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(Medical-NewsWire.com, July 24, 2024 ) InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Personalized Psychiatry Market- (By Type (Products, Services, Software), By Therapeutic Areas (Depression, Anxiety, Bipolar Disorder, Schizophrenia, Addiction, Others)), By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
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Personalized psychiatry is a relatively new area of mental healthcare that aims to diagnose, treat, and manage mental diseases by taking into account each patients specific genetic composition, biology, and clinical presentation. The global personalized psychiatry market is anticipated to have significant expansion in the coming years, propelled by the quick development of genomics, wearables, smartphone apps, and digital health technology. A further expected element to drive the market growth during the projected period is the use of artificial intelligence in the assessment and treatment of mental health. High implementation costs of tailored techniques are one of the key limitations. In addition, the psychiatry and wellness industry experiencing growth, which is backed by customers who are prepared to pay for goods and services that improve their health. Further, the fast-developing area of personalized medicine can revolutionize healthcare by enhancing the precision and efficacy of medical treatments, decreasing healthcare expenditures, and enhancing patient results, which will grow the market demand in the coming years.
List of Prominent Players in the Personalized Psychiatry Market:
GreyBird Ventures
Sunovion Pharmaceuticals Inc.
HMNC Holding GmbH
Arcara Personalized Psychiatry
Starling Minds
Karuna Therapeutics
CBT Plus
AltheaDx, Inc.
WayForward
BrightQuest
Peak Mental Wellness
Market Dynamics:
Drivers-
The rising prevalence of mental health, rising focus on precision medicine, and supportive regulations are key factors expected to be driven by improved knowledge of the genetic underpinnings of mental diseases, and the ability to provide personalized therapies are propelling the personalized psychiatry industry forward. The rising prevalence of mental health illnesses, including anxiety and depression, drives demand for more effective tailored therapy. The growing focus on precision medicine and substantial investments in research and development is propelling innovation in this discipline. Supportive regulatory settings and patient desire for tailored therapies are driving forces behind personalized psychiatrys expansion.
Challenges:
High cost, limited knowledge, and concerns about data privacy are predicted to be challenges that will reduce the market's growth. Many patients are not able to afford genetic testing and personalized treatment options due to their high costs. Problems in creating successful tailored therapies for mental diseases arise from their complexity, which frequently involves several environmental and genetic components. Furthermore, the use of genetic data raises serious privacy and ethical concerns, as well as the possibility of discrimination. Healthcare professionals and patients limited awareness and acceptance of personalized psychiatry hinder slowing down the market growth during the next few years.
Regional Trends:
The North American personalized psychiatry market is expected to register a major market share in revenue. It is projected to grow at a high CAGR in the near future due to advancements in genomic testing, prominent customized psychiatry practitioners, and growing public understanding of mental health all contribute to this growth. Furthermore, the increased market share in this region might be attributed to the growing number of mental health conditions, including obsessive-compulsive disorder. Besides, Europe has a substantial share of the personalized psychiatry market due to shifts in lifestyle, as well as increased knowledge about the need for a balanced diet, change in perspective on mental health, and heightened curiosity about mental health studies, which is fueling the need for personalized psychiatry programs in the area.
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Recent Developments:
In March 2024, Geha Mental Health Center, Clalit Health Services, and Genetika+ will collaborate to create tools to personalize depression treatment. Genetika+ is a leader in precision medicine for psychiatry and neurology. The tools will be developed using stem-cell technology, AI, and advanced analytics.
In January 2024, Ketabon GmbH, a partnership between HMNC Brain Health and Develco Pharma, announced positive outcomes from a head-to-head trial pitting SPRAVATO, an intranasal spray licensed by the FDA for patients with Treatment-Resistant Depression, against KET01, the Companys exclusive lead asset.
Segmentation of Personalized Psychiatry Market-
Personalized Psychiatry Market- By Type
Products
Services
Software
Personalized Psychiatry Market- By Therapeutic Areas
Depression
Anxiety
Bipolar Disorder
Schizophrenia
Addiction
Others
Personalized Psychiatry Market-By Region
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana Dsouza
+8884144123
diana.dsouza@insightaceanalytics.com
Source: EmailWire.Com 
Source: EmailWire.com
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