Personalized psychiatry refers to the customized diagnosis and treatment of mental health disorders for individual patients by considering their genetic, environmental and lifestyle factors. It provides precise and personalized treatment options to patients suffering from mental illnesses like depression, anxiety, schizophrenia and bipolar disorder. The approach aims to maximize efficacy and minimize side effects through genetic testing and integration of molecular data of the patient.
Market key trends: Technological advancement in field of genomics and diagnostics has enabled the development of personalized treatment options for patients with various mental health conditions. Integration of genomic data and personalized biomarkers with electronic health records has allowed psychiatrists to design personalized treatment plans on the basis of individual patient's genetic and molecular profile. Growing application of advanced technologies like whole genome sequencing, bioinformatics and pharmacogenomics is fueling the adoption of personalized psychiatry approach among healthcare professionals. This is further expected to drive the growth of global personalized psychiatry market over the forecast period.
Segment Analysis
The Global Personalized Psychiatry Market Growth is dominated by the mental health conditions segment. Within this segment, depression and anxiety disorders sub-segment has emerged as the largest shareholder. Technological advancements in diagnosis and treatment of these disorders through personalized approach have augmented the growth of this sub-segment. Various biological tests and personalized treatment plans assess patient's biological, psychological and environmental factors better to address depression and anxiety in a customized manner.
Key Takeaways
The global Personalized Psychiatry market is expected to witness high growth over the forecast period.
Regional analysis: Europe follows North America in terms of market share and is projected to exhibit fastest growth during 2023-2030. Favorable government initiatives and reimbursement policies supporting deployment of precision medicine technologies in psychiatry across major European countries are supplementing the regional market growth.
Key players operating in the Personalized Psychiatry market are Pfizer, Otsuka America Pharmaceutical, Allergan, Eli Lilly and Company, AstraZeneca.
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