February 29, 2024
Personalized Psychiatry Market

The Growing Personalized Psychiatry Market is driven by Increasing Prevalence of Mental Disorders

Personalized psychiatry involves tailoring treatment on the basis of the patient’s genetics, biology and environment to optimize therapy effectiveness. It utilizes advanced approaches such as genomics, proteomics, metabolomics and digital technologies to understand the unique biological and environmental factors contributing to an individual’s mental health condition. This allows psychiatrists to develop targeted treatment plans leveraging both pharmaceutical and non-pharmaceutical interventions. The rising mental health burden across the world coupled with limited efficacy and side-effects of standard therapies have boosted demand for personalized psychiatry solutions.

The global Personalized Psychiatry Market is estimated to be valued at US$ 4.10 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The advancing field of pharmacogenomics has emerged as a major trend in the personalized psychiatry market. Pharmacogenomic testing aids in predicting drug response variability and tailoring medication selection on the basis of a person’s genetic makeup. For instance, genetic markers can determine if a patient will likely respond well, poorly or adversely to certain psychiatric medications. This helps psychiatrists choose the most appropriate drug or drug combination for an individual from the outset. Significant R&D investments by biopharma players coupled with improving availability of genetic data through collaborations with diagnostic laboratories are supporting the pharmacogenomics-driven personalized psychiatry approach.

Porter’s Analysis

Threat of new entrants: Low as market requires large capital investments and economies of scale to support new diagnostic technologies and data management systems.

Bargaining power of buyers: Moderate as buyers have some bargaining power depending on their needs and buying volume. However, unmet medical needs limit bargaining power.

Bargaining power of suppliers: Moderate as key suppliers including diagnostic device manufacturers and data analytics companies have established positions. However, increasing demand creates dependency on suppliers.

Threat of new substitutes: Low as limited substitutes currently exist for personalized diagnosis and treatment methods.

Competitive rivalry: High as major players investing heavily in R&D and adoption of new technologies to gain market share and benefit from high growth.

Key Takeaways

The Global Personalized Psychiatry Market Growth is expected to witness high.

Regional analysis shows North America currently dominates due to higher adoption rates and government support for precision medicine. However, Asia Pacific is expected to grow at the fastest pace due to rising mental health issues, growing economies and government initiatives.

Key players operating in the personalized psychiatry market are Pfizer, Otsuka, Allergan, Eli Lilly, Novartis and AstraZeneca. These players are investing in big data analytics, genetic testing and novel diagnostics to offer more personalized treatment options. Collaboration with diagnostic device makers and data companies is a key focus.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it