The global psychosis diagnostics market, valued at USD 2.04 billion in 2022, is projected to grow significantly, reaching an estimated USD 3.6 billion by 2033. This growth corresponds to a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2023 to 2033.
The expansion of the psychosis diagnostics market can be attributed to several factors, including the increasing prevalence of psychotic disorders, advancements in diagnostic technologies, and a growing awareness of mental health issues. As more individuals seek diagnosis and treatment for psychotic disorders, the demand for accurate and efficient diagnostic tools is expected to rise.
In the historical period from 2018 to 2022, the market for psychosis diagnostics registered a CAGR of 2.1%, reflecting a steady increase in interest and investment in mental health diagnostics. This upward trend underscores the critical need for innovative diagnostic solutions that can enhance patient care and outcomes in the field of mental health.
This dynamic market presents substantial opportunities for healthcare providers, diagnostic companies, and research institutions focused on developing and implementing advanced diagnostic methodologies, ultimately improving the quality of mental health care worldwide.
Which are Some Prominent Drivers of Psychosis Diagnostics Market?
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.
Market Competition
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 NeuroCheck tool, which is a computer-based cognitive assessment tool designed to aid in the early diagnosis and monitoring of cognitive impairment in patients with schizophrenia. The tool is designed to be used in conjunction with other clinical assessments and can help healthcare professionals to detect changes in cognitive function over time, which can inform treatment decisions.
- Thermo Fisher Scientific offers a range of genetic testing products that can be used to identify genetic mutations and variants that may be associated with psychotic disorders. These tests can be used for both diagnostic and research purposes and can provide valuable insights into the genetic basis of these conditions.
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
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
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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