The Business Research Company’s Psychiatrists Market – Opportunities And Strategies – Global Forecast To 2023
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North America is the largest market for psychiatrists, accounting for 47.9% of the global market. It is followed by Western Europe, Asia Pacific, South America, Middle East, Eastern Europe and Africa. Going forward, the Middle East and Africa will be the fastest growing regions in the psychiatrists market. Growth in the historic period resulted from government support for mental health reforms, emerging markets, and advance technology development. Going forward, private health insurance reforms, economic growth and social acceptance will drive the psychiatry therapies market. Factors that could hinder the growth of the psychiatrists industry in the future include the high cost associated with the drugs and medical devices for the treatment, and a shortage of psychiatric professionals.
The global psychiatrist market size reached a value of nearly $197.0 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.0% since 2015, and is expected to grow at a CAGR of 6.9% to reach nearly $256.9 billion by 2023.
Support for mental health resources led to a demand for mental care and drove the psychiatrists market in the historic period. For instance, in December 2016, the US federal introduced the 21st Century Cures Act, a healthcare package bill, which includes many mental health, substance use, and criminal justice provisions. This provision authorizes $4.8 billion over ten years to address mental health parity. In 2018, the Indian government allocated INR 500 million ($7.7 million) to ensure the availability of minimum mental health care for all – the “National Mental Health Programme”.
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