PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490273
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490273
Personalized Psychiatry Market size was valued at USD 4,209.43 million in 2023, expanding at a CAGR of 11.98% from 2024 to 2032.
The growing incidence of conditions like depression, anxiety, bipolar disorder, and schizophrenia necessitates more effective and personalized treatment methods. Increasing understanding of the genetic basis of psychiatric disorders is enabling more personalized treatment approaches. The development and implementation of personalized treatment plans can be expensive, limiting accessibility for some patients. International efforts to address the global mental health crisis can support the development and dissemination of personalized psychiatry approaches.
Personalized Psychiatry Market- Market Dynamics
Rising Prevalence of Mental Health Disorders
The growing incidence of mental health disorders is significantly propelling the personalized psychiatry market. Personalized psychiatry, which tailors treatment plans to the individual characteristics of each patient, is gaining traction as a response to the complex and varied nature of mental health conditions. The rising number of individuals diagnosed with mental health conditions such as depression, anxiety, bipolar disorder, and schizophrenia is a primary driver. The World Health Organization (WHO) reports that depression is a leading cause of disability worldwide, affecting over 264 million people. The growing recognition of mental health issues and the destigmatization of seeking help are contributing to higher diagnosis rates. The rise of digital health platforms and mobile health applications is facilitating personalized care by providing continuous monitoring and real-time data collection.
Personalized Psychiatry Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.98% over the forecast period (2024-2032)
Based on product type segmentation, Genomics was predicted to show maximum market share in the year 2023
Based on therapeutic areas segmentation, Depression and Anxiety was the leading type in 2023
Based on end users segmentation, Healthcare Providers was the leading type in 2023
based on region, North America was the leading revenue generator in 2023
The Global Personalized Psychiatry Market is segmented based on Product Type, therapeutic areas, End-user, Technology, and Region.
The market is divided into three categories based on product type: Genomics, Digital Therapeutics, and Software. Due to the rise in the use of digital devices in the healthcare sector, the genomics category holds the largest market share in 2023, while the digital therapeutics segment is predicted to develop at the quickest rate in the upcoming years. Thanks to developments in genomic technologies, it is now possible to identify genetic differences linked to psychiatric diseases, which opens the door to customized treatment plans.
The market is divided into five categories based on therapeutic areas: Depression, Anxiety, Bipolar Disorders, Addiction, and Others. In 2023, the market for depression and anxiety is expected to reach a sizeable amount, and in the ensuing years, it is expected to grow even faster. the expanding understanding of the variability among various illnesses, with different underlying causes and treatment outcomes for different people. This understanding has increased the need for individualized methods of diagnosis and therapy.
Personalized Psychiatry Market- Geographical Insights
The need for individualized psychiatric interventions is being driven by the increasing prevalence of mental health issues in North America. Furthermore, the area has excellent research and healthcare infrastructure, which supports the creation and uptake of personalized medicine strategies. Furthermore, strong investments in healthcare innovation and regulations and initiatives from the government encourage the expansion of the personalized psychiatry market in North America. The personalized psychiatry market is anticipated to grow at the quickest rate in the Asia-Pacific area. This rise is driven by elements including expanding investments in healthcare technology, raising awareness of mental health issues, and developing healthcare infrastructure.
Major pharmaceutical companies are increasingly investing in personalized psychiatry. They are developing tailored medications based on genetic and biomarker information. Companies like Johnson & Johnson, Pfizer, and Roche are prominent in this space. Biotechnology companies are at the forefront of developing innovative diagnostic tools and therapies. They often focus on niche areas and leverage cutting-edge technologies. Examples include Myriad Genetics, Genomind, and Assurex Health. There is a growing trend of collaborations between pharmaceutical companies, biotech firms, academic institutions, and technology providers. These partnerships are essential for advancing research and bringing new personalized therapies to market. For instance, in May 2024, Osmind, the foremost psychiatric handling and investigate platform, publicized a ground-breaking partnership with the American Psychiatric Association (APA) to advance the implementation of measurement-based care (MBC) as well as precision dealing in psychiatry.
In August 2021, MindMed announced a collaboration with Florian to advance the development of personalized psychiatry for anxiety disorders. Florian has deep domain experience in RWE and outcomes studies and has developed a variety of information products to serve the healthcare industry.
In May 2024, UAB expanded access to mental health services through advanced practice provider collaborations. They are playing a critical role in meeting the community's overwhelming need for professional, competent, and uniquely compassionate mental health services.
GLOBAL PERSONALIZED PSYCHIATRY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
GreyBird Ventures
Sunovion Pharmaceuticals Inc.
HMNC Holding GmbH
Arcara Personalized Psychiatry
Starling Minds
Karuna Therapeutics
CBT Plus
AltheaDx, Inc.
WayForward
BrightQuest
Peak Mental Wellness
Others