by The personalized psychiatry market involves developing and delivering psychiatric therapies tailored to an individual’s biological, psychological, and environmental characteristics. Personalized psychiatry leverages technologies like neuroimaging, genetics, electronic health records, digital biomarkers, and precision medicine to gain deeper insights into a person’s neurobiology, behavior, experiences, and genetic profile. This helps healthcare providers deliver targeted interventions and treatment plans that can improve clinical outcomes. For example, genetic testing helps determine how a person’s body will respond to and metabolize different medications. Wearable devices and mobile apps are also being utilized to collect more objective and longitudinal data on patients outside of clinical settings.
The global Personalized Psychiatry Market is estimated to be valued at US$ 3.54 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the personalized psychiatry market is the rise of digital biomarkers. Digital biomarkers leverage data generated from smartphone sensors, wearables, and other mobile devices to gain physiological, behavioral, and psychological insights into mental health conditions. For instance, altered patterns in sleep, physical activity, social interactions, speech patterns, and location data have been linked to conditions like depression, schizophrenia, and bipolar disorder. The continuous remote monitoring capabilities of digital biomarkers provide healthcare providers with a more dynamic view of how illnesses manifest over time, enabling more precise diagnosis and treatment selection. Increased adoption of digital technologies by both patients and providers during the pandemic has further accelerated integration of these next-generation biomarkers into clinical practice and research settings.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the personalized psychiatry market is moderate. Developing innovative personalized psychiatry solutions require significant investments in R&D. Significant capital requirements and regulatory compliances also pose barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers in the personalized psychiatry market is high. Buyers have several alternatives and personalized psychiatry solution providers face pressure on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as they rely on a limited number of suppliers of technologies used to develop personalized psychiatry solutions. However, switching costs are low.
Threat of new substitutes: Threat from substitutes is moderate as alternative treatment options for mental healthcare including drugs, psychotherapy, and traditional psychiatrist visits are available.
Competitive rivalry: The competitive rivalry in the personalized psychiatry market is high due to presence of many regional and global players offering technologically advanced solutions.
Key Takeaways
The Global Personalized Psychiatry Market Size is expected to witness high growth over the forecast period. North America is expected to dominate the market throughout the forecast period owing to increasing awareness and demand for personalized mental healthcare solutions. The growing adoption of digital health solutions for chronic disease management, and government initiatives promoting usage of telehealth is supporting the market growth in the region.
Regional analysis: Europe is also anticipated to grow at a significant rate during the forecast period due to rising geriatric population burdened by mental health issues and increasing focus on personalized treatment options. Various government-sponsored programs and initiatives focused on integration of telehealth and digital technologies in healthcare sector are positively influencing the adoption of personalized psychiatry solutions.
Key players: Key players operating in the personalized psychiatry market include 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. Players are focusing on developing innovative AI and digital solutions for mental healthcare to enhance treatment outcomes and offer personalized care to patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
