The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s psychiatrists market report forecasts the psychiatrists market size to grow to $231.47 Billion by 2027, with a CAGR (compound annual growth rate) of 9%.

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Psychiatrists Market Size Forecast
The global psychiatrists market is expected to grow from $147.28 billion in 2022 to $164.01 billion in 2023 at a compound annual growth rate (CAGR) of 11.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The psychiatrists market size is expected to grow from $231.47 billion in 2027 at a CAGR of 9.0%.

North America held the largest psychiatrists market share.

Key Psychiatrists Market Driver ­– Rise In Government Support For Mental Health Reforms
For instance, according to Business Insider, a US-based financial and business news website, Chile announced an over 300% increase in the mental health budget in 2021 and Canada announced a $1 billion fund allocation for mental health in its Budget 2021. Therefore, rising government support for mental health reforms is driving the growth of the psychiatrist market.

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Key Psychiatrists Market Trend – Discovering Complex Disorders Related To Mental Health
The new studies associated with psychiatric genetics are discovering complex disorders related to mental health are a key trend gaining popularity in the psychiatrists market. Psychiatric genetics studies the role of genetics in the causes of mental health and provides knowledge to improve treatment methods. For instance, scientists discovered causes related to anorexia, an eating disorder. The researchers found that the problems related to this disorder were driven by metabolism. The researchers compared nearly 17,000 anorexia symptomatic people’s DNA with more than 55,000 healthy controls. The study revealed eight genes that linked anorexia to anxiety, depression, and obsessive-compulsive disorder, all of which were expected. Ultimately, these genetic discoveries will provide clues to the major mental disorders.

Psychiatrists Market Segment
1) By Mental Disorder Type: 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
2) By Patient Type: Inpatient, and Outpatient
3) By Psycology Type: Social, Abnormal, Biological, Other Psycology Types

Psychiatrists Market Major Players and Strategies
Major players in the psychiatrists market are UK NHS, Universal Health Services, Massachusetts General Hospital, New York-Presbyterian University Hospital, Mayo Clinic, Johns Hopkins Hospital, McLean Hospital, Mental Health and Neurosciences, Vidyasagar Institute of Mental Health and Neurosciences, Central Institute of Psychiatry, Institute of Behaviour and Allied Sciences.

The Psychiatrists Global Market Report 2023 covers regional data on psychiatrists market size, psychiatrists market trends and drivers, opportunities, strategies, and psychiatrists market competitor analysis. The countries covered in the psychiatrists market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Psychiatrists provide the diagnosis, treatment, and prevention of mental, emotional, and behavioral disorders. Psychiatrists are licensed practitioners with a degree of M.D. (Doctor of Medicine) or D.O. (Doctor of Osteopathic Medicine) who provide palliative care and treat psychosomatic disorders, mental disorders, and others. They operate private or group practices in their own offices (e.g., centers, clinics) or in the facilities of others, such as hospitals or health maintenance organizations (HMO) medical centers.

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