BTS, was a remarkable success, spreading empowering messages of self-love and self-care to nearly every nation around the world. The LOVE MYSELF initiative has raised $3.6 million to encourage self-love and put a stop to child maltreatment and violence. Along with providing financial aid, the BTS has increased awareness through social media, generating more than 50 million interactions with postings for the LOVE MYSELF campaign since it first debuted five years ago. BTS donated revenues from LOVE MYSELF merchandise, a share of Love Yourself album sales, and an extra $1 million to UNICEF in 2021, continuing their support for the initiative. BTS played a pivotal role in spreading mental health awareness not just in South Korea but all over the world and has contributed to the expansion of the anxiety disorder and depression industry.
Depression and anxiety issues are some of the most prominent mental health concerns all over the world. Due to the COVID-19 pandemic and the prolonged lockdown period, people’s physical and mental health were greatly impacted. The COVID-19 pandemic has had severe and widespread effects on health systems, the economy, and civilizations. It is one of the most significant worldwide disasters in recent generations. Many people have lost their lives or their jobs, and the normal functioning of families and communities has been disrupted. The socialisation and educational opportunities for children and teenagers have been compromised. This led to the fuel feelings of loneliness, anxiety, stress, and behavioural issues among children and youth. Adults faced a similar level of stress, especially women, which led to anxiety disorder and depression among others.
With growing awareness, the acceptance of mental disorders has increased more than in earlier times. People now take the required professional help when needed. Accessibility to mental health services has immensely improved, as people can now seek help via both online and offline channels. As mental health is still considered taboo in the country, especially among the elderly, online channels such as video calls, phone calls, and chats have grown steadily in the country. Hence, many people prefer to contact psychiatrists, psychologists, or clinical psychologists via online mode.
Minds AI is developing a mental health counselling and treatment programme for the people of South Korea. The company is established in a university laboratory and is working on developing an analysis programme called Minds NAVI and a virtual reality (VR) based assessment, education, and training program. This amalgamation of high technology such as AI with diagnosis processes has helped to improve the accuracy of the diagnosis and treatment. The surge of digital therapeutics has helped in increasing the reach of intervention programmes and aid the development of the anxiety disorder and depression market in South Korea.
According to Statistics Korea, the number of aging populations aged 65 and above in South Korea exceeded 8.5 million in 2021. Moreover, there has been a steady growth in the divorce rate among this age group and the reluctance to getting married is also bolstering among young generation. Hectic lifestyle, long working hours, and work pressure further affect the mental health of people Compared to the general population, elderly South Koreans who live alone report greater rates of psychological suffering. According to estimates, 10-20% of senior Koreans have depressive disorders, making geriatric mental health in South Korea a very significant and newly rising public health issue.
Treatment of disorders at healthcare facilities, community-based psychosocial rehabilitation, and housing, employment, and financial support are all included in mental health promotion programmes in Korea. In particular, medical diagnosis, treatment, and rehabilitation provided by public and private mental medical institutions are the treatments in medical facilities included in national programs. With the growing awareness among general people and research in the field are propelling the anxiety disorder and depression market in South Korea.
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Based on Drug class the South Korea anxiety disorder and depression market is segmented into antidepressant drugs, therapy and devices, and indication. The antidepressant segment is further classified into Selective Serotonin Reuptake Inhibitors (SSRIs), Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs), Tricyclic Antidepressants (TCAs), Monoamine Oxidase Inhibitors (MAOIs), Atypical Antipsychotics, Benzodiazepines, Anticonvulsants, and Beta-Blockers, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the anxiety disorder and depression market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
Utilising drugs, especially antidepressants, in the treatment of depressive disorders may lessen both the personal and societal toll of depression. Tricyclic antidepressants (TCAs) were the first-line therapy of choice for depressive disorders for many years after antidepressants were initially introduced for the treatment of depression. However, during the past few years, selective serotonin reuptake inhibitors have replaced TCAs as the first-line therapy for depression (SSRIs). The most often given first antidepressants are selective serotonin reuptake inhibitors (SSRIs), followed by more recent dual-action medications. Furthermore, ongoing trials to enhance the effectiveness of drugs and their commercialization during the forecast duration are anticipated to offer potential growth opportunities for all the antidepressants in the South Korea anxiety disorder and depression market.
There has been an increase in demand for counselling therapy as a result of rising suicide rates. When compared to other therapies, cognitive behaviour therapy (CBT) commands a sizeable market share. Talk therapy or psychotherapy is one sort of mental health care. It's frequently used to treat mental illnesses, either by itself or in conjunction with other drugs. Numerous mental illnesses, such as depression, bipolar disorder, anxiety, anorexia, bulimia, and other eating disorders, as well as posttraumatic stress disorder (PTSD), can be treated with psychotherapy. Depending on the patient's needs, psychodynamic therapy and interpersonal therapy are also used.
Obsessive-compulsive disorder (OCD) sufferers are more likely to have various types of mental diseases. The most typical of them is major depressive disorder (MDD). Reactive stress, obsessive or compulsive behaviours, and biochemical alterations in the brain that can affect mood and behaviour are just a few of the possible reasons. OCD sufferers are particularly vulnerable to depression since it might make it difficult for the patients to follow through with the OCD symptoms therapy. Changes in serotonin synthesis and activity, a neurotransmitter that transmits messages between nerve cells, are indicators of both OCD and MDD. These symptoms are more likely to be brought on by complex phobias like agoraphobia and social phobia.
