Psychiatrist's contract (6)

I believe the answer is:

shrink

I believe this is a double definition.

'psychiatrist's' is the first definition.
(informal term for a psychiatrist)

'contract?' is the second definition.
(I know that contract can be written as shrink)

(Other definitions for shrink that I've seen before include "Draw back from the psychiatrist?" , "Become smaller, contract" , "Downsize" , "Shrivel" , "Diminish" .)

I've seen this clue in The Independent and The Telegraph.

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