Psychotic Disorders - South Korea

South Korea

Revenue in the Psychotic Disorders market is projected to reach US$119.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.36%, resulting in a market volume of US$128.20m by 2029.
In global comparison, most revenue will be generated in the United States (US$2,257.00m in 2024).
In relation to total population figures, per person revenues of US$266.40 are generated in 2024.

Key regions: Japan, Australia, Europe, India, France

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Analyst Opinion

The Psychotic Disorders market in South Korea is experiencing significant growth and development.

Customer preferences: In South Korea, there is a growing demand for effective treatments and therapies for psychotic disorders. Customers are seeking innovative and evidence-based solutions that can help improve their quality of life and manage their symptoms. They are also increasingly interested in holistic approaches that address both the physical and mental aspects of their condition. Additionally, there is a preference for personalized treatment plans that take into account individual needs and preferences.

Trends in the market: One of the key trends in the Psychotic Disorders market in South Korea is the increasing adoption of digital health solutions. Mobile applications and online platforms that provide access to therapy, support, and monitoring tools are gaining popularity. These digital solutions offer convenience and privacy, allowing individuals to manage their condition from the comfort of their own homes. The use of telemedicine and virtual consultations is also on the rise, providing easier access to healthcare professionals and reducing barriers to treatment.Another trend in the market is the focus on early intervention and prevention. There is a growing recognition of the importance of early detection and treatment in improving outcomes for individuals with psychotic disorders. As a result, there is an emphasis on raising awareness and providing education about the signs and symptoms of these conditions. This includes initiatives aimed at reducing stigma and promoting help-seeking behaviors.

Local special circumstances: South Korea has a well-developed healthcare system with a strong emphasis on mental health. The government has implemented various policies and programs to improve access to mental healthcare services and support for individuals with psychotic disorders. This includes the establishment of specialized clinics and centers, as well as the integration of mental health services into primary care settings. The government also provides financial support and subsidies for individuals with mental health conditions, making treatment more affordable and accessible.

Underlying macroeconomic factors: South Korea has a rapidly aging population, which is contributing to the growth of the Psychotic Disorders market. As individuals age, they are more susceptible to developing psychotic disorders, such as dementia-related psychosis. The increasing prevalence of chronic diseases, such as diabetes and cardiovascular disease, is also a contributing factor. These conditions are known to increase the risk of developing psychotic disorders.Additionally, South Korea has a high level of healthcare expenditure, with a significant portion of the budget allocated to mental health services. This investment in the healthcare sector is driving innovation and the development of new treatments and therapies for psychotic disorders. The government's commitment to improving mental health services and reducing the burden of mental illness is also creating a favorable environment for market growth.In conclusion, the Psychotic Disorders market in South Korea is experiencing growth and development driven by customer preferences for effective treatments, the adoption of digital health solutions, and a focus on early intervention and prevention. The local special circumstances, such as a well-developed healthcare system and government support, further contribute to the market's expansion. The underlying macroeconomic factors, including an aging population and high healthcare expenditure, also play a role in shaping the market landscape.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on companies' revenues, international institutes data, and global consumer survey data. Revenues refer to the retail value and include sales taxes.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports and third-party data. Next, we use relevant key market indicators and data from country-specific associations such as healthcare spending per capita, medical product spending per capita, and gross domestic product per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function. Data is modeled using current exchange rates.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.