South Korea Anxiety Disorder and Depression Market to Grow at a CAGR of 3.8% During 2024-2032, Aided by the Growing Awareness of Mental Health Issues and Ageing Population

Increasing awareness programmes on mental health is supporting the South Korea anxiety disorder and depression market growth. A South Korean study on the mental health of over 1,000 people revealed that about 34.2% of participants experienced a mild or higher level of depression and 28.8% faced a mild or higher level of anxiety, since the spread of COVID-19.

The growing geriatric population in South Korea is increasing the demand for the anxiety disorder and depression medications. According to the World Bank, about 19% of the total population is over 65 years old in South Korea, surpassing 9.03 million in 2022. Hectic lifestyles, long work hours, and job pressures also contribute to widespread psychological distress, particularly among elderly individuals living alone. Estimates suggest that 10-20% of senior Koreans suffer from depressive disorders, highlighting the pressing need to address geriatric mental health as a significant emerging public health challenge in South Korea.

Celebrities and government agencies are educating public regarding the importance of mental health, leveraging the power of social media. For instance, BTS, the world's biggest pop group, not only breaks records in music but also advocates for social issues and mental health awareness. The band openly discussed their struggles to reduce stigma. Their #EndViolence campaign with UNICEF promotes self-love and has raised millions. Their albums, like the Love Yourself series and BE, explore themes of self-love, societal pressures, and mental health, resonating deeply with fans.

As mental health acceptance grows in South Korea, access to professional help has significantly improved through both online and offline channels. Online platforms, including video calls and chats, have become increasingly popular, especially among the elderly who may find mental health discussions taboo. AI-driven drug discoveries, diagnosis, and therapeutic solutions are a growing trend in the market. Integrating AI with diagnosis processes enhances accuracy, while the surge of digital therapeutics expands intervention reach, fostering growth in the anxiety disorder and depression market in South Korea.

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Market Breakup by Drug Class and Indication:

• The market is segmented based on drug class into antidepressant drugs, and therapy and devices, among others.

• Based on indication, the market can be divided into major depressive disorder (MDD), obsessive-compulsive disorder (OCD), and phobia.

Key Findings of the Report:

• The growing prevalence of mental health issues in South Korea is adding to the demand for anxiety disorders and depression treatment.  A study reveals alarming rates of depression (34.2%) and anxiety (28.8%) post-COVID-19, with factors like hectic lifestyles and job pressures adding to psychological distress.

• There is a notable increase in geriatric mental health challenges due to a rise in ageing population. With 19% of South Korea's population aged over 65, the demand for mental health services is escalating, particularly among the elderly, who face loneliness and depressive disorders at rates of 10-20%.

• The growing influence of awareness programs is encouraging people to openly speak about mental health. Initiatives like BTS's #EndViolence campaign and albums addressing mental health issues contribute to reducing stigma and increasing awareness, driving acceptance and access to professional help.

• Advancements in mental health solutions like online platforms and AI-driven diagnostics are revolutionising mental healthcare.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea anxiety disorder and depression market for the periods (2017-2023) and (2024-2032).

• The report also offers historical (2017-2023) and forecast (2024-2032) market information for the drug class and indication of the anxiety disorder and depression market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea anxiety disorder and depression market are Pfizer Inc.  (Pfizer Korea Co., Ltd., Eli Lilly and Company, H. Lundbeck A/S (Lundbeck Korea Co., Ltd.), Korea Otsuka Pharmaceutical Co., Ltd.,  and Janssen Korea Co., Ltd. (Johnson & Johnson Services, Inc.), among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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