Personalized Psychiatry Market Outlook and Opportunities in Grooming Regions 2030 | myStrength, Genomind, WayForward, BrightQuest

Market Overview:

The Personalized Psychiatry Market size is expected to reach US$ 7.16 billion by 2030, from US$ 3.54 billion in 2023, at a CAGR of 10.6% during the forecast period. Personalized Psychiatry aims to develop optimal treatment plans for patients based on their unique clinical profile, biomarker characteristics, and genetics. It employs tools like blood tests, genetic tests, neuroimaging, and digital technologies to gain deeper insights into a patient's biology and identify targeted therapies.

Market Dynamics:

The rising prevalence of psychiatric disorders such as depression, anxiety, schizophrenia, and others is expected to drive the growth of the personalized psychiatry market. According to WHO, over 264 million people worldwide suffer from depression. Personalized treatment strategies aim to identify the most effective therapies for individual patients clinically and biologically. In addition, advancements in fields like pharmacogenomics and neuroimaging are enabling a more precise diagnosis and personalized care. Developments like companion diagnostics are also gaining traction as they help select appropriate patients for new therapies and maximize treatment response.

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Major companies 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

INCREASING PREVALENCE OF MENTAL HEALTH DISORDERS WORLDWIDE

The personalized psychiatry market is witnessing strong growth drivers due to the rising prevalence of various mental health disorders worldwide. According to the World Health Organization, over 300 million people are currently affected by depression globally. Depression alone accounts for 40% of the disease of mental disorders. Additionally, anxiety disorders are the most common mental illness with over 284 million people affected worldwide. With increasing stress levels, fast-paced lifestyles and other social factors, the incidences of conditions like bipolar disorder, schizophrenia and post-traumatic stress disorder are also on the rise. This rise in mental health patients is propelling growth in the personalized psychiatry market as personalized treatment options enable more efficient diagnosis and management of such disorders.

ADVANCEMENTS IN BIOTECHNOLOGY ENABLING MORE TARGETED TREATMENT APPROACHES

Significant advancements in fields of biotechnology, genomics and neuroscience are enabling more targeted treatment approaches for psychiatry. Researchers are gaining deeper insights into genetic and biochemical underpinnings of various mental disorders. For example, genomic research has identified specific gene variants associated with increased risk of depression, schizophrenia or bipolar disorder. This is allowing development of personalized treatment strategies based on patient's genetic profile. Additionally, new technologies like brain imaging and machine learning approaches are helping physicians gain a comprehensive neurobiological understanding of each patient's condition. This is supporting development of novel, more effective and targeted therapies for psychiatry tailored to individual patient's biology, symptoms and needs. Such advancements are fueling strong growth in the personalized psychiatry market.

HIGH COSTS RELATED TO PERSONALIZED PSYCHIATRIC TREATMENT MODALITIES

While advancements are enabling personalized treatment approaches, high costs related to newer diagnostic tools and therapies pose a major challenge for widespread adoption in the personalized psychiatry market. For instance, genetic testing costs approximately $1000-$2000 per patient to identify genetic variants related to mental disorders. Brain imaging techniques like MRI and PET scans are also expensive, costing from $500 to over $2000 per scan. Similarly, newer personalized therapies involving gene therapies, cell therapies or digital therapeutics also have high development costs that are passed on to patients and payers. This makes such personalized treatment options unaffordable for many. Limited diagnostic infrastructure and lack of reimbursement coverage in many regions further adds to the costs. The uneven distribution and high concentration of specialized expertise in developed markets also poses regional barriers. This acts as a major market restrain for broader adoption of personalized psychiatry globally.

GROWING ADOPTION OF DIGITAL THERAPEUTICS AND TELEHEALTH

One major opportunity for the personalized psychiatry market lies in the growing adoption of digital and telehealth solutions. The COVID-19 pandemic has accelerated virtual care adoption as social distancing and lockdowns disrupted in-person visits. Digital therapies offer highly personalized experiences through mobile/web applications, and leverages technologies like machine learning, virtual reality and gaming elements. They provide round-the-clock therapy and support that is more scalable and affordable compared to traditional in-person visits. Additionally, tele psychiatry services enable remote consultation, diagnosis, treatment monitoring and support. This improves access to specialized care, especially in remote and underserved areas.

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Key Questions Answered In The Report:

• Which regional market will experience the greatest and most rapid growth?

• Who are the top five Market players?

• How will the Market evolve over the next six years?

• What application and product will dominate the Market?

• What are the market drivers and constraints for Personalized Psychiatry Market?

• What will be the Market's CAGR and size during the forecast period?

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