Psychiatry Therapies Market

Global Psychiatry Therapies Market Size (2024 to 2032)

The global psychiatry therapies market is expected to grow at a CAGR of 7.22% CAGR from 2024 to 2032.

Psychiatry therapies are treatment procedures for psychologically ill patients. Psychiatric professionals will help patients to treat mental and emotional disorders with different techniques.

MARKET DRIVERS

The growing incidence of depression and mental disorders due to rising stress levels is a significant factor driving growth in the global psychiatry therapies market.

As per the statistics published by the World Health Organization (WHO), 350 million people suffer from depression and other mental disorders. In addition, approximately 24 million of the population are 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 causes of anorexia is due to anxiety, depression, and obsessive-compulsive disorder. Scientists have researched more than 17,000 anorexia and discovered the reasons. The Canadian Psychological Association (CPA) survey stated that many people receive adequate anxiety disorder treatment. In 2012, around 77% of patients received excellent care and therapies.

The growing number of people suffering from chronic diseases and the increasing number of initiatives from the governments of various countries to improve the quality of treatment procedures are likely to bolster the growth rate of the global psychiatry therapies market. By launching various applications in favor of the end-users, emerging IT companies are also favoring the market's growth rate. Besides, rising awareness of psychiatry, growing investments by the market participants and an increase in the number of government-run campaigns are supporting the market’s growth rate. In the U.S., USD 4.8 billion was invested in mental health parity under the healthcare package.

The increasing older population is boosting the growth rate of the psychiatry therapies market.

Older people above 60 suffer from mental problems due to chronic diseases and increasing family issues. Depression is the most common disorder in most seniors due to lack of respect from the younger ones, lack of food at the correct time, and suffering from chronic diseases requiring bed rest. Nearly 25 percent of these older populations suffer from a mental disorder that drives the market forward.

Advancements in mental health support technology will drive the psychiatry therapies market forward.

Mobile devices have been paving a new way the progress the understanding of mental well-being. Mobile mental health support can be straightforward to use. There are advanced apps that are used in mobile phones with built-in sensors. These sensors detect changes in the user's behavior by collecting information on a daily basis. Increasing personalized treatment for mental illness will drive psychiatry in the coming years. New research and medical advances have been increasing in these physiatry therapies. Most researchers are studying the brain to develop new psychiatric treatments for patients with mental illnesses. The use of advanced technology and procedures in treating mental illness will include deep brain stimulation and the implantation of active electrical nodes inside the brain, effectively managing Parkinson's disease and other movement disorders.

MARKET RESTRAINTS

Limited psychiatrists in rural areas are one of the significant hindrances to the psychiatry therapies market.

People in rural areas are less aware of different therapies' availability, 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 treatment that ordinary people cannot afford is hampering the market's growth rate. Lack of support from the government that the introduction of reimbursement schemes in undeveloped countries impedes market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Psychiatry Therapies Market Analysis By 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 and rehabilitation centers and bringing awareness about mental health problems are expanding opportunities in this segment.

Global Psychiatry Therapies Market Analysis By Medication Type

The antidepressants segment is expected to have the largest share, while stimulants are expected to grow faster. Antidepressants are used mainly by people suffering from mental disorders such as anxiety, stress, and overthinking. These antidepressant drugs are primarily used by adults suffering from depression. This is the essential treatment for depression. According to a recent survey in the past two years, the usage of antidepressant drugs has increased, which drives the segment's growth forward. Nearly 800 million people worldwide have a mental disorder. These antidepressant drugs are used for depression, insomnia, pain, fibromyalgia, eating disorders, smoking cessation, migraine, and attention-deficit/hyperactivity disorders.

Mood stabilizers are the next segment that drives the market forward. Mood stabilizers are drugs used mainly by people with bipolar disorder, where a person's mood changes from a depressing feeling to a good one or vice versa. These drugs can help reduce mood swings. This is also used to treat mood swings, mental disorders, and depression.

