The global psychosis diagnostics market garnered a market value of USD 2.04 Billion in 2022 and is expected to accumulate a market value of USD 3.6 Billion by registering a CAGR of 5.3% in the forecast period 2023 to 2033.
Growth of the psychosis diagnostics market can be attributed to increasing prevalence of psychotic disorders, advancements in diagnostic technologies, and growing awareness of mental health disorders. The market for psychosis diagnostics registered a CAGR of 2.1% in the historical period 2018 to 2022
The psychosis diagnostics market includes a range of products and services such as imaging tests, laboratory tests, genetic testing, and other diagnostic tools used to evaluate a patient's symptoms and determine the presence and severity of a psychotic disorder. The market also includes the development of new diagnostic tools and tests that can improve the accuracy and efficiency of diagnosis.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 2.15 Billion |
| Anticipated Forecast Value (2033) | USD 3.6 Billion |
| Projected Growth Rate (2023 to 2033) | 5.3% CAGR |
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According to market research and competitive intelligence provider Future Market Insights- the market for Psychosis diagnostics reflected a value of 2.1% during the historical period, 2018 to 2022.
The global psychosis diagnostics market grew during this period due to factors such as the increasing prevalence of psychotic disorders, growing awareness and acceptance of mental health disorders, and advances in diagnostic technologies.
Factors such as the increasing demand for non-invasive diagnostic procedures, the rising adoption of precision medicine, and the growing use of biomarkers in diagnostic tests are expected to drive market growth.
Overall, the psychosis diagnostics market is expected to continue to grow in the coming years as advancements in diagnostic technologies, increasing awareness of mental health disorders, and growing demand for personalized and precision medicine drive innovation and adoption of new diagnostic tools and tests.
Thus, the market for Psychosis diagnostics is expected to register a CAGR of 5.3% in the forecast period 2023 to 2033.
Increasing prevalence of psychotic disorders driving growth of market
The global prevalence of psychotic disorders is increasing, which is driving the demand for diagnostics tools and tests to accurately diagnose and treat these conditions. There have been significant advancements in diagnostic technologies, such as neuroimaging techniques, which can provide detailed images of the brain and help identify abnormalities associated with psychotic disorders.
There is a growing awareness and acceptance of mental health disorders, which is reducing the stigma associated with these conditions and increasing the demand for accurate diagnosis and treatment. Many governments around the world are investing in research and development of new diagnostic tools and tests for psychotic disorders, which is driving market growth.
As healthcare expenditure continues to increase globally, more resources are being allocated towards the development of new diagnostic tools and tests for psychotic disorders. There is a growing demand for personalized and precision medicine, which involves the use of advanced diagnostics tools and tests to identify specific biomarkers associated with psychotic disorders and develop targeted treatments. This is driving the development of new diagnostic technologies and tools.
Availability of diagnostics tools shaping growth of psychosis diagnostics market
Biomarker Testing: Biomarker testing involves the analysis of biological samples, such as blood or cerebrospinal fluid, to identify molecular markers that may be associated with psychotic disorders. Biomarkers can help to inform diagnosis and treatment decisions and may be useful for monitoring disease progression and treatment response.
Imaging Studies: Imaging studies, such as magnetic resonance imaging (MRI) or computed tomography (CT) scans, may be used to evaluate the structure and function of the brain and identify any abnormalities that may be associated with psychotic disorders.
Psychiatric Evaluation: A psychiatric evaluation may be conducted by a psychiatrist or other mental health professional to assess the patient's mental health and diagnose any psychotic disorders. This may involve a series of tests and assessments, including a mental status examination, psychological testing, and diagnostic imaging studies.
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Lack of standardized diagnostic criteria along with expensive nature of diagnostic tools hampering market growth
There is a lack of standardized diagnostic criteria for psychotic disorders, which can make it challenging to develop accurate diagnostic tools and tests. Many people with psychotic disorders do not seek medical help due to limited awareness, stigma, and inadequate access to healthcare facilities, which can limit the demand for diagnostic tools and tests.
The cost of diagnostic tools and tests for psychotic disorders can be high, which can limit their availability and accessibility, particularly in low-income countries and regions. The development and approval of new diagnostic tools and tests are subject to stringent regulatory frameworks, which can slow down the pace of innovation and limit market growth.
The availability of reimbursement policies for diagnostic tools and tests can affect their accessibility and affordability for patients, particularly in regions with limited healthcare resources. The use of advanced diagnostic technologies and tests for psychotic disorders raises ethical and privacy concerns, which could affect market growth. All these factors are derailing the progress of the psychosis diagnostics market
Government initiatives and funding favoring market growth in North America
North America is a significant market for psychosis diagnostics due to factors such as the high prevalence of psychotic disorders, the availability of advanced healthcare infrastructure, and significant investment in research and development of new diagnostic tools and tests.
