Personalized Psychiatry Market Is Driven By Growing Mental Health Concerns
The Personalized Psychiatry market revolves around customized treatment and diagnosis of mental health conditions. It employs techniques such as diagnostic biomarkers, pharmacogenomics, and neurofeedback to gain deeper insights into a patient's biology and develop a tailored care plan. This approach considers factors like genetics, previous medical history, lifestyle, and environment to determine the best course of treatment. Growing awareness about the role of these determinants in mental illnesses has boosted demand for personalized psychiatry services.
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 Size 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. These players are focusing on technologies such as genomic sequencing and proteomics to deliver customized medication management programs.
Growing mental health concerns worldwide have heightened the need for personalized treatment approaches. Rising prevalence of mood disorders, schizophrenia, autism, and Post Traumatic Stress Disorder (PTSD) is driving demand for psychiatry services that consider an individual's needs.
Several companies are expanding their geographic presence to cater to the growing personalized psychiatry market. Biomed Pvt. Ltd. launched diagnostic labs in the Asia Pacific to test for genetic variants related to mental health. Novartis International AG offers personalized care programs across Europe and North America.
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