The global precision psychiatry market size reached US$ 1.05 billion in 2023. Looking forward, the market is projected to reach US$ 4.02 billion by 2032, exhibiting a growth rate (CAGR) of 15.99% during 2023-2032. The rising prevalence of mental health disorders among the masses, the growing need for personalized treatment plans and interventions and the advent of genetic testing, and data analytics represent some of the key factors driving the market.
Precision psychiatry refers to an innovative medical approach that is widely adopted for mental health care. It leverages numerous advanced technologies and personalized medicine to provide more targeted and effective treatments for individuals suffering from psychiatric disorders. It recognizes that mental illnesses, such as depression, anxiety, bipolar disorder, and schizophrenia, are complex and multifaceted conditions influenced by a combination of genetic, environmental, and lifestyle factors. It aims to tailor multiple interventions based on an individual's unique characteristics, including their genetic makeup, neurobiological markers, and personal circumstances.
It allows clinicians to gain deeper insights into the underlying mechanisms of psychiatric disorders and develop personalized treatment plans accordingly. Besides this, it also identifies specific genetic variations that may contribute to the susceptibility to certain mental health conditions or influence the response to particular medications. This information allows for the selection of more appropriate and targeted treatment options, increasing the likelihood of positive outcomes while minimizing the potential for adverse effects.
Moreover, continual technological advancements, such as the advent of genetic testing, neuroimaging, and data analytics have significantly contributed to the development and implementation of precision psychiatry, further impacting the market favorably. Apart from this, the growing interest in precision psychiatry is accompanied by rising research activities and funding support.
Academic institutions, research organizations, and pharmaceutical companies are investing in research to better understand the biological mechanisms of psychiatric disorders and develop targeted treatments, hence providing an impetus to the market. Other factors, including rapid urbanization, growing awareness among individuals and continual developments in the healthcare infrastructure, are also positively influencing the market.
Precision psychiatry refers to an innovative medical approach that is widely adopted for mental health care. It leverages numerous advanced technologies and personalized medicine to provide more targeted and effective treatments for individuals suffering from psychiatric disorders. It recognizes that mental illnesses, such as depression, anxiety, bipolar disorder, and schizophrenia, are complex and multifaceted conditions influenced by a combination of genetic, environmental, and lifestyle factors. It aims to tailor multiple interventions based on an individual's unique characteristics, including their genetic makeup, neurobiological markers, and personal circumstances.
It allows clinicians to gain deeper insights into the underlying mechanisms of psychiatric disorders and develop personalized treatment plans accordingly. Besides this, it also identifies specific genetic variations that may contribute to the susceptibility to certain mental health conditions or influence the response to particular medications. This information allows for the selection of more appropriate and targeted treatment options, increasing the likelihood of positive outcomes while minimizing the potential for adverse effects.
Precision Psychiatry Market Trends:
The global market is majorly driven by the rising prevalence of mental health disorders among the masses. Coupled with the growing need for personalized treatment plans and interventions, there has been a considerable increase in the adoption of precision psychiatry among individuals. Since precision psychiatry aligns with the broader trend toward personalized medicine across various medical fields. It recognizes that each individual is unique and requires tailored treatments based on their genetic, neurobiological, and environmental factors. This personalized approach resonates with patients, as it offers the prospect of more effective treatments and improved outcomes, which is gaining widespread prominence among the masses.Moreover, continual technological advancements, such as the advent of genetic testing, neuroimaging, and data analytics have significantly contributed to the development and implementation of precision psychiatry, further impacting the market favorably. Apart from this, the growing interest in precision psychiatry is accompanied by rising research activities and funding support.
Academic institutions, research organizations, and pharmaceutical companies are investing in research to better understand the biological mechanisms of psychiatric disorders and develop targeted treatments, hence providing an impetus to the market. Other factors, including rapid urbanization, growing awareness among individuals and continual developments in the healthcare infrastructure, are also positively influencing the market.
Key Market Segmentation:
This report provides an analysis of the key trends in each segment of the global precision psychiatry market report, along with forecasts at the global, regional, and country levels from 2024-2032. The report has categorized the market based on product type, sample, biomarker type, technology, application, and end user.Product Type Insights:
- Products
- Services
Sample Insights:
- Blood-Based
- Non-Blood-Based
- Saliva
- Urine
- Cerebral Spinal Fluid (CSF)
- Others
Biomarker Type Insights:
- Genetic Biomarker
- Protein Biomarker
Technology Insights:
- Sequencing
- Next-Generation Sequencing (NGS)
- Sanger Sequencing
- Polymerase Chain Reaction (PCR)
- Real-Time Polymerase Chain Reaction (RT-PCR)
- Digital Polymerase Chain Reaction (dPCR)
- Microarray
- Immunoassay
- Liquid Chromatography-Mass Spectrometry (LC-MS)
- Others
Application Insights:
- Alzheimer’s Disease
- Parkinson’s Disease
- Autism
- Depression
- Bipolar Disease
- Others
End User Insights:
- Hospitals and Diagnostic Laboratories
- Academic and Research Institutions
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global precision psychiatry market. Detailed profiles of all major companies have been provided. Some of the companies covered include Altimate Healthcare, Alto Nanoscience, ATAI Life Sciences N.V., Fulgent Genetics Inc, Invitae Corporation, Myriad Genetics Inc., Precision Psychiatric Services Inc., Tempus Labs Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report:
- How has the global precision psychiatry market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global precision psychiatry market?
- What is the impact of each driver, restraint, and opportunity on the global precision psychiatry market?
- What are the key regional markets?
- Which countries represent the most attractive precision psychiatry market?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the precision psychiatry market?
- What is the breakup of the market based on the sample?
- Which is the most attractive sample in the precision psychiatry market?
- What is the breakup of the market based on the biomarker type?
- Which is the most attractive biomarker type in the precision psychiatry market?
- What is the breakup of the market based on technology?
- Which is the most attractive technology in the precision psychiatry market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the precision psychiatry market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the precision psychiatry market?
- What is the competitive structure of the global precision psychiatry market?
- Who are the key players/companies in the global precision psychiatry market?
Table of Contents
1 Preface3 Executive Summary14 Value Chain Analysis16 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Precision Psychiatry Market
6 Market Breakup by Product Type
7 Market Breakup by Sample
8 Market Breakup by Biomarker Type
9 Market Breakup by Technology
10 Market Breakup by Application
11 Market Breakup by End User
12 Market Breakup by Region
13 Drivers, Restraints, and Opportunities
15 Porters Five Forces Analysis
17 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Altimate Healthcare
- Alto Nanoscience
- ATAI Life Sciences N.V.
- Fulgent Genetics Inc
- Invitae Corporation
- Myriad Genetics Inc.
- Precision Psychiatric Services Inc.
- Tempus Labs Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 148 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.05 Billion |
| Forecasted Market Value ( USD | $ 4.02 Billion |
| Compound Annual Growth Rate | 15.9% |
| No. of Companies Mentioned | 8 |