Global Psychiatry Therapies Market Analysis By Therapy Type

The psychotherapy segment has the highest market share. Psychotherapy is used for different types of mental and emotional disorders. It helps reduce stress and depression, which results in a person's well-being. Moreover, 1 in 8 people worldwide has any mental disease that requires psychiatry therapies driving the segment growth forward.

The counseling segment is another segment, which is contributing to the global market significantly. Most people in developed countries use this counseling center to overcome depression, reduce anxiety, and reduce drug addiction. In counseling, the counselor helps the people to solve the problem by thinking in a different direction. They help strengthen the mind to avoid problems and be happy. Using this counseling for different types of ages for different problems drives the segment growth.

The family therapy segment is another segment that drives the market forward. This therapy is mainly used for children who are depressed with family problems such as mother and father divorce and disputes in the family. As a result, this is one of the psychiatric procedures that help a child cope with mental health issues and helps to direct the child's life. In addition, family members also use this therapy to resolve disputes among the family members.

REGIONAL ANALYSIS

Regionally, North America accounted for the leading market share in the global psychiatry therapies market in 2023, owing to the high incidence of depression and schizophrenia. Europe and Asia have the second and third largest psychiatry treatment industries. The North American psychiatry therapies market was 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. The U.S. and Canada are the two major contributors to the region. In the United States, nearly one-fourth of adults have a mental illness, per the National Institute of Mental Health. These people need psychiatry therapy which drives the market forward in this region. In Canada, 1 in 5 people is suffering from any mental disorder. In Canada, those aged between 15 and 25 are more prone to mental disorders. Forty percent of school children are suffering from psychological distress. Recently the government of Canada has started investing in improving mental health care services for the people's well-being.

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. In Germany, psychiatrists' demand is more due to more mental health disturbances. In this region, psychotherapists are covered by public health insurance. In addition, several awareness programs have been conducted by the government to know about the importance of psychiatric therapy and how it helps to come out to solve problems and reduce stress. Considering all these factors, the market has been driven in this region.

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. Growing assistance from the government for mental health reforms, existing markets, and advancements in technology development. Therefore, this region is projected to grow with a CAGR of 11.17%. China is the market for psychiatry therapies because of lifestyle changes that raise psychological disease awareness. With increasing online therapies in this region, mental illness people use these psychiatric therapies to solve their problems. Many virtual therapy websites use online sessions, allowing them to access therapeutic support from anywhere. This type of therapy is mainly used for people living in rural communities and not interested in getting to a therapy center.

Latin America also has moderate growth due to increasing insurance coverage and increasing mental health services. In the last two decades, mental health and prevention promotion has increased in Latin American countries. Brazil holds the largest share in the region due to increasing federal laws for people with mental disorders. Additionally, increasing the number of licensed psychiatrists registered in Brazil drives the market forward.

KEY PARTICIPANTS IN THE PSYCHIATRY THERAPIES MARKET

The 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.

RECENT HAPPENINGS IN THIS MARKET

• In 2020, Eugenia Center started a Telepsychiatry Program in Lewis County, Washington, to increase access to mental health care services. This program delivers health care through real-time videoconferencing in a secure, private place. It is most useful during the period of the COVID-19 pandemic.

DETAILED SEGMENTATION OF THE GLOBAL PSYCHIATRY THERAPIES MARKET INCLUDED IN THIS REPORT

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.

By Psychology Type

• Social Psychology
• Abnormal Psychology
• Biological Psychology
• Others

By Type of Medication

• Antidepressants
• Antipsychotics
• Depressants
• Anxiolytics
• Mood stabilizers
• Stimulants
• Others

By Type of Therapy

• Counseling
• Cognitive Behavioural Therapy
• Family Therapy
• Psychotherapy
• Group Therapy
• Relationship Counselling
• Interpersonal Therapy
• Behavioral Activation
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa