Rise in prevalence of chronic diseases and behavioral health, increase in responsiveness toward stress management, and surge in awareness regarding mental disorders through education and advocacy for human rights fuel the growth of the global mental health market.
Rise in prevalence of chronic diseases and behavioral health, increase in responsiveness toward stress management, and surge in awareness regarding mental disorders through education and advocacy for human rights fuel the growth of the global mental health market.
Allied Market Research published a report, titled, “Mental Health Market by Disorder (Schizophrenia, Alcohol Use Disorders, Bipolar Disorder, Depression, Anxiety, Post-Traumatic Stress Disorder, Substance Abuse Disorders, Eating Disorders, and Other Disorders), Service (Emergency Mental Health Services, Outpatient Counselling, Home-Based Treatment Services, Inpatient Hospital Treatment Services, and Other Services), and Age Group (Pediatric, Adult, and Geriatric): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global Mental Health Market was estimated at $383.31 million in 2020, and is anticipated to hit $537.97 million by 2030, registering a CAGR of 3.5% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rise in prevalence of chronic diseases and behavioral health, increase in responsiveness toward stress management, and surge in awareness regarding mental disorders through education and advocacy for human rights fuel the growth of the global mental health market. On the other hand, increase in cost of mental health programs and substance abuse impede the growth to some extent. However, untapped potential in developing countries is expected to create new opportunities in the industry.
Covid-19 Scenario:
- The outbreak of the pandemic led to closure of clinics in most countries. Only emergency mental health services were made available and non-emergency services were postponed.
- However, certain countries have started investing in innovative digital and telecommunication technologies to avail consultations from mental health professionals, which in turn is expected to help the mental health market recoup soon.
The depression segment to dominate by 2030-
Based on disorder, the depression segment held the major share in 2020, accounting for nearly two-fifths of the global mental health market. Growing cases of anxiety, depression, and suicide have increased concerns regarding mental health across the globe. This factor has driven the growth of the segment. At the same time, the eating disorders segment would register the fastest CAGR of 5.2% from 2021 to 2030. This is attributed to increasing biological factors such as changes in brain chemicals and prevalence of psychological issues in individuals.
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The inpatient hospital treatment services segment to maintain the dominant share-
Based on services, the inpatient hospital treatment services segment contributed to more than two-fifths of the global mental health market revenue in 2020, and is projected to lead the trail throughout the forecast period, due to increase in incidence of mental diseases, rise in patient pool, and ample number of individuals deploying mental health solutions to enhance self-care. However, the emergency mental health services segment is projected to grow at the fastest CAGR of 4.8% from 2021 to 2030. Rise in mental disorder boosts the demand for emergency mental health services. This factor fuels the segment growth.
North America garnered the highest share in 2020-
Based on region, North America contributed to the highest share in 2020, accounting for nearly three-fifths of the total market share, and is estimated to continue its dominant share in terms of revenue by 2030, due to well-established healthcare infrastructure, surge in adoption of mental healthcare services, increase in the geriatric population, and rise in prevalence of mental diseases in this region. However, Asia-Pacific is expected to showcase the fastest CAGR of 4.4% during the forecast period, owing to increase in health awareness, development in health care infrastructure, and rise in the number of hospitals equipped with advanced medical facilities in this province.
Key players in the industry-
- The MENTOR Network
- Promises Behavioral Health
- Behavioral Health Network, Inc.
- CareTech Holdings PLC
- Acadia Healthcare
- Universal Health Services, Inc.
- Strategic Behavioral Health
- Ascension Seton
- Pyramid Healthcare
- North Range Behavioral Health
We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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