Personalized Psychiatry Market Size was valued at USD 4.2 Bn in 2023 and is predicted to reach USD 10.1 Bn by 2031 at a 11.8% CAGR during the forecast period for 2024-2031.
Personalized psychiatry is a method of treating mental health issues that takes into account the unique qualities of each patient. It entails tailoring treatment programs to each personalized specific health issue by analyzing their genetic makeup in conjunction with their environmental factors and lifestyle choices. Several factors contribute to the market expansion, such as rising mental health issues, a robust economy, increased consumer spending, rising healthcare expenditure, and a growing population. The increasing number of people living with long-term health issues like diabetes, cancer, and others is driving the personalized psychiatry market size.
The need for customized methods to diagnosis and treatment is growing in response to the rising incidence of these illnesses. Also contributing to the market’s expansion is the existence of several important companies. Furthermore, due to the widespread availability of smartphones and high-speed internet, personalized psychiatry services now reach more people and become an integral part of people’s everyday lives.
However, stringent regulatory requirements and the general public’s lack of familiarity can hinder their market expansion. Furthermore, the personalized psychiatry market’s expansion is the pressing demand for improved mental health diagnosis and treatment. There is a growing market for personalized psychiatry products that target personalized mental health, owing to the increasing interest in these products among consumers. One area where personalized methods are gaining traction is mental health due to the general trend towards precision medicine in healthcare, which will propel the industry's growth during the forecast period.
Competitive Landscape
Some of the Major Key Players in the Personalized Psychiatry Market are
- GreyBird Ventures
- Sunovion Pharmaceuticals Inc.
- HMNC Holding GmbH
- Arcara Personalized Psychiatry
- Starling Minds
- Karuna Therapeutics
- CBT Plus
- AltheaDx, Inc.
- WayForward
- BrightQuest
- Peak Mental Wellness
Market Segmentation:
The personalized psychiatry market is segmented based on type and therapeutic areas. Based on the type, the market is segmented into products, services, and software. By therapeutic areas, the market is segmented into depression, anxiety, bipolar disorder, schizophrenia, addiction, and others.
Based on the Type, the Products Segment is Accounted as a Major Contributor in the Personalized Psychiatry Market
The products category will hold a major share of the global personalized psychiatry market in 2023 because cutting-edge diagnostic equipment, genetic testing kits, and tailored treatment options are becoming more widely used and accessible. These products make it possible to diagnose mental health issues with great accuracy and to create personalized treatment plans. The variety of accessible, personalized psychiatric solutions is growing as a result of innovation driven by technical breakthroughs and substantial investments in R&D.
The Depression Segment Witnessed Growth at a Rapid Rate
The depression segment is projected to grow rapidly in the global personalized psychiatry market owing to the rising number of cases of depression, progress in the field of genetic and biomarker research, and the rising need for personalized psychiatry programs that improve therapeutic results by attending to the unique requirements of each patient and their unique genetic makeup, expanding this market’s segment in the future.
In the Region, the North American Personalized Psychiatry Market Holds a Significant Revenue Share
The North American personalized psychiatry market is expected to register the highest market share in revenue in the near future. This is because there is a high frequency of mental health illnesses, a well-developed system for healthcare delivery, substantial funding for R&D, and robust governmental backing for personalized treatment plans. In addition, the Asia Pacific region’s market is anticipated to experience expansion in the global market for personalized psychiatry because of improvements in genetic and diagnostic tools, a greater focus on mental health, more funding for healthcare, an increase in the frequency of mental diseases, and general public comprehension of the importance of mental health, which drives the market growth in this area.
Recent Developments:
- In March 2024, Geha Mental Health Center, Clalit Health Services, and Genetika+ will collaborate to create tools to personalize depression treatment. Genetika+ is a leader in precision medicine for psychiatry and neurology. The tools will be developed using stem-cell technology, AI, and advanced analytics.
- In January 2024, Ketabon GmbH, a partnership between HMNC Brain Health and Develco Pharma, announced positive outcomes from a head-to-head trial pitting SPRAVATO, an intranasal spray licensed by the FDA for patients with Treatment-Resistant Depression, against KET01, the Company’s exclusive lead asset.
Personalized Psychiatry Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 4.2 Bn |
|
Revenue Forecast In 2031 |
USD 10.1 Bn |
|
Growth Rate CAGR |
CAGR of 11.8% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Therapeutic Areas and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
GreyBird Ventures, Sunovion Pharmaceuticals Inc., HMNC Holding GmbH, Arcara Personalized Psychiatry, Starling Minds, Karuna Therapeutics, CBT Plus, AltheaDx, Inc., WayForward, BrightQuest, and Peak Mental Wellness. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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