Enhanced brain study is driving the growth in Global Phobia Treatment Market in the forecast period, 2022-2026.
Moreover, widespread COVID-19 situation aided the growth of the global phobia treatment market in the next five years. The pandemic created a void in everybody’s lives, rapidly increasing number of patients and the then the death count affected mental health of the population at home. To control the spread, global population observed complete lockdown, and the feeling of helplessness and failure clouded the mental stability of the population at large. Boston University conducted a related study in September 2020, half of the adults surveyed by the researchers across the United States displayed some signs of depression, such as feelings of hopelessness and failure, due to COVID-19. The surge in the demand for the treatment further increased awareness about the treatment. Increased awareness among the population is expected to further support the growth of the global phobia treatment market in the future five years, until 2026.
Phobia is a persistent, existent and unrealistic fear of object, person, animal, activity, or a situation. The patients suffering from any kind of phobia either tries to avoid the thing or situation or gets triggered uncontrollably causing chaos. Extreme conditions of fear can cause tremors, cardiac arrest, and death. These disorders are often associated with anxiety disorders and interfere with the daily living situations and activities.
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The global phobia treatment market segmentation is based on type of phobia, treatment, end user, competitional landscape, and regional distribution. Based on treatment, the market is further divided between therapy, and medication. Therapy treatment for phobia includes desensitization, flooding, graded exposures, and biofeedback. Desensitization is a systemic therapy method involves a systematic exposure to fear-evoking images and thoughts or may be actual phobic stimuli along with the exposure to relaxation images and visuals such that fear response can be normalized. Flooding technique is a behavior therapy where the patient is exposed to extreme stimuli like maximum-intensity anxiety-producing situation or stimulus that is either explained or is real, with the goal of reintegrating their repressed emotions with their current awareness. Development of various other methods as phobia treatments is actively driving the growth of the global phobia treatment market in the upcoming five years.
Based on type of phobia, the market is further bifurcated into zoophobia, acrophobia, agoraphobia, claustrophobia, social phobia, and others. Zoophobia is the fear of animal/ animals. The person may suffer from the condition due to negative experiences, learned behavior, genetics, or fear processing. Claustrophobia is also an anxiety disorder that causes extreme fear of closed spaces. The patient may get extremely nervous, fearful, and might lose consciousness.
Sanofi S.A., Cambrex Corporation, Teva Pharmaceutical Industries Ltd., Midas Pharma GmbH, Harman Finochem Ltd, Pfizer Inc., Dr. Reddy’s Laboratories Ltd, AstraZeneca, Plc., Eli Lily and Company, Lupin Limited, GlaxoSmithKline plc, Aurobindo Pharma Limited, Sun Pharmaceutical Industries Ltd., AbbVie Inc., Bristol Laboratories Ltd, among others are some of the market players dominating the global phobia treatment market. These market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through phobia treatment. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Countries like the United Sates, and Canada has largest number of populations suffering from anxiety disorders and depression. Moreover, the number of patients suffering from COVID-19 infection was also registered at large scale in United States. The complete lockdown situation also caused a country-wide outrage and people protested against the government. These factors heavily affected the increasing number of mental disorders and is responsible for the probable future growth of the global phobia treatment market. Asia Pacific region is anticipated to register fastest growing CAGR on the account of evolving healthcare facility and increasing awareness among the population regarding various kind of phobias and their treatment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Phobia Treatment Market By Type of Phobia (Zoophobia, Acrophobia, Agoraphobia, Claustrophobia, Social Phobia, Others), By Treatment (Therapy {Desensitization, Flooding, Graded Exposures, Biofeedback} v/s Medication {Antidepressants, MAO inhibitors, Beta-Blockers, Sedative-Hypnotic Drugs, Others}), By End User (Hospitals, Psychiatry Clinics, Phobia Treatment Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global phobia treatment and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global phobia treatment market.
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