Australia Depression Therapeutics Market Analysis

Australia Depression Therapeutics Market Executive Analysis

The Australian depression therapeutics market size is at around $121 Mn in 2022 and is projected to reach $204 Mn in 2030, exhibiting a CAGR of 6.7% during the forecast period. According to the Australian Institute of Health and Welfare, Australia spent $220.9 Bn on healthcare in 2022, or $8,617 per individual. The total amount spent by the central government on healthcare is about 17%. With a report expected in a few weeks, the federal government has established a $750 Mn task force to improve Medicare. Even though 86 % of all Medicare services are bulk-billed and healthcare costs account for 10 % of Australia's GDP (roughly the OECD average), many Australians pay out-of-pocket for Medicare services, and Australia is at the higher end of the OECD average for how much people pay for healthcare.

According to the Australian Bureau of Statistics, 2.1 Mn Australians, or 9.3% of our population, were assessed to be depressed at some point in 2014–2015. Major Depressive Disorder (MDD) affects approximately 1 in 6 individuals on average, including 1 in 5 women and 1 in 8 men. Both mental and physical health is negatively impacted by depression, which is also believed to increase the risk of comorbid chronic health conditions like cardiovascular disease and Type 2 Diabetes and contribute to the development of depression itself.

A novel, straightforward genetic test called pharmacogenomics can predict how a person's body will react to the medication. Pharmacogenomics-guided medication may provide a more precise and efficient method of choosing a course of treatment. This might increase the chance that people will beat depression. Antidepressant medications are the primary medical treatment for depression. When a person has a moderate to severe episode of depression, antidepressant medication may be given along with psychological treatments. When other treatments have failed or when psychological treatments are impractical due to the severity of the condition or a lack of access to the therapy, antidepressants may be prescribed.

Market Dynamics

Market Growth Drivers

Novel depression medications and treatment choices are constantly being developed by the pharmaceutical business. The market for depression therapeutics is growing as a result of patients having extra choices for treatment as new medicines become available. The Australian government has been funding mental health services, including capital for research and treatment of depression. The nation's market for depression treatments has expanded as a result of this backing. Depressed patients are growing up looking for personalized treatment options, which has sparked the creation of new treatments and medicines catered to specific patient requirements. The Australian depression therapeutics market is projected to expand as a result of this tendency. People are pursuing effective treatments to enhance their mental health as they become more mindful of the unfavourable effects that depression can have on their quality of life. This phenomenon is driving the demand for antidepressant medications and advancing the market in Australia.

Market Restraints

Some antidepressants can be very expensive, making them unaffordable for some patients. Due to patients' probable decision to give up treatment or seek out alternative therapies, this could limit the Australian depression therapeutics market's development. Many antidepressants have side effects that may lessen a patient's readiness to conform to therapy. This might result in less desire for some medicines and limit market expansion.

Competitive Landscape

Key Players

• Woke Pharmaceuticals (AUS)- Woke is concentrated on collaborating with top research institutions and colleges to create psychedelic therapies for people who experience mental health issues
• Rehydraid (AUS)
• Atherton Pharmaceuticals (AUS)
• Kira Biotech (AUS)
• Zucero Therapeutics (AUS)
• Pfizer
• AstraZeneca
• GlaxoSmithKline Plc
• Elly Lilly
• Allergan
• Takeda Pharmaceutical
• Intellipharmaceutics

Notable Deals

January 2023- With Woke Pharmaceuticals, Swinburne has entered a $5 Mn clinical trial research deal. The largest research study ever conducted in Australia will look at the potential of the substance found in psychedelic mushrooms to treat depression that has not responded to therapy. A randomized controlled study comparing psilocybin-assisted psychotherapy to placebo will involve about 160 patients.

Healthcare Policies and Regulatory Landscape

All citizens and permanent residents in Australia have access to the state healthcare system known as Medicare, which offers universal health coverage. This means that the majority of depression treatments, such as consultations with general practitioners and psychiatrists as well as medicines recommended by a doctor, are covered by Medicare. Furthermore, a noteworthy portion of Australians has private health insurance, which can reimburse for a wider array of depression treatments like psychotherapy and cognitive-behavioural therapy. Patients should express with their insurance provider to comprehend their specific plan's coverage and reimbursement policies as they vary based on the insurer. Through the Pharmaceutical Benefits Scheme (PBS), the Australian government provides monetary assistance to patients in need of prescribed drugs. This includes numerous antidepressants, which are offered to qualified patients at a reduced price. A Medicare-funded Mental Health Treatment Plan may be available to patients with a diagnosed mental health problem, such as depression. Access to a variety of services, such as counselling and psychological therapy, that are either entirely or partially covered by Medicare is made possible by this plan.