Personalized psychiatry involves the use of genetic testing and analysis for the customization of psychiatric treatment for individual patients. It enables the identification of specific genes which influence an individual’s risk of developing certain mental health conditions as well as their likely response or tolerance to different medications. The growing geriatric population worldwide is increasingly vulnerable to neurological disorders such as Alzheimer’s disease and dementia. According to the World Health Organization (WHO), the number of people aged 65 years and above is expected to reach 1.5 billion by 2050. This global demographic shift is fueling the need for more effective therapies that maximize treatment success rates through a personalized 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 operating in the Personalized Psychiatry market 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.
The growing adoption of genomic testing and rising awareness regarding Personalized Psychiatry Market Analysis presents significant opportunities for market players to expand their product portfolios. Collaborations with research institutes can help companies gain novel insights for developing tailored diagnostic and treatment options.
Geographical expansion across emerging economies of Asia Pacific and Latin America provides a large untapped market for personalized psychiatry. Favorable government support and initiatives towards modernizing healthcare infrastructure will aid the commercialization of personalized treatment approaches.
Market Drivers
The rising geriatric population globally susceptible to neurodegenerative disorders is a major growth driver for the personalized psychiatry market. According to the National Institute of Aging, the number of Americans aged 65 and above with Alzheimer’s disease is projected to triple to 13.8 million by 2050. The need for viable therapeutic interventions has triggered R&D efforts towards personalized medicine to enhance treatment outcomes.
PEST Analysis
Political: Personalized psychiatry in healthcare depends on laws and regulations governing pharma and medical innovation across diverse international jurisdictions. Aspects like drug approval processes, data privacy, new therapy advancement influence industry growth.
Economic: Global economic conditions drive healthcare industry spending and funding available for new psychiatric treatment R&D. Mental health issues also correlate with macro trends like unemployment rates impacting demand.
Social: Societal awareness and reduced stigma around mental illnesses boosts treatment-seeking. Personalized approaches respecting individual differences gain popularity over ‘one-size-fits-all’ models. Aging populations experience more psychiatric conditions.
Technological: Advancements in fields like genetic sequencing, AI, digital data analytics enable customizing treatments to a person’s biology. Technologies assist profiling patients and therapies more accurately. Connected digital tools improve remote consultations and management.
The personalized psychiatry market in terms of value is concentrated heavily in developed regions like North America and Western Europe due to higher healthcare spends and medical innovation capabilities in countries like the US, Germany, UK. Another major market is East Asia led by Japan which has an advanced healthcare system and aging society increasing psychiatric needs.
The fastest growing region for the personalized psychiatry market is expected to be South and Southeast Asia driven by expanding healthcare access and expenditures in large developing economies like India and Indonesia. Rising incomes are boosting healthcare affordability and lifestyle-related psychiatric issues are on the rise in these transforming societies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.