The global precision psychiatry market size 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). Precision psychiatry, a new discipline within precision medicine, seeks to identify and capitalize on individual differences in biology, lifestyle, environment, and social determinants of health to improve mental health prevention, diagnosis, and treatment. Neuropsychiatric illnesses influence all sectors of life and are responsible for a tremendous amount of misery, impairment, and even death, as is becoming increasingly apparent. 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.
Psychiatrists maintain individual or group practices in their own offices (e.g., centers, clinics) or at the facilities of others, such as hospitals or HMO medical centers. The precision psychiatry sector is now expanding because of the reduced cost of sequencing, the increasing acceptance of inorganic growth tactics, and the worldwide increase in mental health burden. In addition, researchers' rising adoption of modern molecular diagnostic technologies to conduct genomic and proteomic studies about the genesis and expression of psychiatric illnesses is likely to be a significant factor driving market expansion.
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Government Initiatives to Reform Mental Health
In the past, support for mental health resources resulted in a rise in the need for mental health services, which boosted the demand for psychiatrists. For example, the federal government of the United States proposed the 21st Century Cures Act, a comprehensive healthcare policy that includes several elements of mental health, substance abuse, and criminal justice. This provision allows USD 4.8 billion over ten years to address the issue of parity in mental health care. The Indian government provided funding to "the National Mental Health Programme" in the amount of 500 million Indian Rupees (INR) to guarantee that everyone has access to primary mental health services.
Recent Breakthroughs in the Field of Psychiatric Genetics
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. The researchers examined the DNA of over 17,000 persons who displayed symptoms of anorexia with the DNA of more than 55,000 healthy controls. The research uncovered eight genes that showed a connection between anorexia and anxiety, sadness, and obsessive-compulsive disorder. Ultimately, these genetic discoveries will shed light on significant mental diseases by providing clues to their causes.
Limited Access to Healthcare
One of the main things that historically prevented the market for psychiatrists from expanding is restricted access. Access to medical treatment was generally inadequate throughout most developing nations compared to developed countries. In 2016, India had a healthcare system that rated 145th out of 195 countries based on the quality and accessibility of its medical services. On a global scale, the prevalence of sickness is noticeably higher in nations with low and intermediate incomes. Public sector psychiatrists are frequently too preoccupied with acute crises to provide preventative and early intervention treatments or manage disorders with a high prevalence. The difficulty in finding practitioners has hampered business growth in many developing countries.
Use of Mobile and Connected Technologies in Psychiatric Diagnosis
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.
The global precision psychiatry market is categorized into product type, biomarker type, sample type, technology, application, and end-user.
The market is segmented by product type into Products and Services. The market is split into Blood-Based and Non-Blood-Based based on sample type. The market is divided by Biomarker Types into Genetic biomarkers and Protein biomarkers. Sequencing (NGS and Traditional Sequencing), Polymerase Chain Reaction (RT-PCR and dPCR), Microarray, Immunoassay, and Liquid Chromatography/Mass Spectrometry segment the market based on technology. The market is categorized by Application into Alzheimer's Disease, Parkinson's Disease, Autism, Depression, and Bipolar Disease. The market is categorized by end-user into Academic and Research Institutions, Hospitals, and Diagnostic Laboratories.
The global precision psychiatry market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Regional Growth Insights Request Sample Pages
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.
The global Precision Psychiatry market’s major key players are