Dublin, Feb. 18, 2022 (GLOBE NEWSWIRE) -- The "U.S. Psychiatry Clinic Market Size, Share & Trends Analysis Report by Age Group (Adult, Paediatric), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. psychiatry clinic market size is expected to reach USD 31.2 billion by 2028. It is expected to expand at a CAGR of 3.90% from 2021 to 2028.
Increased prevalence of various mental illnesses in the U.S. resulting in higher demand for psychiatric services is the key factor driving the market. As per the Anxiety & Depression Association of America, nearly 18% of the U.S. population has anxiety disorders.
According to the latest research report published by Kaiser Family Foundation (KFF), in 2020, around 41% of the U.S. population had mental disorders. There is high unmet demand for mental health services in the U.S. As per Mental Health America, more than 50% of youth having depression and anxiety disorders have not received treatment. Moreover, 26% of adults have been reported to have an unmet requirement for mental health services.
The COVID-19 pandemic had a huge impact on the market. Psychiatric clinics faced huge revenue drops because of service restrictions and a drop in occupancy as a result of the spread of the infection within the psychiatric clinics and hospitals. New rules have been in place for these facilities with restrictions on staff, occupancy, and visitors.
Telepsychiatry services by psychiatric clinics during the pandemic provided great accessibility to the treatment. Telepsychiatry will also play a crucial role post-pandemic; helping in effectively managing the high demand. The market has a huge scope with the technological growth and attention towards mental health as a priority by the government.
U.S. Psychiatry Clinic Market Report Highlights
- In 2020, the adult segment dominated the market as a result of the high prevalence of mental diseases in the adult population in the country
- The market is witnessing higher demand because of favorable insurance coverage making the treatment affordable to patients and the rising disease prevalence
- Collaborations and facility expansion are the key strategic initiatives undertaken by psychiatric clinics to gain a higher market share
- For Instance, in March 2021, Acadia Healthcare partnered with Geisinger Health for building new behavioral health facilities in Pennsylvania
- The COVID-19 pandemic has boosted the disease prevalence in the U.S. As per the National Council of Mental Wellbeing, one in six children & adolescents aged 6-17 and 40% of the adult population reported mental health issues in 2020
Market Dynamics
Market driver analysis
- Increasing prevalence of psychiatric disorders
- Favourable health reimbursement
- Increasing demand for mental health services
Market restraint analysis
- Social stigma associated with psychiatric treatment
- High cost of treatment
Business Environment Analysis Tools
- PESTLE Analysis
- PORTER'S FIVE FORCES Analysis
Penetration & Growth Prospect Mapping
Impact of COVID-19: Qualitative Analysis
Companies Mentioned
- Universal Health Services, Inc.
- LANGLEY PORTER PSYCHIATRIC HOSPITAL
- Bellevue Hospital NYC Health
- MANHATTAN PSYCHIATRIC CENTER
- Menninger Clinic
- Tucker Psychiatric Clinic
- Acadia Healthcare
- UCSF Health
- Peninsula BEHAVIOURAL HEALTH
- Mayo Clinic
For more information about this report visit https://www.researchandmarkets.com/r/1yift7
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