The fluoxetine market consists of sales of fluoxetine hydrochloride tablets, fluoxetine powder, and fluoxetine injection. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The fluoxetine market size has grown steadily in recent years. It will grow from $0.94 billion in 2023 to $0.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to increased rates of depression and anxiety disorders, enhanced awareness and de-stigmatization of mental health issues, improved healthcare infrastructure, an aging global population, and the availability of cost-effective generic fluoxetine.
The fluoxetine market size is expected to see steady growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to government initiatives and funding for mental health programs, public health campaigns promoting mental well-being, increasing discussion and awareness of mental health issues on social media platforms, the rise of online pharmacies, cultural shifts towards accepting and addressing mental health issues. Major trends in the forecast period include advances in diagnostic methods leading to early detection, the rise of telemedicine facilitates, advances in drug delivery systems, AI and machine learning are increasingly used in drug discovery and development, and developments in pharmacogenomics.
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Segmentation & Regional Insights
The fluoxetine market covered in this report is segmented –
1) By Dosage Form: Tablet, Solution, Capsule, Syrup, Other Dosage Forms
2) By Route Of Administration: Oral, Other Routes Of Administration
3) By Demographic: Adult, Pediatric, Geriatric
4) By Application: Obsessive-Compulsive Disorder, Panic Disorder, Depression, Bulimia Nervosa, Other Applications
5) By End User: Clinic, Hospital, Other End Users
North America was the largest region in the fluoxetine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fluoxetine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of mental health disorders is expected to propel the growth of the fluoxetine market going forward. Mental health disorders encompass a broad range of conditions that affect cognitive, emotional, and behavioral functioning, leading to distress or impairment in daily life. Mental health disorders are rising due to a complex interplay of factors, including societal pressures, economic stresses, lifestyle changes, and increased awareness and diagnosis. Fluoxetine is used for mental health disorders because it helps to alleviate symptoms by increasing serotonin levels in the brain, which plays a crucial role in regulating mood and emotions. For instance, in November 2022, according to a survey conducted on 2,866 children and young people by the National Health Service, a UK-based government-funded healthcare system, around 18.0% of children aged 7 to 16 and 22.0% of young individuals aged 17 to 24 were found to potentially have a mental disorder in 2022. The rate of probable mental disorders among young people aged 17 to 19 rose from 17.4% in 2021 to 25.7% in 2022. Therefore, the rising prevalence of mental health disorders is driving the growth of the fluoxetine market.
<h4 class=reporthtag>Rising Healthcare Expenditure Drives Growth In The Fluoxetine Market</h4>
The increase in healthcare expenditure is expected to propel the growth of the fluoxetine market going forward. Healthcare expenditures are rising due to the increasing cost of advanced medical technologies, aging populations, and the prevalence of chronic diseases. Increased healthcare expenditure enhances the availability and affordability of medications such as fluoxetine, leading to improved access and adherence for patients needing treatment for depression and anxiety disorders. This can result in better overall mental health outcomes and reduced long-term healthcare costs. For instance, in January 2024, according to the National Institutes of Health, a US-based government agency, healthcare expenditure in the US rose by 4.1% in 2022 to reach $4.5 trillion, representing a faster growth rate compared to the 3.2% increase observed in 2021. Therefore, the increase in healthcare expenditure is driving the growth of the fluoxetine market.
Key Industry Players
Major companies operating in the fluoxetine market are Eli Lilly and Company, Viatris Inc., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Hetero Ltd., Torrent Pharmaceuticals GmbH, Aurobindo Pharma, Cadila Pharmaceuticals Ltd., Dr. Reddy’s Laboratories Limited, Apotex Inc., Amneal Pharmaceuticals Inc., Lupin Ltd., Glenmark Pharmaceuticals Inc., Alvogen, Alembic Pharmaceuticals Limited, Accord Healthcare Ltd., PERRIGO Company plc, Wockhardt Ltd., Jubilant Life Sciences Ltd., Lannett Company Inc., Mayne Pharma International Pty Ltd., Par Pharmaceutical Companies Inc., Zydus Pharmaceuticals USA Inc., Ascend Laboratories LLC
The fluoxetine market report table of contents includes:
1. Executive Summary
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