Panic attacks refer to sudden feelings of intense fear or discomfort that develop abruptly and peaks within minutes. Symptoms include accelerated heartbeat, nausea, sweating, trembling, shortness of breath and fear of dying among others. Treatment for panic attacks aims at reducing the severity and frequency of attacks either through medications or therapies. Medications commonly used for treatment include antidepressants such as selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs). Therapies often used are cognitive behavioral therapy and mindfulness or meditation based therapies. The Global Panic Attack Treatment Market is estimated to be valued at US$ 2.36 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2030.
Key players operating in the Global Panic Attack Treatment Market Demand are Widex A/S, GN Hearing A/S, Starkey Hearing Technologies, Sivantos Group (now WS Audiology), Cochlear Limited. These players focus on development and approval of novel medication and therapies for treatment. For instance, in 2022, Widex A/S received US FDA approval for its PanicAid application meant for treatment of panic attacks through sound therapy.
The key demand driving the panic attack treatment market is increasing prevalence of panic disorders globally. As per National Institute of Mental Health, around 6 million American adults aged 18 years or older experience panic attacks in a given year. Moreover, women are twice as likely as men to have panic disorder. Growing awareness regarding available treatment options is also fueling adoption.
Technological advancements in treatment modalities are further expected to support market growth over the forecast period. Development of digital therapeutics and smartphone based applications for panic attack management are recent innovations in this area. For example, PanicAid by Widex A/S is the first FDA cleared sound therapy dedicated for panic attacks delivered through a smartphone. Such innovations are making treatment more accessible and affordable.
Some of the major trends in the panic attack treatment market include growing adoption of mindfulness and meditation based cognitive behavioral therapies. These therapies help in managing anxiety levels and changing thought patterns related to panic attacks without use of medications. Another key trend is combination therapy approach involving use of medications and therapy together for better management of symptoms.
The major opportunities in the panic attack treatment market lie in developing novel drugs with reduced side effects and expanded indications. Currently available antidepressants may cause sleep disturbances, nausea, sexual dysfunction etc. Development of medication targeting underlying neurological pathways more specifically can address this unmet need. Partnering with digital health companies for apps and digital therapies is another key area that remains underexplored. This will help expand access and lower treatment costs significantly.
Impact of COVID-19 on Global Panic Attack Treatment Market Growth:
The COVID-19 pandemic has negatively impacted the growth of the global panic attack treatment market. Due to lockdowns imposed worldwide and social distancing norms, individuals have experienced increased stress and anxiety levels which has led to a rise in panic attacks. However, limited access to healthcare facilities and physicians for non-emergency cases has hampered the treatment seeking rate for panic attacks. Also, disruptions in supply chains have created shortages of drugs and medical devices used for panic attack treatment. With economic downturn affecting individual incomes, affordability of treatment options like therapy sessions, medications has been a challenge.
As lockdowns are gradually lifted, the market is expected to pick up pace. However, risk of virus spread continues to induce fear and uncertainty among people. Development of remote healthcare facilities utilizing digital technology can help provide therapy and counseling to large patient pools. Manufacturers are focusing on building robust distribution channels and ensuring uninterrupted supplies. Governments may provide financial assistance to make treatment affordable. Overall, COVID-19 has temporarily slowed the growth trajectory of the global panic attack treatment market but focus on virtual care and ensuring accessibility can aid market recovery in the coming years.
Geographical Regions with Highest Market Value for Global Panic Attack Treatment Market:
North America accounts for the largest share of the global panic attack treatment market in terms of value. This is attributed to high prevalence of anxiety and panic disorders, developed healthcare infrastructure, availability of advanced treatment options and favourable reimbursement policies in the US and Canada.
Fastest Growing Region for Global Panic Attack Treatment Market:
Asia Pacific region is expected to witness the fastest growth in the global panic attack treatment market during the forecast period. This is owing to rising awareness about mental health issues, increasing healthcare spending, growing economy and expansion of key players in the developing countries of China and India. Widening access to state-of-the-art therapy programs is further boosting the market growth in Asia Pacific.
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