Nigeria Depression Therapeutics Market Analysis

Nigeria Depression Therapeutics Market Executive Analysis

Nigeria's depression therapeutics market is expected to grow from $9 Mn in 2022 to $15 Mn in 2030 with a CAGR of 6.2% for the forecasted year 2022-30. The total amount is $0.88 Bn for capital spending and $1.26 Bn for the recurrent expenditure of Kenya. It also includes $5.6 Mn for Aid and grants and $0.13 Bn for retained independent income, which could assist health agencies in carrying out their other activities. The health industry will also receive $0.18 Bn as part of the service-wide vote. This includes $0.15 Bn for GAVI/immunization; $16 Mn for counterpart financing, which includes the Global Fund and a health refund to GAVI; and $9.6 Mn for military retirees under the National Health Insurance Scheme. (NHIS). The $1.8 Bn allotted to the health sector in 2022 and the $1.17 Bn allocated in 2021 are both significantly increased in the 2023 budget.

The prevalence of depression was 23.1%, which was higher than the figures recorded in Nigerian general population studies. 46.7%, 50%, and 3.3% of this group were mildly, moderately, or seriously depressed. The majority (40%) were between the ages of 30 and 39. The high prevalence of depression frequently reported among these populations indicates that it is a very prevalent occurrence among people who experience social adversity and difficulties.

There are numerous antidepressants available, and each drug works in a unique way to balance the chemicals in the brain and improve mood, concentration, and sleep. The most prescribed form of antidepressant is selective serotonin reuptake inhibitors (SSRIs). They work by preventing some serotonin reuptake, which helps to boost mood. Fluoxetine (Prozac Weekly, Prozac, Sarafem), Citalopram (Celexa), and Sertraline (Zoloft) are examples of SSRIs. Similar to SSRIs, serotonin and norepinephrine reuptake inhibitors (SNRIs) operate by blocking the reuptake of both serotonin and norepinephrine to help elevate mood. SNRIs include venlafaxine (Effexor, Effexor XR) and duloxetine (Cymbalta, Irenka). Tricyclic antidepressants (TCAs) are a type of drug that has been around for a while. While they are more powerful, they also have more side effects and are typically prescribed only when other, newer kinds of antidepressants fail to work. TCAs include amitriptyline (Elavil) and imipramine (Tofranil). Another type of antidepressant is a norepinephrine and dopamine reuptake inhibitor (NDRI), which acts differently than SSRIs or SNRIs and also treats seasonal affective disorder (SAD) and helps people quit smoking. Bupropion (Wellbutrin SR, Wellbutrin XL, Forfivo XL, Aplenzin; Zyban is a form of bupropion used for smoking cessation).

Market Dynamics

Market Growth Drivers

Nigeria has made strides in increasing access to healthcare, including mental health facilities. This will allow more people suffering from depression to receive therapy, increasing the demand for therapeutics. In Nigeria, there is a growing recognition of the importance of mental health, and both the government and the private sector are increasing their investments in mental health facilities. This investment will assist to improve access to antidepressant medications. Novel medications and digital therapeutics are being created as new depression treatments. As these new treatments become accessible in Nigeria, they will fuel the Nigeria depression therapeutics market growth.

Market Restraints

In Nigeria, there is still a substantial lack of awareness about depression, and many people suffering from the disorder may avoid seeking therapy due to stigma and disgrace. This may reduce the desire for antidepressant medicines. Depression treatments can be expensive, and many individuals in Nigeria may be incapable to afford them. This could reduce the demand for depression treatments, especially among those with low incomes. The regulatory atmosphere for depression therapeutics in Nigeria may be difficult, which may curb the availability of new treatments. This could limit the Nigerian depression therapeutics market's growth prospects.

Competitive Landscape

Key Players

• Fidson Healthcare (NGA)
• Emzor Pharmaceuticals (NGA)
• Mopson Pharmaceuticals (NGA)
• Chemiron (NGA)
• Olex Pharmaceuticals (NGA)
• Abbott
• AbbVie
• AstraZeneca
• Bristol-Myers Squibb
• Cipla
• Eli Lily

Healthcare Policies and Regulatory Landscape

The National Health Insurance Scheme (NHIS) is a social health insurance program created by the Federal Government of Nigeria to supplement healthcare funding sources and improve access to healthcare services for the majority of Nigerians. In Nigeria, NHIS was created to provide workers with a minimal level of economic security in the event of unfavourable losses such as accidental injury, sickness, old age, unemployment, and so on. It is based on a pre-payment system in which both the employer and the employee contribute to the plan and the employee uses it whenever he or she becomes sick. The scheme was formally launched on June 6, 2005, and services to enrolled individuals began later that year. The NHIS is undeniably an essential strategy for improving the country's poor health indices and lowering out-of-pocket expenditure for excellent health care services. Since the implementation of the NHIS, approximately five Mn Nigerians have had easy access to treatment through the NHIS. The NHIS benefit packages are extremely comprehensive, covering nearly all of the enrollees' medical requirements, from consultation to drugs, consumables, and minor surgeries. There have been efforts in Nigeria to raise mental health awareness and extend access to care. The government, for example, has created a National Mental Health Policy and has invested in training mental health workers. Furthermore, some private insurers are starting to provide coverage for mental health care, which may help to increase access to care for those in need.