PERSONALIZED PSYCHIATRY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Personalized psychiatry is an emerging field within the realm of mental healthcare that aims to revolutionize the way mental illnesses are diagnosed and treated. Traditionally, psychiatry has relied on a one-size-fits-all approach, where patients are prescribed medications or therapies based on broad diagnostic criteria. Using individual patient-specific genetic, biological, and clinical data, personalized psychiatry creates specialized mental health treatments and therapies. It seeks to replace the one-size-fits-all strategy with a more focused, customized one. Among the important technologies utilized are wearable biosensors, computerized therapy programs, quantitative EEG, pharmacogenomic testing, and molecular diagnostics. Growing public awareness of mental health issues, developments in neurobiology and genomics, and the need for better mental health diagnosis and treatment outcomes are the primary factors propelling the market.

Market Dynamics:

The personalized psychiatry market is expected to witness significant growth in the coming years, driven by several key factors such as rapid advancement of digital health technologies, innovations in genomics, wearables, and mobile apps. In addition, artificial intelligence in the field of mental health assessment and treatment is also expected to drive market growth over the forecast period. These technologies enable the collection of real-time data, allowing clinicians to monitor patients remotely and make informed decisions about their care.

However, the personalized psychiatry market also faces some challenges. One of the main restraints is the high cost associated with implementing personalized approaches. Developing and deploying advanced technologies can be expensive, and there may be limited reimbursement options for these services. Furthermore, there are regulatory and ethical considerations surrounding the use of genetic and digital data in mental healthcare, which may slow down the adoption of personalized approaches.

Key features of the study:

• This report provides in-depth analysis of the global personalized psychiatry market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global personalized psychiatry market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include GreyBird Ventures, Sunovion Pharmaceuticals Inc., HMNC Holding GmbH, Arcara Personalized Psychiatry, Starling Minds, Karuna Therapeutics, CBT Plus, AltheaDx, Inc., WayForward, BrightQuest, Peak Mental Wellness
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global personalized psychiatry market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global personalized psychiatry market

Detailed Segmentation:

• By Type:
• Products
• Diagnostics
• Therapeutics
• Services
• Software
• By Therapeutic Areas:
• Depression
• Anxiety
• Bipolar Disorder
• Schizophrenia
• Addiction
• Others
• By Region
• North America
• Latin America
• Europe 
• Asia Pacific
• Middle East
• Africa
• Top companies in Personalized Psychiatry Market:
• • GreyBird Ventures
  • Sunovion Pharmaceuticals Inc.
  • HMNC Holding GmbH
  • Arcara Personalized Psychiatry
  • Starling Minds
  • Karuna Therapeutics
  • CBT Plus
  • AltheaDx, Inc.
  • WayForward
  • BrightQuest
  • Peak Mental Wellness