During the forecast period 2023 to 2033, the Psychosis diagnostics market is expected to grow at a value of 5.3% CAGR, according to Future Market Insights. By the year 2033, the global market for Psychosis diagnostics is expected to rise up to a market valuation of US$ 3.6 Billion. Growth of the market can be attributed to increasing awareness of mental health disorders, advancements in diagnostic technologies, and growing demand for personalized and precision medicine.
One of the key drivers of the market is the increasing awareness of mental health disorders, including psychosis. There has been a growing recognition of the impact of mental health on overall health, with governments and healthcare providers taking steps to address the issue. This has led to an increase in public awareness of mental health disorders, including psychosis, and a greater willingness to seek diagnosis and treatment.
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Advancements in diagnostic technologies have also played a key role in driving the growth of the market. There have been significant advancements in the field of mental health diagnostics, with new imaging techniques and biomarker-based tests making it easier to diagnose psychosis and related disorders. These new technologies are not only more accurate, but they are also faster and less invasive, making them more accessible to patients. Overall, the psychosis diagnostics market is poised for significant growth in the coming years, driven by a combination of factors.
Key Takeaways from the Market Study
- The global Psychosis diagnostics market is expected to grow with a 3% CAGR during 2023 to 2033.
- By distribution channel, hospital pharmacies are expected to hold 44% of the market share in 2023 for Psychosis diagnostics market.
- North America is expected to possess 38% market share for Psychosis diagnostics market in 2023.
- Europe Psychosis diagnostics market size is expected to possess 43% market share in 2023.
“The growing demand for personalized and precision medicine is also driving the growth of the psychosis diagnostics market.” states an FMI analyst
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Competitive Landscape
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
- Merck KGaA has developed several medications for the treatment of psychotic disorders, including aripiprazole, which is an atypical antipsychotic medication used to treat schizophrenia and bipolar disorder. Aripiprazole works by modulating dopamine and serotonin receptors in the brain, which can help to alleviate the symptoms of psychotic disorders.
- Thermo Fisher Scientific offers a range of products and services for biomarker discovery, which is the process of identifying molecular markers that can indicate the presence or severity of a particular disease. In the field of psychosis diagnostics, biomarkers can be used to aid in the diagnosis of conditions such as schizophrenia and bipolar disorder. Thermo Fisher Scientific offers a range of products and services for biomarker discovery, including mass spectrometry-based proteomics and immunoassay technologies.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Psychosis diagnostics market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights on the basis of Drug Class (Chlorpromazine, Fluphenazine, Haloperidol, Loxapine, Perphenazine, Thioridazine) Treatment (Rapid tranquilization, Medication, Cognitive behavioural therapy), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) Region (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa)
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Key Segments Profiled in the Psychosis Diagnostics Industry Survey
Drug Class:
- Chlorpromazine
- Fluphenazine
- Haloperidol
- Loxapine
- Perphenazine
- Thioridazine
Treatment:
- Rapid tranquilization
- Medication
- Cognitive behavioural therapy
Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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