The global psychiatrists market reached a value of nearly $197 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6% since 2015, and is expected to grow at a CAGR of 6.9% to reach nearly $256.9 billion by 2023.
Growth in the historic period resulted from the economic growth and the rise in disposable incomes in emerging markets, government initiatives for mental health reforms, and technological advances in healthcare. Factors that negatively affected growth in the historic period were limited healthcare access in low-income countries, and social stigma associated with mental illness globally.
Going forward, increasing global economic growth, private health insurance reforms, and increasing social acceptance of mental health issues will drive growth. Factors that could hinder the growth of the psychiatrists market in the future include shortages of mental health professionals and the high costs of psychiatric services.
The psychiatrists market is segmented by type of mental disorder into alcohol abuse mental and behavioral disorders, psychoactive substance use mental and behavioral disorders, schizophrenia, schizotypal and delusional disorders, mood (anxiety and depression) disorders and other mental and behavioral disorders. The other mental and behavioral disorders market was the largest segment of the psychiatrists market, accounting for $69.7 billion or 35.4% of the total in 2019. The psychoactive substance use mental and behavioral disorders segment is expected to be the fastest-growing segment going forward at a CAGR of 13.5%.
The psychiatrists market is also segmented by type of patient into inpatient and outpatient. The psychiatrists for the inpatients market was the largest segment of the psychiatrists market, accounting for $144.4 billion or 73.3% of the total in 2019. The psychiatrists for the outpatients market are expected to be the fastest-growing segment going forward at a CAGR of 12.5%.
North America was the largest psychiatrist market, accounting for 47.9% of the global market in 2019. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the psychiatrists market will be the Middle East and Africa, where growth will be at CAGRs of 11.8% and 11.2% respectively. These will be followed by Asia-Pacific and Eastern Europe, where the markets are expected to grow at CAGRs of 11.17% and 7.95% respectively.
The psychiatrists market is highly fragmented, with a large number of small players. The top 10 players in the market constituted 11.8% of the total market in 2018. Players in the market include UK National Health Service, Universal Health Services, Massachusetts General Hospital, New-York Presbyterian University Hospital, and Columbia and Cornell and Mayo Clinic, Rochester and others.
The top opportunities in the global psychiatrists market will arise in the psychiatric services for mood (anxiety and depression) disorders segment, which will gain $19.2 billion of global annual sales by 2023. The psychiatrists' market size will gain the most in the USA at $19.1 billion.
Market-trend-based strategies for the psychiatrists market include investing in the psychiatric genetics studies to improve mental health treatment methods, deploying virtual mental health counseling systems to ensure efficiencies in processes and operations and to reduce costs and putting emphasis on the quality of the treatment provided to the patients to attract more patients and increase revenue.
Player-based strategies for the psychiatrists market include improving the mental health of children and the young population through the launch of mental health support teams, expanding the mental health business through strategic acquisitions and satisfying patients through improved treatment methods achieved by rigorous research.
To take advantage of the opportunities, the author recommends the psychiatry service providers to consider providing cognitive-behavioral therapy interventions, collaborate across verticals and industries to provide value-based healthcare, focus on providing treatment services and preventive and promotional activities delivered by primary care centers, and educate and create awareness programs about mental health problems.
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Trends & Strategies
Discoveries in psychiatric genetics
Adoption of mobile and connected technologies for psychiatric diagnosis
Use of telepsychiatry technology
Increasing mergers and acquisitions
Emphasis on quality
Adoption of cognitive behavioral therapy and applied behavioral analysis
360 Behavioral Health
Al Amal Psychiatric Complex
Al Zahra Hospital Dubai
Ambrosia Treatment Center of Medford
Applied Behavioral Associates, LLC
Baillie Henderson Hospital
Bournewood Health Systems
Cambian Group's Adult Services Division
Carolina Partners In Mental HealthCare
Central Institute of Psychiatry
Centria Autism Services
Discovery Behavioral Health
Denmar Specialist Psychiatrist Hospital (PTY) Ltd
East London NHS Foundation Trust
Forest Independent Hospital
Hackensack Meridian Health
Hunterscraig Psychiatric Clinic
Institute of Behaviour and Allied Sciences
Johns Hopkins Hospital
King Faisal Specialist Hospital & Research Centre
Kursk Clinical Psychiatric Hospital
Massachusetts General Hospital
Max Planck Institute of Psychiatry
Mental Health and Neurosciences
National Center For Neurology and Psychiatry
National Institute of Mental Health and Neurosciences
New-York Presbyterian University Hospital
Passport To Adaptive Living
Pathways Health and Community Support, LLC
Psychiatric Clinic of General Faculty Hospital (Czech Republic)
Psychiatric Hospital Doctor Gheorghe Preda
Resnick Neuropsychiatric Hospital
River Cities Capital Funds
Sheppard Pratt Health System
St. Luke's International Hospital
Steward Health Care
The Center for Addiction and Mental health
The Menninger Clinic
The University of Tokyo Hospital
Tokyo Metropolitan Matsuzawa Hospital
Tokyo Saiseikai Central Hospital
Tyne and Wear NHS Foundation Trust
Universal Health Services
University of Tokyo Hospital
Vidyasagar Institute of Mental Health and Neurosciences