Precision psychiatry tests are molecular diagnostic tests for mental health that help researchers and physicians to better identify genetic and protein alterations underlying psychotic conditions such as Alzheimer’s disease, autism, Parkinson’s disease, depression, schizophrenia, and bipolar disorder. Molecular analysis of biomarkers is critical for the identification and characterization of unique
mutations and alterations that accrue in the cells, further leading to psychiatric disease manifestation and progression.
The precision psychiatry market is the next big thing under the precision medicine umbrella. The initiatives undertaken in advancing sequencing technologies tools have facilitated an increasing number of psychiatric genomic and proteomic studies to be performed in the field of neurology. As per BIS Research analysis, the global precision psychiatry market is projected to grow at a CAGR of 17.26% during the forecast period 2021-2026. Growth in this market is expected to be driven by the decreasing cost of sequencing, increasing adoption of inorganic growth strategies in the market, and global increase in mental health burden.
The market is favored by the developments in the field of molecular diagnostics, which are used for the diagnosis and assessment of psychiatric disorders. Currently, the precision psychiatry industry is witnessing an upsurge due to the decreasing cost of sequencing, increasing adoption of inorganic growth strategies, and global increase in mental health burden. Additionally, the high adoption of advanced molecular diagnostic technologies by the researchers to conduct genomic and proteomic analysis related to the onset and manifestation of psychiatric disorders are some of the critical factors that are expected to bolster the market growth.
Furthermore, biotechnology companies are focusing on the development of robust precision psychiatry solutions for a wide range of applications to support clinicians in conducting an in-depth molecular analysis.
Market Segmentation
• Product Type– Products and Services
• Sample Type – Blood-Based and Non-Blood-Based (Saliva, CSF, Urine, and others)
• Biomarker Type – Genetic Biomarker and Protein Biomarker
• Technology – Sequencing (NGS and Traditional Sequencing), Polymerase Chain Reaction (RT-PCR and dPCR), Microarray, Immunoassay, Liquid Chromatography/Mass Spectrometry and Other Technologies
• Application – Alzheimer’s Disease, Parkinson’s Disease, Autism, Depression, Bipolar Disease, and Other Disorders
• End User – Academic and Research Institutions, Hospitals and Diagnostic Laboratories, and Other End Users.
Regional Segmentation
• North America – U.S., and Canada
• Europe – Germany, U.K., France, Italy, Spain, the Netherlands, and Rest-of-Europe
• Asia-Pacific – China, Japan, India, Australia, South Korea, and Rest-of-Asia-Pacific
• Latin America – Brazil, Mexico, and Rest-of-Latin America
• Rest-of-the-World
Growth Drivers
• Decreasing Cost of Sequencing
• Increasing Adoption of Inorganic Growth Strategies
• Global Increase in Mental Health Burden
Market Challenges
• Lack of Established Regulatory Policies for Precision Diagnostics in the Field of Precision Psychiatry
• Lack of Awareness for Precision Psychiatry Diagnostics
Market Opportunities
• Increased Use of Precision Diagnostics for Drug Development by Pharmaceutical and Companion Diagnostics Companies
• Massive Scope for Adoption of NGS-Based Genetic Tests in Emerging Markets
Key Companies Profiled
Illumina, Inc., F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., QIAGEN N.V., Quest Diagnostics Incorporated, ARUP Laboratories, Invitae Corporation, OPKO Health, Inc., Laboratory Corporation of America Holdings, Centogene N.V., Thermo Fisher Scientific Inc., Myriad Genetics, Inc., Konica Minolta, Inc., Fulgent Genetics, PreventionGenetics.
Competitive Landscape
The exponential rise in the number of cases associated with psychiatric disorders has created a buzz among the biotechnology companies to further invest in the development of molecular diagnostics for the assessment of mental disorders, further aiding clinicians to offer precision medicine. Due to the presence of a diverse product portfolio and intense market penetration, Quest Diagnostics Incorporated has been a pioneer in the precision psychiatry ecosystem.
On the basis of region, North America holds the largest share of the precision psychiatry market due to high infusion of funding from the government organizations for conducting research on psychiatric disorders, growing prevalence of mental disorders, growing awareness about precision medicine, and increasing awareness about early detection, among others. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR of 20.54% during the forecast period, 2021-2026.
Key Questions Answered in this Report:
• How is precision psychiatry revolutionizing the field of mental health diagnostics?
• What are the major market drivers, challenges, and opportunities in the global precision psychiatry market?
• What are the underlying structures resulting in the emerging trends within the global precision psychiatry market?
• How is the COVID-19 pandemic impacting the global precision psychiatry landscape?
• What are the key development strategies that are being implemented by the major players in order to sustain in the competitive market?
• What are the key regulatory implications in developed and developing regions pertaining to precision psychiatry?
• What are the potential entry barriers, which are expected to be faced by the companies willing to enter a particular region?
• How is each segment of the market expected to grow during the forecast period from 2021 to 2026, and what is the anticipated revenue to be generated by each of the segments? Following are the segments:
o Product Type (Products and Services)
o Sample (Blood-Based and Non-Blood-Based)
o Biomarker (Genetic Biomarkers and Protein)
o Technology (Sequencing, PCR, Microarray, Immunoassay, LC/MS, and Others)
o Application (Parkinson’s Disease, Autism, Alzheimer’s Disease, Depression, Schizophrenia, Bipolar Disorder, and Others)
o End User (Hospitals and Diagnostic Laboratories, Academic and Research Institutions, and Others)
o Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
• What are the growth opportunities for the companies in the region of their operation?
• Who are the leading players with significant offerings in the global precision psychiatry market?
• Which companies are anticipated to be highly disruptive in the future, and why?
• What are the current unmet needs that are being faced in the global precision psychiatry market?
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The scope of the report exclusively covers biotechnology companies that are actively involved in the development and commercialization of precision psychiatry products, which predominantly include kits and assays. The study also takes into consideration the various precision psychiatry services offered by the services providers to patients suffering from different psychiatric conditions. However,
the study does not include instruments and software that are used while performing precision psychiatry testing.
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The global Precision Medicine Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the precision medicine market include Roche Holding AG, Illumina Inc., Thermo Fisher Scientific Inc., QIAGEN, Quest Diagnostics, Laboratory Corporation of America Holdings, Novartis AG, AstraZeneca, Bristol-Myers Squibb, Eli Lilly & Company and others..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Precision Medicine Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/precision-medicine-market/download-sampleMarket DynamicsThe market is mainly driven by increasing approval of the drug and its companion diagnostic assay, cost-effective profiling of DNA, increasing incidence of cancer, and the rise of data-driven healthcare.
In addition, the rising use of “multi-omics” in research, along with the penetration of high-throughput sequencing platforms, is also surging up the precision medicine scenario.
The number of targeted molecules in the pipeline for a specific application has been exponentially growing, specifically in oncology has created a new opportunity over the forecast period.
