Rising Incidences of Psychological Diseases will Increase the Demand of Psychiatric Therapies Market Growth
Psychiatry therapies basically rely on establishing relationship between patients and psychiatry therapist for developing patient’s behavioral insights. Psychiatry therapist use psychological drugs or electrical shocks to alter the emotions of the patients. Non-verbal and verbal communication with the patient and other physical intervention also proves to be beneficial in the treatment of psychiatry patients. In addition, adjuvant therapies like music therapies and occupational therapies are also useful during the treatment. These all therapies aim to increase the sense and well being of patients by employing range of psychological techniques and relationship.
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High prevalence of mental and emotional disorders globally will drive the market of psychiatric therapies. WHO stated that approximately 350 million population is suffering from depression and mental disorders and nearly 24 million population globally is affected by schizophrenia disorder. Thus, rising incidences of psychological diseases will eventually increase the demand of psychiatric therapies and hence stimulates the market growth. Rising stress condition, physical, emotional and mental pressure among population also increases the demand of psychiatry therapies and hence supports the growth of psychiatry therapies market.
In addition, rising anxiety disorder and chronic diseases will further drive the market of psychiatry therapies globally. According to Canadian Psychological Association (CPA), psychological treatment and therapies are very effective for the treatment of generalized anxiety disorder. According to a survey conducted by CPA in 2012, approximately 77% of patient population receive psychotherapy are benefited or remained generalized anxiety disorder free after treatment. Thus, high benefits of psychiatry therapies to cure variety of disorders will drive the market growth.
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However, strict regulation for the practice of psychotherapies by different governments will restrain the market growth. For example, European government restricts the practice of without the required qualification under Psychotherapy Act 1998. In addition, countries like Switzerland and Australia has implemented strict lawsuit to recognize multifunction disciplinary approach for psychotherapy in 2011. Furthermore, in Australia, psychology profession is regulated by Health Practitioner Regulation National Law Act (HPRNLA). Thus, these types of regulations will ultimately restrain the growth of the market of psychiatry therapies. In addition, patient expiry of psychological drugs will further negatively affect the market growth.
The market of psychiatric therapies can be segmented into:
Geographically, North America dominates the global psychiatry therapies market. The growth is mainly attributed to high incidence of schizophrenia and depression among the patient population. Europe is considered as the second largest region for psychiatry therapies market. Presence of psychotherapy association like British Association for Counselling and Psychotherapy, British Psychoanalytic Council and United Kingdom Council for Psychotherapy will drive the market growth. In addition, India, South East Asia and China are emerging markets for psychiatry therapies because of changing lifestyle coupled with increasing psychological disease awareness among people.
Various key players contributing to psychiatric therapies market comprises Astrazeneca, Universal Health Services Inc., Johnson & Johnson, GlaxoSmithKline, Pfizer, Eli Lilly, Bristol-Meyer Squibb, Wyeth, Astellas Pharma Inc. and others.
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