Belgium's depression therapeutics market is expected to grow from $22 Mn in 2022 to $33 Mn in 2030 with a CAGR of 5.2% for the forecasted year 2022-30. The rising investments in antidepressant drugs by pharmaceutical companies in Belgium and the increased funding for mental health services in Belgium are driving the growth of the market. The Belgium depression therapeutics market is segmented by drug type, therapies, indication, and end users. Ardena, Qualiphar, and Johnson & Johnson are the major players in the Belgium depression therapeutics market.
Belgium's depression therapeutics market is expected to grow from $22 Mn in 2022 to $33 Mn in 2030 with a CAGR of 5.2% for the forecasted year 2022-30. Beginning in 2021, Belgium's (bio)pharmaceutical industry had a value of $6 Mn with a growth rate of 7.1%, primarily from the hospital channel. While original goods account for the majority of growth in hospitals, generics fared much better in the retail sector. Despite the market's fragmentation, the top 20 businesses hold 63% of the total market share. In Europe, Belgium is a key pharmaceutical hub. In fact, the nation ranks first in Europe for medicinal R&D expenditures per capita. An economic climate created to encourage R&D may help to partially explain this. The Belgian ecosystem includes a large number of highly specialized research facilities, renowned university institutions, and tax breaks for cutting-edge industries like the pharmaceutical sector.
The overall health budget for mental health in Belgium is 6%. With 22.1 psychiatric beds per 10,000 people, Belgium has 69 psychiatric institutions. Approximately 18 psychologists are needed for every 100,000 people. A combined 11% of respondents, 8% of whom had an anxiety disorder without depression and 5% of whom had a depressive disorder, experienced both depressive and anxiety disorder. A depressive or anxiety condition was prevalent in 24% of the Belgian population overall.
In the 1960s, ketamine was developed as a veterinary anaesthetic in Belgium. It received FDA approval in 1970 to be used as a human sedative. Ketamine can cause feelings of unreality, sensory and visual distortions, distorted bodily perception, brief unusual ideas and beliefs, and euphoria or a buzz. However, the drug's ability to treat depression and act as a preventative against suicidal thoughts has caught the interest of researchers. In controlled, clinical environments, it has been researched and used to treat conditions like depression that are resistant to treatment, among others. There are several variations of ketamine. Esketamine nasal spray (Spravato) is the only treatment for depression that the FDA has authorized. It is intended for people who either have a major depressive disorder, have not found relief from antidepressant medications, or are suicidal. They continue taking their antidepressants while receiving esketamine in a clinic or doctor's office, where a medical professional keeps an eye on them for two hours following the dosage.
Market Growth Drivers
Pharmaceutical firms are making significant investments in advancing the development of novel antidepressant drugs and non-pharmacological treatments for depression, such as transcranial magnetic stimulation (TMS). By increasing the variety of treatments that are accessible and enhancing patient outcomes, these developments are fuelling market expansion. Increased funding for mental health services and campaigns to lessen the stigma attached to mental illness are just two of the measures the Belgian government has put in place to improve mental health outcomes in the nation. By enhancing access to care and raising knowledge of the available treatments, these efforts are fuelling growth in the Belgium depression therapeutics market. As more people seek therapy for mental health issues and more employers provide mental health support services to their employees, there is an increasing awareness of and acceptance of mental health treatment in Belgium. Since there is more desire for treatment options as a result of this rising acceptance, the Belgium depression therapeutics market is growing.
Market Restraints
Numerous depression treatments, especially more recent drugs and non-pharmacological methods like TMS, can be very costly. Some patients may find this to be an obstacle to care, especially those who lack sufficient insurance or financial support. By limiting patient access to treatment, the high cost of depression therapeutics may restrain the Belgium depression therapeutics market development. Insurance in Belgium may provide some coverage for depression therapeutics, but this coverage may be restricted, especially for newer drugs and non-pharmacological treatments like TMS. As a result, the market may expand more slowly and the demand for depression treatments may decline.
Key Players
March 2022- AbbVie strengthens its neuroscience portfolio with the acquisition of Syndesi Therapeutics. Through this acquisition, Syndesi's portfolio of cutting-edge SV2A modulators, including its flagship compound SDI-118, will be available to AbbVie. A variety of neuropsychiatric and neurodegenerative disorders, including Alzheimer's disease and major depressive disorder, are being studied in order to determine whether the mechanism has the ability to cure cognitive impairment as well as other symptoms.
Both a national mental health policy, developed in 1988, and a community mental health policy exist in Belgium because various aspects of the mental health service are overseen by both the federal government and local communities. A national mental health program was created in 1990 and updated in 1999, and there is a drug abuse policy in place that dates back to 1921. The Minimum Psychiatric Dataset is a national data-collection system or epidemiological research in Belgium that focuses on mental health. There are particular mental health programs for minorities, refugees, people who have recently experienced a catastrophe, people who are indigenous, the elderly, and minors. Social insurance, commercial insurance, patient or family out-of-pocket expenses, and tax-based revenue are the main funding sources for mental health care. Depending on the kind of service offered, different reimbursement procedures exist in Belgium for mental health treatments. For instance, while antidepressant medication reimbursement rates may differ based on the specific medication and the patient's insurance coverage, psychotherapy sessions are usually reimbursed at a fixed rate per session.
1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Drug Type (Revenue, USD Billion):
By Therapies (Revenue, USD Billion):
By Indication (Revenue, USD Billion):
By End Users (Revenue, USD Billion):
Methodology for Database Creation
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Ardena, Qualiphar, and Johnson & Johnson are the major players in the Belgium depression therapeutics market.
The Belgium depression therapeutics market is expected to grow from $22 Mn in 2022 to $33 Mn in 2030 with a CAGR of 5.2% for the forecasted year 2022-2030.
The Belgium depression therapeutics market is segmented by drug type, therapies, indication, and by end users.