June 14, 2024
Personalized Psychiatry Market

Personalized Psychiatry Market To Gain Traction With Augmentation Of Digital Psychiatry By 2031

The personalized psychiatry market involves the customization of psychotropic medications and other treatment modalities for mental health conditions based on a patient’s genotype, medical history, lifestyle, symptoms and other unique factors. Personalized psychiatry therapies allow for individualized approaches that can improve mental health outcomes and minimize side effects. Products in this market include genomic testing kits, digital therapeutics, combination drug therapies and neurostimulation devices. Personalized psychiatry utilizes a holistic perspective with the goal of providing the most effective treatment path for each person, rather than a one-size-fits-all approach.

The Global Personalized Psychiatry Market is estimated to be valued at US$ 4.08 Billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period ending 2031.

Key Takeaways

Key players related content: Key players operating in the Personalized Psychiatry Market Share  are Baxter International, Inc., Biomed Pvt. Ltd., GlaxoSmithKline plc, JN-International Medical Corporation, Novartis International AG., Pfizer, Inc., Sanofi SA, and Serum Institute of India Ltd.
Growing demand: There is growing demand for personalized psychiatry owing to rising prevalence of mental illness and increasing awareness about advantages of customized care plans.
Global expansion: Leading players are expanding globally by collaborating with healthcare providers and digital solution companies to offer personalized treatment options in more countries and regions.

Market key trends

One of the key trends in the personalized psychiatry market is the augmentation of treatment with digital psychiatry tools. Wearable devices, mobile apps, and other digital interfaces are being incorporated into care to continuously monitor symptoms, medication adherence and enable remote therapeutic support. This allows for more dynamic, data-driven adjustments to personalized treatment over time based on real-world outcomes. The integration of digital psychiatry is expected to further fuel demand over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants face high start up costs to establish specialized infrastructure and build credibility in this highly regulated market.

Bargaining power of buyers: Individual buyers have low bargaining power however insurance companies and government bodies can negotiate on bulk purchases.

Bargaining power of suppliers: suppliers of raw materials and components have moderate bargaining power as the industry requires specialized components from a few suppliers.

Threat of new substitutes: Threat of substitutes is low as alternatives have not been able to match effectiveness of personalized medicine approach.

Competitive rivalry: The market is dominated by few large players however growing demand is attracting new regional and local players increasing competition.

Geographical regions where market value is concentrated

North America accounts for the largest share of the personalized psychiatry market, primarily due to increased adoption of advanced healthcare technologies and presence of favorable reimbursement policies for personalized medicines in the region.

Fastest growing region for the market

Asia Pacific region is poised to witness the highest growth rate during the forecast period due to growing healthcare expenditure, rising awareness about personalized treatment and increasing collaborations between global players and regional healthcare providers in the region.

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