The prevalence of behavioral health disorders has increased in the past few years, owing to which, TMR analysts hold a positive perspective of the market.
Analysts’ Perspective of the Behavioral Health Market
The prevalence of behavioral health disorders has increased in the past few years, owing to which, TMR analysts hold a positive perspective of the market. Surge in awareness about the benefits associated with telehealth and telepsychiatry, especially in developed countries, is resulting in key investments directed towards these platforms. The absence of stringent regulations for practicing behavioral health services by individual practitioners has resulted in a large number of healthcare service providers in expanding their operations to offer behavioral health services. New entrants could emphasize on fast-growing trends, including telepsychiatry, to reap profits. Government initiatives for mental illness are likely boost the growth of the global behavioral health market, offering expansion opportunities for market competitors. The presence of numerous behavioral health service providers in developed markets remains high. However, there is an unmet gap witnessed between the number of patients and behavioral health service providers in developing and underdeveloped markets. Owing to this, developing countries, particularly in Asia Pacific, which are expected to exhibit high growth, could offer business opportunities for behavioral health market players.
- According to Transparency Market Research’s latest market report on the global behavioral health market for the historical period of 2017–2018 and forecast period of 2019–2027, rise in the demand for behavioral health services and increase in the adoption of telepsychiatry are the key factors projected to boost the growth of the global behavioral health market.
- According to the report, the global behavioral health market was valued at ~ US$ 196 Bn in 2018, and is anticipated to expand at a CAGR of 2.4% during the forecast period of 2019 to 2027.
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Rise in Demand for Behavioral Health Services: A Key Driver
- Behavioral health services comprise mental health, alcohol & substance abuse, depression, anxiety, post-traumatic stress disorder, schizophrenia, and eating disorder services.
- Rise in the number of adults, children, and elderly people with serious mental illnesses leads to an increase in the need of behavioral health services.
- Another key factor likely to drive the demand for these services is the rise in mental health issues due to stress, peer pressure, and social & economic hardships. Moreover, a negative work environment can lead to mental health problems.
- Behavioral health services play an important role in tackling the ever-increasing burden of mental illness.
- Rise in the acceptance of mental health services is anticipated to boost the growth of the global behavioral health market.
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Government Initiatives
- Government agencies across the globe have taken a number of initiatives to tackle the problem of mental health.
- In 2017, the Centers for Medicare and Medicaid introduced the psychiatric Collaborative Care Model (CoCM) and Behavioral Health Integration (BHI) under the Chronic Care Management (CCM) services initiative.
- Anxiety, depression, and drug abuse are the major threats to the growth of developed as well as developing economies across the globe.
- Government initiatives for mental health in countries across the globe are anticipated to fuel the growth of the global behavioral health market.
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Limited Access to Behavioral Health Services Restrains Market
- In developing countries in Asia Pacific, depression and anxiety are common mental health problems that directly affect families, social wellbeing, and economic development on a major scale.
- Mental disorder treatment centers, rehabilitation centers, and other healthcare providers are limited only to urban areas, despite an increase in their need in rural and semi-urban areas.
- Less number of healthcare professionals is one of the major barriers for access to mental health services in India.
- According to the WHO, in 2014, the number of psychiatrists and nurses per 100,000 population was 0.3 and 0.12, respectively, in India.
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Global Behavioral Health Market: Competitive Landscape
- This report profiles major players in the global behavioral health market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
- The global market is moderately fragmented, with the presence of a large number of players in regional markets.
- Major service providers in the global behavioral health market include
- The MENTOR Network
- Acadia Healthcare
- Universal Health Services, Inc.
- CareTech Holdings plc
- Behavioral Health Network, Inc.
- North Range Behavioral Health
- Strategic Behavioral Health
- Ascension Seton
- Pyramid Healthcare
- Promises Behavioral Health.
Global Behavioral Health Market: Key Developments
Key players in the global behavioral health market engage in the development of new services for behavioral health, and merger & acquisition, joint venture, and partnership agreements. These strategies by service providers are likely to drive the global behavioral health market. Some developments in the global behavioral health market are:
- In May 2019, Universal Health Services, Inc. and MercyOne Central Iowa established a new 100-bed behavioral health facility in lowa. This enabled the company to provide high quality services for behavioral health.
- In January 2019, Ascension Seton acquired Little River Healthcare. This acquisition includes primary and specialty care clinics around Central Texas.
- In July 2018, Pyramid Healthcare entered into a partnership agreement with WaldenSierra. This enabled Pyramid Healthcare to expand its services to Maryland.
- In May 2018, Acadia Healthcare formed a joint venture with Saint Thomas Health to expand and improve access to behavioral healthcare in Nashville, Tennessee. Additionally, this partnership expanded the capabilities of the company to meet the growing behavioral health needs of local communities.
In the global behavioral health market report, we have discussed individual strategies, followed by company profiles of providers of behavioral health services such as mental health, eating disorders, schizophrenia, depression, and anxiety. The ‘Competitive Landscape’ section has been included in the report to provide readers with a dashboard view of the key players operating in the global behavioral health market.
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