People suffering from phobias frequently make a conscious effort to avoid the source of their dread and anxiety. The everyday tasks that phobias restrict might result in significant anxiety and depression. These symptoms are more likely to be brought on by complex phobias like agoraphobia and social phobia. People who have phobias frequently make a conscious effort to avoid the source of their dread and anxiety. The interrelation among all the mentioned mental disorders is expected to bolster the sales of medication and therapy services in the country, thereby augmenting the anxiety disorder and depression market in South Korea.
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Pfizer Inc. (Pfizer Korea Co., Ltd.) – Pfizer develops, manufactures, and sells biopharmaceuticals in several parts of the world. Moreover, it offers several contract manufacturing services, biosimilars, medicines, injectable drugs, and active pharmaceutical ingredients (APIs). Pfizer offers its pharmaceutical products through distributors, hospitals, clinics, pharmacies, and public institutions. Belgium, India, Ireland, China, Italy, Germany, Japan, Singapore, and the US are all significant production facilities for Pfizer Inc. The firm does business across the Middle East, Australia, Asia-Pacific, Europe, North America, South America, and Africa. The company was founded in 1849 by Charles Pfizer and Charles Erhart, and the headquarters are in New York, USA.
Eli Lilly and Company - A healthcare organisation called Eli Lilly and Co. (Lilly) is involved in the research, creation, and marketing of products for use in human healthcare. The business provides medications for neurological issues, immunological diseases, cancer, endocrinology, men's health, and musculoskeletal issues. Lilly engages in research and development initiatives to find and provide cutting-edge medications. The company also advertises its goods through partnerships with other businesses and sales reps. Additionally, the corporation sells its goods throughout North America, Europe, South Asia, the Middle East, North Asia-Pacific regions, South America, and Africa. The company was established in 1876 by a pharmaceutical chemist, Colonel Eli Lilly.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Drug Class||
|Breakup by Indication||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Anxiety Disorder and Depression Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Anxiety Disorder and Depression Historical Market (2018-2023)
8.3 South Korea Anxiety Disorder and Depression Market Forecast (2024-2032)
8.4 South Korea Anxiety Disorder and Depression Market by Drug Class
8.4.1 Antidepressant Drugs
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2023)
22.214.171.124 Forecast Trend (2024-2032)
126.96.36.199 Breakup by Type
188.8.131.52.1 Selective Serotonin Reuptake Inhibitors (SSRIs)
184.108.40.206.2 Serotonin-Norepinephrine Reuptake Inhibitors (SNRIs)
220.127.116.11.3 Tricyclic Antidepressants (TCAs)
18.104.22.168.4 Monoamine Oxidase Inhibitors (MAOIs)
22.214.171.124.5 Atypical Antipsychotics
8.4.2 Therapy and Devices
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2023)
184.108.40.206 Forecast Trend (2024-2032)
220.127.116.11 Breakup by Type
18.104.22.168.1 Fisher-Wallace Stimulator
22.214.171.124.2 Transcranial Magnetic Stimulation (TMS)
126.96.36.199.3 Deep Brain Stimulation (DBS)
188.8.131.52.4 Vagus Nerve Stimulation (VNS)
184.108.40.206.5 Electroconvulsive Therapy (ECT)
220.127.116.11.6 Cognitive Behaviour Therapy (CBT)
8.5 South Korea Anxiety Disorder and Depression Market by Indication
8.5.1 Major Depressive Disorder (MDD)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2023)
126.96.36.199 Forecast Trend (2024-2032)
8.5.2 Obsessive-Compulsive Disorder (OCD)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2018-2023)
220.127.116.11 Forecast Trend (2024-2032)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2018-2023)
126.96.36.199 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Pfizer Inc. (Pfizer Korea Co., Ltd.)
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Eli Lilly and Company
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 H. Lundbeck A/S (Lundbeck Korea Co., Ltd.)
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Korea Otsuka Pharmaceutical Co., Ltd.
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Janssen Korea Co., Ltd. (Johnson & Johnson Services, Inc.)
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Anxiety Disorder and Depression Market: Key Industry Highlights, 2018 and 2032
2. South Korea Anxiety Disorder and Depression Historical Market: Breakup by Drug Class (USD Million), 2018-2023
3. South Korea Anxiety Disorder and Depression Market Forecast: Breakup by Drug Class (USD Million), 2024-2032
4. South Korea Anxiety Disorder and Depression Historical Market: Breakup by Indication (USD Million), 2018-2023
5. South Korea Anxiety Disorder and Depression Market Forecast: Breakup by Indication (USD Million), 2024-2032
6. South Korea Anxiety Disorder and Depression Market Structure
The market is projected to grow at a CAGR of 3.8% between 2024 and 2032.
COVID-19 and lockdown, increased ageing population, solo living, hectic lifestyle, long working hours, online as well as offline access to mental healthcare facilities, and continuous research in the field of mental healthcare diagnosis and treatment are the major industry drivers.
BTS’ LOVE MYSELF campaign, increasing awareness and acceptance of mental disorders among people are the leading trends in the South Korea anxiety disorder and depression market.
The major players in the South Korea anxiety disorder and depression industry are Pfizer Inc. (Pfizer Korea Co., Ltd.), Eli Lilly and Company, H. Lundbeck A/S (Lundbeck Korea Co., Ltd.), Korea Otsuka Pharmaceutical Co., Ltd., and Janssen Korea Co., Ltd. (Johnson & Johnson Services, Inc.), among others.
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