Personalized psychiatry relies on digital therapeutics, biomarkers, and genetic testing to develop customized treatment plans for patients. By incorporating genetic and molecular data, personalized psychiatry can improve diagnostics and deliver more effective interventions.
The global Personalized Psychiatry Market is estimated to be valued at US$ 3.54 Billion 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 key trends:
The growing adoption of digital therapies and wearable devices is one of the key trends driving the personalized psychiatry market. These digital solutions can track a patient's symptoms, behavior, sleep patterns and other metrics over time. Advanced data analytics is then used to obtain insights into an individual's conditions, triggers and responses to various therapies. This personalized data helps providers develop and adjust treatment plans according to each patient's unique needs and responses. Wearables and digital metrics are thus empowering personalized psychiatry through continuous remote monitoring and agile care adjustments.
Segment Analysis
The global personalized psychiatry market is dominated by digital healthcare and prescription digital therapeutics sub segment. This sub segment accounts for over 40% market share owing to growing adoption of digital healthcare solutions and therapeutics in psychiatric treatment. With the increasing prevalence of mental illness and rising awareness, demand for easy to access and non-pharmacological treatments are driving growth of this sub segment.
Key Takeaways
The Global Personalized Psychiatry Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The growing mental health problems such as depression, anxiety, schizophrenia and lack of psychiatrists are propelling the demand for digital and personalized mental healthcare solutions.
Regional analysis: North America dominates the global personalized psychiatry market with over 40% share followed by Europe. Presence of advanced digital healthcare infrastructure, growing awareness about mental health and favorable reimbursement policies are fueling growth in these regions. Asia Pacific is estimated to witness the fastest growth during the forecast period owing to rising mental health problems and improving healthcare infrastructure in developing countries of the region.
Key players: 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. These players are focusing on developing digital therapeutics, mobile applications and online therapy platforms specific to psychiatric conditions for personalized treatment. Partnerships and collaboration with healthcare providers are also among major strategies adopted by these companies.
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Long gone are the days when medical professionals used to make rounds to the homes of their patients via horse and buggy.
Today, the scenario depicts a different picture.Major hospitals and crowded clinics have replaced the patient's home or a small doctor's office.
Telemedicine allows patients and physicians to interactively communicate in real-time from a remote location.For example for individuals with mental health problems, psychiatric telemedicine is very helpful for the case of a critical nature.
They can call the telehealth psychiatrist and consult them over the phone.
