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Consider this. Neuro-psychiatry medicines are among the top 10 therapies in the country and the category is valued ₹11,774 crore, data from pharmaceuticals market research firm Pharmarack show. Mental health platform Mind Peers says the number of people seeking therapies has increased 80% in the last few months and almost 85% of these patients are below the age of 35 years.
“India’s youth is realising that you don’t have to seek therapy support only for disorders but also to perform well in life’s different aspects,” said Kanika Agarwal, cofounder of MindPeers. “Adoption of therapy and coaching has seen an all-time high with 90% month-on-month growth at MindPeers.”
She said the Gen Z and millennials are contributing the maximum. “The 18-35 age group reports a disharmony between the measures of aspiration and leadership, showcasing a lack of direction among them,” Agarwal said.
Gen Z is experiencing higher levels of anxiety, stress, psychologists said.
One of them cited the case of 16-year-old Manvi (name changed) who had a sudden episode of panic attack at a school event. “She happily went to her school fete. But was gasping for breath and started crying as soon as she reached the venue. She felt anxious and tense seeing a lot of people,” said the psychologist who requested not to be named.
According to Pharmarack, sales of neuro-psychiatry medicines used to treat neurology and CNS (central nervous system) disorders have surged to ₹11,774 crore, or 6% of Indian pharmaceuticals market, in the 12-month period ended December 2023, growing at a compounded annual rate of 9% from ₹8,479 crore in 2019.
“This category has shown phenomenal growth, which can be attributed to the psychological impact of lack of social contact, anxiety (over health as well as financial issues), loss of near and dear ones, longer periods of isolation,” said Sheetal Sapale, vice president, commercial, at Pharmarack.
Top five companies have kept a tight grip on this segment. Sun Pharma leads the pack with sales of ₹2,663 crore over a 12-month period ended December 2023, followed by Intas with sales of roughly ₹2,055 crore. Torrent comes a distant third with sales of ₹1,054 crore. Abbott and Alkem are the others that have a sizeable presence in this market.
Sapale said many physicians have reported increased footfalls of patients with mental disorders. She attributed this to increasing awareness.
“Visiting a physician treating mental illnesses is no longer considered a taboo and people proactively visit physicians when they start noticing symptoms of mental illnesses,” Sapale said.
