July 20, 2024
Personalized Psychiatry Market

Personalized Psychiatry Market is Expected to be Flourished by Rising Need for Precision Based Psychiatric Treatment

Personalized psychiatry refers to customizing mental health interventions based on an individual patient’s genetics, biology, symptoms, environment and personal history. It involves gathering immense amounts of data from factors like brain imaging, genetics, digital biomarkers and lifestyle to develop personalized treatment plans aimed at prevention, early intervention and overall mental wellness. Rather than a “one-size-fits-all” approach, personalized psychiatry aims to match patients with treatments most likely to help them, while avoiding ineffective or risky options. Common applications include targeting depression, anxiety, ADHD, insomnia, addiction and other disorders with drugs, digital therapeutics, lifestyle modifications or combination therapies tailored for each unique individual.

The global Personalized Psychiatry Market is estimated to be valued at US$ 3.54 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising prevalence of mental health disorders and growing demand for precision medicine are two key drivers augmenting the personalized psychiatry market. According to WHO, anxiety disorders are the most common mental illnesses with more than 284 million people affected globally each year. Personalized treatment enabled by omics data, digital biomarkers and AI has potential to deliver far better outcomes than traditional trial-and-error approaches to address this rising problem. Another factor fueling market growth is increasing investment by startup companies in developing next-gen digital therapeutic and genomic testing solutions for conditions like depression, schizophrenia and addiction. While lack of specialist psychiatrists remains a challenge, technology enabled personalized care delivery models can help overcome resource constraints and scale mental healthcare to meet growing needs.

Segment Analysis
The global personalized psychiatry market can be segmented into software, services, and hardware. The software segment is dominating the market owing to increasing adoption of digital therapeutics and mental health apps. Software solutions offer personalized treatment plans, synchronous video sessions, asynchronous messaging capabilities and digital tools to manage symptoms.

PEST Analysis
Political: Government initiatives to increase awareness regarding mental health and reduce stigma of seeking mental health care is driving the adoption of personalized psychiatry solutions.
Economic: Rising healthcare costs associated with mental illnesses is encouraging payers and providers to adopt personalized and digital solutions that can provide affordable and scalable care.
Social: Increasing acceptance of digital health solutions due to COVID-19 pandemic and growing desire to seek anonymous and convenient mental health support is boosting the personalized psychiatry market.
Technological: Advancements in areas like artificial intelligence, virtual reality, digital biomarkers and digital therapeutics are enabling the development of more effective personalized psychiatry solutions.

Key Takeaways
The Global Personalized Psychiatry Market Size is expected to witness high growth over the forecast period of 2023 to 2030. North America is currently dominating the market due to supportive regulatory environment, presence of key players and higher adoption of digital technologies for mental healthcare in the region. The key players operating in the personalized psychiatry market are myStrength, Genomind, WayForward, BrightQuest, Peak Mental Wellness, Mindstrong, Pear Therapeutics, Akili Interactive, Emotiv, Neuronetrix, Medopad, Happify, Taliaz, Lucid Lane, MindX Sciences, Neurotrack, 7 Cups, Quartet, NOCD, Real. Key players are focusing on development of AI-powered solutions offerings personalized treatment and support for complex mental health conditions like depression, PTSD, bipolar disorder, etc.

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