The personalized psychiatry market size is expected to reach US$ 8.68 billion by 2030, from US$ 4.10 billion in 2023, at a CAGR of 11.3% during the forecast period.
Personalized psychiatry involves using genetic, biological, and clinical data unique to each patient to develop targeted mental health treatments and therapies. It aims to move away from the one-size-fits-all approach to a more precise, individualized method. Some of the key technologies used include pharmacogenomic testing, quantitative EEG, computerized therapy programs, wearable biosensors, and molecular diagnostics. The main drivers of the market are growing awareness about mental health, advancements in genomic research and neurobiology, and the need for improved diagnosis and treatment outcomes in mental health.
Personalized Psychiatry Market Regional Insights:
Figure 1. Global Personalized Psychiatry Market Share (%), by Region, 2023
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Personalized Psychiatry Market Analyst View:
The personalized psychiatry market holds promising growth opportunities over the forecast period. Technological advancements in genomics, big data analytics, and digital therapeutics are enabling more personalized psychiatric treatment options based on a patient's genetics, biomarkers, and digital footprint. This shift towards precision medicine will help address the unmet needs of several patient subsets that often do not respond well to traditional one-size-fits-all treatment approaches. However, regulatory hurdles around genomic data and digital health technologies may hamper faster clinical adoption in the short term.
The rapidly growing body of scientific literature linking genetics to psychiatric conditions is helping drug makers develop more targeted pharmacological interventions. Furthermore, neurological biomarkers identified through advanced brain scanning and sensor technologies promise to improve diagnostic accuracy and track real-world treatment responses. Digital solutions aiding remote patient monitoring and therapeutics delivery are also expanding access and lowering costs. Rising awareness about personalized care options among providers and patients alike will propel market growth.
Personalized Psychiatry Market Drivers:
For instance, pharmacogenomic testing determines how a person's genes affect their response to psychiatric medications. This allows doctors to make more informed prescribing decisions to avoid adverse events and improve outcomes. Using digital phenotyping through apps and wearables also facilitates continuous monitoring of symptoms to detect relapse early. Such technologies are enhancing the ability to diagnose and treat mental disorders in a targeted, patient-centric manner.
Personalized Psychiatry Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 4.10 Bn |
Historical Data for: | 2018 to 2022 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 11.3% | 2030 Value Projection: | US$ 8.68 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
GreyBird Ventures, Sunovion Pharmaceuticals Inc., HMNC Holding GmbH, Arcara Personalized Psychiatry, Starling Minds, Karuna Therapeutics, CBT Plus, AltheaDx, Inc., WayForward, BrightQuest, Peak Mental Wellness. |
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Growth Drivers: |
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Restraints & Challenges: |
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Personalized Psychiatry Market Opportunities:
The demand for self-managed, genome-informed mental healthcare is rising. Players can tap this trend by providing consumers access to their genomic data, digital therapeutic apps, wearable mood trackers, and personalized therapy. This can expand adoption beyond specialized clinics.
Personalized Psychiatry Market Trends:
For instance, Genomind, Inc., a genetic testing service provider, offers a behavioral health genetic test to help identify risk for conditions like depression, anxiety, and ADHD before the onset of symptoms.
Personalized Psychiatry Market Restraints:
Companies need to focus efforts on educating psychiatrists through medical bodies and conferences to increase mindshare. Establishing clinical utility through studies and pilots demonstrating meaningful improvements in patient outcomes can help overcome skepticism.
Key market players in the market need to implement stringent data security safeguards, maintain the highest ethical standards around transparent consent protocols, and use restrictions to build patient and provider trust. Progress on the regulatory front in protecting genetic information and prohibiting its misuse can also help address these concerns.
Recent Developments:
New product launches:
Figure 2. Global Personalized Psychiatry Market Share (%), by Type, 2023
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Top companies in Personalized Psychiatry Market:
Definition: Personalized psychiatry is an emerging field in mental healthcare that involves using a patient’s unique genetic makeup, biology, and clinical presentation to provide tailored diagnosis, treatment, and management of psychiatric disorders. It combines various technologies like pharmacogenomics, quantitative EEG, digital phenotyping, and advanced analytics to move away from the one-size-fits-all approach and offer individualized care based on the patient’s specific parameters. Personalized psychiatry aims to improve clinical outcomes by identifying genetic biomarkers that can predict drug responses, detect the risk of side effects, and select optimal medications and doses for each patient. It also facilitates the diagnosis of mental illness subtypes, early intervention, and tracking of treatment responses through data derived from wearables, mobile apps, lab tests, and brain imaging.
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About Author
Ghanshyam Shrivastava
Ghanshyam Shrivastava - With over 20 years of experience in the management consulting and research, Ghanshyam Shrivastava serves as a Principal Consultant, bringing extensive expertise in biologics and biosimilars. His primary expertise lies in areas such as market entry and expansion strategy, competitive intelligence, and strategic transformation across diversified portfolio of various drugs used for different therapeutic category and APIs. He excels at identifying key challenges faced by clients and providing robust solutions to enhance their strategic decision-making capabilities. His comprehensive understanding of the market ensures valuable contributions to research reports and business decisions.
Ghanshyam is a sought-after speaker at industry conferences and contributes to various publications on pharma industry.
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