Global Precision Psychiatry Market to Grow at a CAGR of 17.4% During 2020–2030

Introduction

The goal of precision psychiatry, a relatively new field within precision medicine, is to understand better and take advantage of individual variations in biology, way of life, environment, and social determinants of health. It is becoming increasingly clear that neuropsychiatric disorders impact all facets of life and are to blame for suffering, disability, and even death. The Center for Precision Psychiatry aims to integrate research and clinical practice to facilitate more accurate risk prediction, targeted prevention, accurate diagnosis, and effective therapies for psychiatric diseases. The market for psychiatrists consists of sales of psychiatrist services and related items by businesses (organizations, sole proprietors, and partnerships) that provide the diagnosis, treatment, and prevention of mental, emotional, and behavioral illnesses.

Market Dynamics

Government initiatives to reform mental health, Recent Advancements in Psychiatric Genetics Drives the Global Market

The demand for mental health services in the past was brought on by support for mental health resources, which increased the need for psychiatrists. For instance, the federal government of the United States put forth the 21st Century Cures Act. This comprehensive healthcare plan covers several aspects of mental health, substance abuse, and criminal justice. In accordance with this clause, USD 4.8 billion can be allocated over ten years to address the issue of parity in mental health care. The Indian government committed 500 million Indian Rupees (INR) to "the National Mental Health Programme" to ensure that everyone has access to essential mental health services.

The recent research that is involved in the field of psychiatric genetics is uncovering a variety of complicated illnesses that are associated with mental health. Psychiatric genetics investigates how genes contribute to the development of mental health conditions and disseminates this knowledge to enhance current treatment strategies. Researchers discovered the factors that contribute to anorexia, an eating disorder. The scientists concluded that this illness's problems are primarily related to metabolism.

Diagnostic Use of Mobile and Connected Technologies Creates Tremendous Opportunities

Psychiatric care facilities are beginning to employ mobile and connected technologies to diagnose and treat mental illnesses. Some innovations, such as creating electronic medical records to capture, communicate, and support clinical decision-making, quickly establish themselves as standard practice in the healthcare sector. These technologies provide real-time visibility of patients' health by collecting active and passive data, respectively. Modern digital devices monitor a patient's state in terms of behavioral patterns and physiological sensing. It enables those who work in mental health to create cutting-edge psychiatric diagnostic tests.

Regional Analysis

North America has the highest level of market concentration for precision psychiatry. This is due to several factors, such as the significant funding infusion from governmental organizations for psychiatric disorder research, the rising prevalence of mental disorders, the growing awareness of precision medicine, and the rising awareness of early detection. Over the period covered by the forecast, it is anticipated that the rate of expansion in the Asia-Pacific region will be the highest.

Key Highlights

• The global precision psychiatry market was valued at USD 758 million in 2021. It is projected to reach USD 3,210 million by 2030, growing at a CAGR of 17.4% during the forecast period (2022–2030).
• The global precision psychiatry market is categorized into product type, biomarker type, sample type, technology, application, and end-user.
• North America has the highest level of market concentration for precision psychiatry.

Competitive Players

1. Illumina, Inc
2. F. Hoffmann-La Roche Ltd
3. Bio-Rad Laboratories, Inc
4. QIAGEN N.V.
5. Quest Diagnostics Incorporated
6. ARUP Laboratories
7. Invitae Corporation
8. OPKO Health, Inc
9. Laboratory Corporation of America Holdings
10. Centogene N.V.
11. Thermo Fisher Scientific Inc
12. Myriad Genetics, Inc
13. Konica Minolta, Inc
14. Fulgent Genetics, and Prevention Genetics

Recent Developments

• June 2022- Illumina Announces Next Generation Products and Data at AGBT General Meeting to Advance Innovative Customer Solutions.
• June 2022- Roche launches human papillomavirus (HPV) self-sampling solution, expanding cervical cancer screening options.
• May 2022- QIAGEN launches therascreen EGFR Plus RGQ PCR Kit featuring C797S detection to help guide non-small cell lung cancer (NSCLC) treatment.
• June 2022- New Quest Diagnostics Health Trends Study, Collaboration with CDC, Shows Less Than Half of Pregnant People Screened for Hepatitis C.

Segmentation

1. By Product Type
   1. Products
   2. Services
2. By Sample Type 
   1. Blood-Based
   2. Non-Blood-Based
3. By Biomarker Type
   1. Genetic Biomarker
   2. Protein Biomarker
4. By Technology
   1. Sequencing (NGS and Traditional Sequencing)
   2. Polymerase Chain Reaction (RT-PCR and dPCR)
   3. Microarray
   4. Immunoassay
   5. Liquid Chromatography/Mass Spectrometry
5. By Application
   1. Alzheimer’s Disease
   2. Parkinson’s Disease
   3. Autism
   4. Depression
   5. Bipolar Disease
6. By End User
   1. Academic and Research Institutions
   2. Hospitals and Diagnostic Laboratories