Driven by factors such as the increasing prevalence of psychotic disorders and the availability of advanced diagnostic technologies, the North America psychosis diagnostics market is expected to grow in the upcoming years. The market in North America is characterized by the presence of major players such as QIAGEN, F. Hoffmann-La Roche Ltd, and Siemens Healthineers, among others, who are investing in the development of new diagnostic tools and tests.
The market is also driven by government initiatives and funding for research and development of new diagnostic technologies and tools for psychotic disorders. For example, in 2018, the National Institute of Mental Health (NIMH) in the United States announced funding for research to improve the accuracy of diagnosis and treatment of psychotic disorders.
Overall, the North American psychosis diagnostics market is expected to continue to grow in the coming years, driven by factors such as increasing awareness of mental health disorders, advancements in diagnostic technologies, and growing demand for personalized and precision medicine. Thus, North America is expected to possess 44% market share for psychosis diagnostics market in 2023.
Technological advancements spurring the growth of psychosis diagnostics market in Europe
Europe is a significant market for psychosis diagnostics due to factors such as the high prevalence of psychotic disorders, increasing healthcare expenditure, and the availability of advanced healthcare infrastructure. The market is characterized by the presence of major players such as F. Hoffmann-La Roche Ltd, Siemens Healthineers, and Abbott Laboratories, among others, who are investing in the development of new diagnostic tools and tests.
The European Union is investing in research projects to develop new diagnostic tools and treatments for psychotic disorders. Overall, it is anticipated that the Europe market for psychosis diagnostics will witness growth in the upcoming years, propelled by factors like heightened awareness of mental health disorders, technological advancements in diagnostic methods, and an expanding need for individualized and accurate medical care.
Thus, Europe is expected to possess 38% market share for psychosis diagnostics market in 2023.
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Adherence to quality standards boosting growth of hospital pharmacies for psychosis diagnostics
Hospital pharmacies often stock specialized medications that may be required for the treatment of psychotic disorders, including antipsychotic medications, mood stabilizers, and antidepressants. These medications may be difficult to obtain at retail pharmacies.
Hospital pharmacies may collaborate with mental health professionals to provide comprehensive care for patients with psychotic disorders. This collaboration can include consultations with psychiatrists, psychiatric pharmacists, and other mental health specialists to ensure that patients receive appropriate medication therapy.
Hospital pharmacies may have access to advanced diagnostic technologies, such as genetic testing and brain imaging, that can aid in the diagnosis and treatment of psychotic disorders. Hospital pharmacies may offer medication management services, such as medication therapy management and medication adherence counseling, which can be particularly important for patients with psychotic disorders who may require complex medication regimens.
Hospital pharmacies are subject to rigorous quality standards and regulatory requirements, which can provide assurance to patients that they are receiving high-quality care. thus, hospital pharmacies are expected to possess 43% market share for psychosis diagnostics market in 2023.
Key players in the psychosis diagnostics market are Merck KGaA, Thermo Fisher Scientific, Hoffmann-La Roche Ltd., Eli Lilly & Company, 3M Company, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, Pfizer, Inc., Sun Pharmaceutical Industries Ltd and Bausch Health
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 2.15 Billion |
| Market Value in 2033 | USD 3.6 Billion |
| Growth Rate | CAGR of 5.3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Drug Class, Treatment, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Rest of Latin America, Germany, United kingdom, France, Spain, Italy, Rest of Europe, India, Malaysia, Singapore, Thailand, Rest of South Asia, China, Japan, South Korea, Austria, New Zealand, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Merck KGaA; Thermo Fisher Scientific; Hoffmann-La Roche Ltd.; Eli Lilly & Company; 3M Company; Teva Pharmaceutical Industries Ltd.; GlaxoSmithKline plc; Pfizer, Inc.; Sun Pharmaceutical Industries Ltd.; Bausch Health |
| Customization | Available Upon Request |
The market is valued at USD 2.15 billion in 2023.
The market held a 2.1% CAGR from 2018 to 2022.
The market size is expected to reach USD 3.6 billion in 2033.
The market is likely to thrive at a 5.3% CAGR rate.
Lack of standardized diagnostic criteria to hamper the market growth.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drug Class 5.1. Chlorpromazine 5.2. Fluphenazine 5.3. Haloperidol 5.4. Loxapine 5.5. Perphenazine 5.6. Thioridazine 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Treatment 6.1. Rapid tranquilization 6.2. Medication 6.3. Cognitive behavioural therapy 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hospital Pharmacy 7.2. Retail Pharmacy 7.3. Online Pharmacy 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Merck KGaA 18.2. Thermo Fisher Scientific 18.3. F. Hoffmann-La Roche Ltd. 18.4. Eli Lilly & Company 18.5. 3M Company 18.6. Teva Pharmaceutical Industries Ltd. 18.7. GlaxoSmithKline plc 18.8. Pfizer, Inc. 18.9. Sun Pharmaceutical Industries Ltd. 18.10. Bausch Health 19. Assumptions & Acronyms Used 20. Research Methodology
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Psychosis Diagnostics Market
