Spain Depression Therapeutics Market Analysis

Spain Depression Therapeutics Market Executive Analysis

The Spain depression therapeutics market size is at around $195 Mn in 2022 and is projected to reach $271 Mn in 2030, exhibiting a CAGR of 4.2% during the forecast period. The funding allotted to the Ministry of Health in 2023 will rise by 6.5% to $3,310 Mn in light of the decentralized nature of the Spanish health system, where Ministry of Health spending accounts for less than 3% of total governmental spending. This sum accounts for both the money allocated from the national public budget for 2023 and the European Recovery and Resilience Facility. The new National Public Health Agency will receive $3.4 Mn, and the national network for public health monitoring will receive $4.4 Mn. For the centralized purchase of the COVID-19 vaccine, an additional $1,404 Mn is allocated. The Ministry of Health has also budgeted over $1,280 Mn to upgrade primary care facilities and tools for specialized care, screening programs, and mental healthcare, with a particular focus on improving primary care. The autonomous towns will receive this funding.

According to the 2017 National Health Survey in Spain, women were more than twice as likely to be diagnosed with depression (9.2% vs. 4.0%), and antidepressants and stimulants were more frequently prescribed to and consumed by women than by males. With a significant increase in healthcare expenditure over the past 20 years, Spain's health indicators have seen highly positive changes. Between 1984 and 2001, per capita spending on the National Health Service grew six-fold. In terms of psychological treatment, the 1980s saw the beginning of a reformation process that has helped to advance mental health care in recent years.

Based on randomized trials in Spain that showed that the combination of pharmacotherapy and psychotherapy was more effective than either of these therapies alone, doctors recommend this approach for the initial treatment of unipolar major depression. Clinical studies, however, have not proven the superiority of any particular medication/psychotherapy combination. Instead, when selecting a monotherapy, clinicians choose each modality based on the same principles. Because antidepressants are typically more readily accessible and practical than psychotherapy, and some patients prefer pharmacotherapy, they have been studied and used more frequently than combination treatments or psychotherapy alone. Comorbidity, psychosocial stressors, and cost are additional considerations when selecting a therapy plan.

Patients with unipolar severe depression may benefit from antidepressants. Agomelatine, amitriptyline, citalopram, duloxetine, escitalopram, imipramine, mirtazapine, paroxetine, sertraline, monoamine oxidase inhibitors, selective serotonin reuptake inhibitors, tricyclics are a few examples of specific antidepressants and antidepressant classes that have been found to be effective in treating unipolar major depression in Spain.

Market Dynamics

Market Growth Drivers

There are over three Mn individuals who suffer from depression in Spain, making it a common mental health disorder. The high incidence of depression is fuelling the market for treatment. Transcranial magnetic stimulation (TMS) and ketamine injections are two cutting-edge depression therapies that have been made possible by technological advancements. The market for depression therapeutics in Spain is expanding as a result of these novel treatment options. With an emphasis on mental health, the Spanish government has been making significant investments in the healthcare industry. The Spain depression therapeutics market is expanding as a result of the country's rising healthcare costs.

Market Restraints

The cost of treating depression can be high, particularly for leading-edge procedures like Transcranial Magnetic Stimulation (TMS) and ketamine injections. Some patients may be disheartened from seeking treatment due to the high expense, especially those who lack access to sufficient health insurance.  Despite increased knowledge of mental health subjects, there is still a serious stigma related to mental disease in Spain. Because of the stigma, some patients may decide not to seek treatment or may be unenthusiastic to talk about their mental health difficulties with medical experts. Although medicine is a common form of therapy for depression, some patients may find its side effects to be unbearable. Patients may stop taking their drugs as a result of these side effects, or they may be reluctant to begin therapy at all, therefore, restraining the Spain depression therapeutics market evolution.

Competitive Landscape

Key Players

• Vestilab (ESP)
• Théa Pharma (ESP)
• Farmasierra (ESP)
• TecnyFarma (ESP)
• Pharmaloop (ESP)
• Pfizer
• AstraZeneca
• GlaxoSmithKline
• Elly Lilly
• Allergan
• Takeda Pharmaceutical

Healthcare Policies and Regulatory Landscape

The Sistema Nacional de Salud (SNS), a national healthcare system, is in place in Spain. There are now 17 regional health ministries as a consequence of the transfer of health duties to the regional level since 2002. The Ministry of Health, Social Services, and Equality is still in charge of setting national policy and keeping an eye on implementation. All primary medical treatments are free through the SNS. The public healthcare system in Spain, which provides complete coverage to all citizens and authorized immigrants, provides treatment for depression. This suggests that depression patients can receive free or extremely affordable therapy for their condition. The level of coverage offered by the patient's health insurance plan and the type of medication used determine the refund rate for depression medicines. The Spanish National Health System generally includes a variety of depression treatment options, such as prescription medications, counselling, and additional procedures like transcranial magnetic stimulation (TMS) and electroconvulsive therapy (ECT). The national healthcare system also provides access to inpatient care for patients who need to be hospitalized for their depression.