Psychiatrists Market Definition
The psychiatrists market consists of sales of psychiatrists services and related goods by entities (organizations, sole traders and partnerships) that provide the diagnosis, treatment and prevention of mental, emotional and behavioral disorders. The psychiatrists industry includes establishments of licensed practitioners having the degree of M.D. (Doctor of Medicine) or D.O. (Doctor of Osteopathic Medicine) that provide palliative care, treat psychosomatic disorders, mental disorders and others. Psychiatrists operate private or group practices in their own offices (e.g., centers, clinics) or in the facilities of others, such as hospitals or health maintenance organization (HMO) medical centers.
Psychiatrists Market Size
The global psychiatrists market reached a value of nearly $197.0 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.0% since 2015, and is expected to grow at a CAGR of 6.9% to reach nearly $256.9 billion by 2023.
Growth in the historic period resulted from government support for mental health reforms, emerging markets, and advance technology development. Factors that negatively affected growth in the historic period were social stigma associated with mental illness and limited healthcare access.
Going forward, the private health insurance reforms, economic growth and social acceptance will drive the market. Factors that could hinder the growth of the psychiatrists market in the future include high cost associated with the drugs and medical devices for the treatment and shortage of psychiatric professionals.
Psychiatrists Market Drivers
The Key driver of the psychiatrists market include:
Government Initiatives For Mental Health Reforms – Support for mental health resources led to a demand for mental care and drove the psychiatrists market in the historic period. For instance, in December 2016, the US federal introduced the 21st Century Cures Act, a healthcare package bill, which includes many mental health, substance use, and criminal justice provisions. This provision authorizes $4.8 billion over ten years to address mental health parity. In 2018, the Indian government allocated INR 500 million ($7.7 million) to ensure the availability of minimum mental health care for all - “the National Mental Health Programme”.
Psychiatrists Market Restraints
The key restraint on the psychiatrists market include:
Limited Healthcare Access – Limited access was one of the key restraints on the psychiatrists market during the historic period. Healthcare access was relatively poor in most developing countries compared to the developed nations. For instance, in 2016, India ranked 145th among 195 countries in terms of quality and accessibility of healthcare facilities. Globally, the disease burden is significantly higher in low- and middle-income countries. The public sector is a major employer of psychiatrists. Psychiatrists working in the public sector are so busy coping with acute crises that they are often unable to provide prevention and early intervention treatments or deal with the high prevalence disorders. The low access to practitioners hurt market growth in many developing nations.
Psychiatrists Market Trends
Major trends influencing the psychiatrists market include:
Discoveries In Psychiatric Genetics
The new studies associated with psychiatric genetics are discovering complex disorders related to mental health. Psychiatric genetics studies the role of genetics in the causes of mental health and provides knowledge to improve treatment methods. In 2019, scientists discovered causes related to anorexia, an eating disorder. The researchers found that the problems related to this disorder were driven by metabolism. The researchers compared nearly 17,000 anorexia symptomatic people’s DNA with more than 55,000 healthy controls. The study revealed eight genes that linked anorexia to anxiety, depression and obsessive compulsive disorder, all of which was expected. Ultimately, these genetic discoveries will provide clues to the major mental disorders.
Adoption Of Mobile And Connected Technologies For Psychiatric Diagnosis
Mobile and connected technologies are being implemented by psychiatric cares to assist in diagnosing and treating mental illness. Some developments such as the evolution of electronic medical records to document, communicate, and support clinical decision-making, are quickly becoming commonplace. These technologies offer real-time visibility of patient health through active and passive data collection. New e-tools can also monitor patients’ conditions such as behavioral patterns, and physiological sensing. It enables psychiatric care providers to create novel diagnostic tests for psychiatry.
Opportunities And Recommendations In The Psychiatrists Market
Opportunities –The top opportunities in the global psychiatrists market will arise in the psychiatric services for mood (anxiety and depression) disorders segment, which will gain $19.2 billion and the psychiatrists market size will gain the most in the USA at $19.1 billion.
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the psychiatry service providers to consider providing cognitive–behavioral therapy interventions, collaborate across verticals and industries to provide value-based healthcare, focus on providing treatment services and preventive and promotional activities delivered by primary care centers, and educate and create awareness programs about mental health problems.
Psychiatrists Market Segmentation
The psychiatrists market is segmented by type of mental disorder, by type of patient and by geography.
By Mental Disorder Type-
The psychiatrists market is segmented by mental disorder type into
- a) Alcohol Abuse Mental And Behavioral Disorders
- b) Psychoactive Substance Use Mental And Behavioral Disorders
- c) Schizophrenia, Schizotypal And Delusional Disorders
- d) Mood (Anxiety And Depression) Disorders
- e) Other Mental And Behavioral Disorders
Psychoactive substance use mental and behavioral disorders had the highest growth rate of nearly 13.5% during the historic period.
By Patient Type -
The psychiatrists market is segmented by patient into
- a) Inpatient
- b) Outpatient
psychoactive substance use mental and behavioral disorders outpatient market had the highest growth rate of nearly 15.0% during the historic period.
By Geography- The psychiatrists market is segmented into
- o North America
- o Western Europe
- UK
- Germany
- France
- Spain
- Italy
- o Asia Pacific
- China
- Japan
- India
- Australia
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America is the largest market for psychiatrists, accounting for 47.9% of the global market. It was followed by Western Europe, Asia Pacific, South America, Middle East, Eastern Europe and Africa. Going forward, Middle East and Africa will be the fastest growing regions in the psychiatrists market.
Psychiatrists Competitive Landscape
Major Competitors are:
- • UK NHS
- • Universal Health Services
- • Massachusetts General Hospital
- • New-York Presbyterian University Hospital
- • Mayo Clinic
- • Johns Hopkins Hospital
Other Competitors Include:
- • McLean Hospital
- • Mental Health and Neurosciences
- • Vidyasagar Institute of Mental Health and Neurosciences
- • Central Institute of Psychiatry
- • Institute of Behaviour and Allied Sciences
- • Wenzhou Kangning Hospital
- • National Center For Neurology and Psychiatry
- • The University of Tokyo Hospital
- • Baillie Henderson Hospital
- • Graylands Hospital
- • National Institute of Mental Health and Neurosciences
- • Seiwa Hospital
- • Tokyo Metropolitan Matsuzawa Hospital
- • University of Tokyo Hospital
- • Tokyo Saiseikai Central Hospital
- • St. Luke`s International Hospital
- • Nightingale Hospital
- • Tyne and Wear NHS Foundation Trust
- • East London NHS Foundation Trust
- • Forest Independent Hospital
- • Max Planck Institute of Psychiatry
- • Bethel Foundation
- • Psychiatric Hospital Doctor Gheorghe Preda
- • Psychiatric Clinic of General Faculty Hospital (Czech republic)
- • Kursk Clinical Psychiatric Hospital
- • Menninger Clinic
- • Sheppard Pratt Health System
- • Resnick Neuropsychiatric Hospital
- • The Center for Addiction and Mental health
- • The Royal
- • Hospital Alemán
- • Hospital Británico
- • Al Zahra Hospital Dubai
- • Al Amal Psychiatric Complex
- • King Faisal Specialist Hospital & Research Centre
- • Hunterscraig Psychiatric Clinic
- • Kirkwood Sanatorium
- • Dr F Mohomed, Denmar Specialist Psychiatrist Hospital (PTY) Ltd
- • Umzimzulu Hospital