Analysts at Market Data Forecast predicted the global psychiatry therapies market to have a robust CAGR during the forecast period.
Psychiatry therapies are treatment procedures for psychologically ill patients. The psychiatric professionals will help the patients to treat mental and emotional disorders with different techniques.
MARKET DRIVERS:
Increasing incidences of depression and mental disorders due to rising stress levels is a significant factor driving the global psychiatry therapies market growth.
According to the World Health Organization (WHO), 350 million people suffer from depression and other mental disorders. Approximately 24 million of the population were suffering from schizophrenia disorder across the world. Complex mental health is becoming a significant problem, and many studies are creating different treatment procedures. Also, the cause of anorexia is due to anxiety, depression, and obsessive-compulsive disorder. Scientists have researched more than 17,000 anorexia and discovered the reasons. Canadian Psychological Association (CPA) survey stated that many people are receiving adequate treatment for anxiety disorder. In 2012, around 77% of patients had received excellent care and therapies.
A growing number of people with chronic disorders are likely to bolster the growth rate of the market. Government initiative steps to improve the quality of treatment procedures are escalating the psychiatry therapies market's demand. Emerging IT companies, by launching various applications in favor of the end-users, are also greatly influencing the market's growth rate. Besides, creating awareness and rise in the campaigns by government organizations bolstering the market's growth rate. Massive investment by the government in developed and developing countries is escalating the demand of the market. In the US, USD 4.8 billion was invested in the mental health parity under the healthcare package.
MARKET RESTRAINTS:
However, limited psychiatrists in rural areas are mainly hindering the demand of the market. People in rural areas are less aware of different therapies' availability, which is slowly restraining the market's growth rate. There are also some side effects noticed with the long-term use of the medicine, which directly inhibits the demand of the psychiatry therapies market. The high cost of the treatment where ordinary people cannot afford is hampering the market's growth rate. Lack of support from the government that is the introduction of reimbursement schemes in undeveloped countries impedes the market demand.
Impact of COVID-19 on psychiatry therapies market
COVID-19 outbreak has impacted negatively on many platforms but not the healthcare sector. Psychiatry is diagnosing and treating mental illness through mobile technologies, where has been more popular today. These initiatives are taken by the government authorities to eradicate the spread of coronavirus. As doctors are frontline warriors in the pandemic, electronic communication helps them work more and effectively treat the patients. Professionals extensively utilize the launch of innovative e-tools for diagnosing to provide excellent treatment online. These e-tools have physiological sensing parameters and detect the patient's conditions in various ways so that the psychiatric can propel the best therapy.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
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Segments Covered |
By Psychology Type, Type of Medication, Type of therapy and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global psychiatry therapies market has been segmented and sub-segmented based on the psychology type, type of medication, type of therapy, and region.
Psychiatry Therapies Market - By Psychology Type
Based on the psychology type, the social psychology segment is estimated to have the largest share globally during the forecast period. Increasing focus levels on offering treatment services and preventive and upgrading activities delivered by care centers, rehabilitation centers and bringing awareness in people about mental health problems are expanding opportunities to this segment.
Psychiatry Therapies Market - By Type of Medication
Based on the type of medication, the Antidepressants segment is expected to have the largest share in the segment, while stimulants are expected to grow faster.
Psychiatry Therapies Market - By Type of Therapy
Psychiatry Therapies Market - By Region
Regionally, North America accounted for the leading market share in the global psychiatry therapies market in 2019, owing to the high incidence of depression and schizophrenia. Europe and the Asia Pacific regions have the second and third largest for psychiatry treatment industries. The North American psychiatry therapies market is dominated by the global market in 2019, accounting for around 47.9% of the market share. The high occurrence rate of depression and schizophrenia increases people's mental and emotional health issues. U.S and Canada are the two major contributors to the region.
Europe is the second leading region following North America. Growing global economic growth, private health insurance reforms, and advancing the mental health in children and the youth over the launch of mental health support teams, enlarging mental health business over calculated obtainment and fulfilling patients through enhanced therapy procedures.
Asia Pacific region is expected to have the fastest growth rate during the forecast period due to rising awareness about mental health and changing lifestyles. For the psychiatry therapies market, the Asia-Pacific region is esteemed to have the highest CAGR rate during the historical period. Increasing assistance from the government for mental health reforms, existing markets, and advancements in technology development. This region is projected to grow with a CAGR of 11.17%. China is the existing market for psychiatry therapies because of lifestyle changes incorporated with raising psychological disease awareness.
KEY MARKET PARTICIPANTS:
The list of companies leading the global psychiatry therapies market profiled in this report are AstraZeneca, Universal Health Services Inc., Johnson & Johnson, Pfizer, GlaxoSmithKline, Eli Lilly, Bristol-Meyer Squibb, Wyeth, and Astellas Pharma Inc.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Social Psychology
5.1.2 Abnormal Psychology
5.1.3 Biological Psychology
5.1.4 Other Types
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2 Type of Medication
5.2.1 Antidepressants
5.2.2 Antipsychotics
5.2.3 Depressants
5.2.4 Anxiolytics
5.2.5 Mood Stabilisers
5.2.6 Stimulants
5.2.7 Other Types of Medication
5.2.8 Y-o-Y Growth Analysis, By Type of Medication
5.2.9 Market Attractiveness Analysis, By Type of Medication
5.2.10 Market Share Analysis, By Type of Medication
5.3 Type of Therapy
5.3.1 Counselling
5.3.2 Cognitive Behavioural Therapy
5.3.3 Family Therapy
5.3.4 Psychotherapy
5.3.5 Group Therapy
5.3.6 Relationship Counselling
5.3.7 Interpersonal Therapy
5.3.8 Behavioural Activation
5.3.9 Other Types of Therapy
5.3.10 Y-o-Y Growth Analysis, By Type of Therapy
5.3.11 Market Attractiveness Analysis, By Type of Therapy
5.3.12 Market Share Analysis, By Type of Therapy
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Type
6.1.3.2 By Type of Medication
6.1.3.3 By Type of Therapy
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Type
6.1.4.2 By Type of Medication
6.1.4.3 By Type of Therapy
6.1.5 Market Share Analysis
6.1.5.1 By Type
6.1.5.2 By Type of Medication
6.1.5.3 By Type of Therapy
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Astrazeneca
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Universal Health Services Inc.
8.3 Johnson & Johnson
8.4 Pfizer
8.5 GlaxoSmithKline
8.6 Eli Lilly
8.7 Bristol-Meyer Squibb
8.8 Wyeth
8.9 Astellas Pharma Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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