Psychiatrists Global Market Report 2024

The psychiatrists market size has grown rapidly in recent years. It will grow from $175.48 billion in 2023 to $199.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth observed in the historical period can be attributed to factors such as increased awareness of mental health, efforts to reduce stigma, supportive policies and insurance coverage, changing lifestyles, and advancements in treatment approaches.

The psychiatrists market size is expected to see strong growth in the next few years. It will grow to $281.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to the increasing popularity of remote mental health services, a surge in workplace mental health initiatives, expanded mental health coverage, integration with primary care services, and a heightened emphasis on prevention and early intervention. Key trends expected during this period involve the development of personalized treatment plans, the integration of artificial intelligence and data analytics, the establishment of online support communities, a focus on child and adolescent psychiatry, and the utilization of remote monitoring tools.

The projected growth in the psychiatrist market is driven by increasing government support for mental health reforms. The surge in funding for mental health resources has created a demand for mental care services, subsequently influencing the psychiatrist market. For instance, Chile witnessed a more than 300% increase in its mental health budget in 2021, and Canada allocated a substantial $1 billion fund for mental health in its Budget 2021. Hence, the growing governmental backing for mental health reforms is a significant factor propelling the expansion of the psychiatrist market.

The escalating prevalence of mental illnesses is anticipated to contribute to the growth of the psychiatrist market. Mental illnesses, encompassing a range of conditions affecting cognitive, emotional, and behavioral well-being, pose challenges to daily functioning. Psychiatrists play a crucial role in diagnosing and treating mental illnesses through interviews, psychological tests, and sometimes physical examinations to understand symptoms, medical history, and personal circumstances. A survey by the National Health Service in November 2022 revealed that around 18.0% of children aged 7 to 16 and 22.0% of young individuals aged 17 to 24 exhibited potential mental disorders. Among those aged 17 to 19, the prevalence of probable mental disorders increased from 17.4% in 2021 to 25.7% in 2022. The study involved 2,866 children and young individuals. Therefore, the rising prevalence of mental illnesses is a driving force behind the growth of the psychiatrist market.

A noteworthy trend gaining popularity in the psychiatrist market is the exploration of psychiatric genetics to understand complex disorders associated with mental health. Psychiatric genetics investigates the genetic factors contributing to mental health issues, offering insights to enhance treatment approaches. An example is the discovery of genetic links to anorexia, an eating disorder, where researchers found that metabolic issues were a driving factor. By comparing the DNA of nearly 17,000 individuals with anorexia symptoms to over 55,000 healthy controls, the study identified eight genes linking anorexia to anxiety, depression, and obsessive-compulsive disorder. These genetic insights hold promise for understanding major mental disorders.

Major companies in the psychiatrist market are innovating by developing products such as mental disorder screening tools to cater to larger audiences, drive sales, and increase revenue. Mental disorder screening tools are standardized instruments designed to assess and identify potential mental health issues or disorders in individuals. In May 2023, the American Psychiatric Association (APA) partnered with AvoMD, a US-based software company, to launch an interactive screening and assessment tool for eating disorders. This tool, available at no cost through the electronic health record (EHR), the APA website, and the AvoMD mobile app, guides clinicians in screening, assessing, diagnosing, and planning treatment for individuals with eating disorders. Tailored for various healthcare professionals, including pediatricians, family physicians, and mental health clinicians, the tool features comprehensive evaluation and treatment management strategies, covering screening tools, levels of care, nutrition, exercise, psychotherapy, and more. The tool is accessible on both desktop and mobile platforms, with EHR integration options, facilitating easy documentation by providing a summary of assessment responses.

Major companies operating in the psychiatrists market report are Massachusetts General Hospital, Mayo Clinic, Universal Health Services Inc., NewYork-Presbyterian University Hospital of Columbia and Cornell, Johns Hopkins Hospital, McLean Hospital, National Center for Neurology and Psychiatry (NCNP), Wenzhou Kangning Hospital, National Institute of Mental Health and Neurosciences (NIMHANS), East London Health and Social Care Partnership NHS Trust, Bethel Foundation, Department of Mental Health and Neurosciences, Vidyasagar Institute of Mental Health and Neurosciences, Central Institute of Psychiatry (CIP), Institute of Behaviour and Allied Sciences (IBAS), The University of Tokyo Hospital, Baillie Henderson Hospital, Graylands Hospital, Seiwa Hospital, Tokyo Metropolitan Matsuzawa Hospital, The University of Tokyo Hospital, Tokyo Saiseikai Central Hospital, St. Luke's International Hospital, Nightingale Hospital, Tyne and Wear Hospitals NHS Foundation Trust, Forest Independent Hospital, Max Planck Institute of Psychiatry (MPI-P), Spitalul Clinic de Psihiatrie "Dr. Gheorghe Preda", Psychiatrická klinika 1. LF UK a VFN, National Health Service (NHS), Kursk Clinical Psychiatric Hospital, Menninger Clinic, Sheppard Pratt Health System, Resnick Neuropsychiatric Hospital at UCLA, Centre for Addiction and Mental Health (CAMH), The Royal Hospital for Neuro-disability, Hospital Alemán, Hospital Británico, Al Zahra Hospital, Al Amal Psychiatric Complex, King Faisal Specialist Hospital and Research Centre, Hunterscraig Psychiatric Clinic, Kirkwood Sanatorium, Dr. F Mohomed, Denmar Specialist Psychiatrist Hospital PTY. Ltd., Umzimzulu Hospital.

North America was the largest region in the Psychiatrists market in 2023. The regions covered in the psychiatrists market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the psychiatrists market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The psychiatrists market includes revenues earned by entities by providing psychiatrist services such as mental disorder treatments, anxiety disorders treatments, depression treatments, disruptive behavior and dissocial disorders treatments, and neurodevelopmental disorders treatments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The main categories of mental disorders addressed by psychiatrists include alcohol abuse mental and behavioral disorders, psychoactive substance use-related mental and behavioral disorders, schizophrenia, schizotypal and delusional disorders, mood disorders (including anxiety and depression), and various other mental and behavioral disorders. Patients seeking psychiatric care can be classified as either inpatient or outpatient, while the approaches employed by psychiatrists may fall under psychological types such as social, abnormal, biological, and others.

The psychiatrists market research report is one of a series of new reports that provides psychiatrists market statistics, including psychiatrists industry global market size, regional shares, competitors with a psychiatrists market share, detailed psychiatrists market segments, market trends and opportunities, and any further data you may need to thrive in the psychiatrists industry. This psychiatrists market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.