Pune, July 10, 2024 (GLOBE NEWSWIRE) -- Mental Health Market Analysis:
“SNS Insider research states that, The Mental Health Market is valued at USD 411.99 Billion in 2023 and is anticipated to surpass USD 566.07 Billion by 2032, with a compound annual growth rate (CAGR) of 3.20% over the forecast period 2024-2032.”
Rising Awareness Regarding Mental Health Around the World Have Propelled the Mental Health Market
The rising number of mental disorders, geriatric populations, and the growing campaigns promoting mental health are the main opportunities for mental health market development. Mental Illnesses can range from mild to moderate to severe, they come in all shapes and sizes. As of June 2022, the figure released by the World Health Organization estimated that about 1 in every eight persons worldwide suffered from a mental disorder (affecting their cognitive functioning, emotional regulation, and behavior in an excessive manner).
Similarly, according to a report by the Mental Health Foundation in 2022-23, an average of 37.1% of women and 29.9% of men reported high levels of anxiety in the UK. This also reflects the huge mental disorders burden both worldwide and regionally postulating its influence on the mental health market.
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Major Players Insights Listed in this Report are:
The Key Player are CareTech Holdings, Strategic Mental Health, Acadia Pharmaceuticals Inc., Uprise Health, Vita Health Group, Sevita, Pyramid Healthcare Inc., Promises Behavioral Health, Averte, Ascension, Ascension Seton, Behavioral Health Network Inc., North Range Behavioral Health, Strategic Behavioral Health LLC, Universal Health Services Inc., The MENTOR Network, Talkspace, Calm, Headspace & Other Players
In addition, the promotion of mental health in public through the establishment of new campaigns and looking for mental health services are anticipated to drive market growth significantly. In May 2023, The National Alliance on Mental Illness (NAMI) launched MoreThanEnough -- an empowering campaign for 2023 Mental Health Awareness Month. This initiative works to cater to immediate needs and at the same time integrate them into their community so that they have access to & know how to use mental health services leading to a likely mental health market growth throughout the forecast period.
Mental Health Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 411.99 Billion |
| Market Size by 2032 | US$ 566.07 Billion |
| CAGR | CAGR of 3.20% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •Increase in the importance of mental health •The increasing accessibility of mental health services through technology like telehealth |
Segmentation Dynamics
Depression or depressive illness held the majority of the market share which is 32% in 2023. The rate of depression is souring globally and therefore an essential key to combat it cautiously by creating maximum awareness for prevention. The significant growth of the segment is mainly attributed to an extremely high burden of depression cases, increasing awareness about depression and its management through various programs being implemented by governments as well as other organizations, along with advanced service launches in several markets.
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The WHO reported in March 2023 that an estimated 3.8% of the population suffers from depression, including 5% each for adults ranging between men (4%) and women (6%). Therefore, it is expected to drive the growth of psychological treatments such as behavioral activation, cognitive-behavioral therapy (CBT), interpersonal psychotherapy, and problem-solving therapy during the forecast period.
Also, advancements in the services for mental health such as those offered to identify and give treatment for depression help promote market growth because more of these services are used. In the meantime, as this report by Cambridge University published in August 2022 points out telemedicine delivery is a good alternative to face-to-face treatment for patients with depression. Such remote healthcare services contribute to the rising deployment of mental health services, thereby boosting the mental health market growth during the forecast period.
Mental Health Market Key Segmentation:
By Disorder
- Schizophrenia
- Alcohol Use Disorders
- Bipolar Disorder
- Depression
- Anxiety
- Post-traumatic stress disorder
- Substance Abuse Disorders
- Eating Disorders
- Other Disorders
By Services
- Emergency Mental Health Services
- Outpatient Counselling
- Home-based Treatment Services
- Inpatient Hospital Treatment Services
- Other Services
By Age Group
- Pediatric
- Adult
- Geriatric
Regional Analysis
An increasing number of mental disorder cases, new government initiatives & funds for providing better care, and establishment or expansion in the healthcare centers are some of the prime reasons that caused these regions to have a large share of 52.03% in 2023. The truth is mental illnesses are so widespread in the United States. As Per a report in Mental Health America, Inc., by 2023 more than one out of every ten youth are expected to experience major depression that significantly impairs their school/work/other important functioning and/or causes suicidal thoughts or actions.
In turn, the National Institutes of Health (NIH), predicted that 57.8 million people, or about twenty-five percent of US adults had some sort of mental illness during 2021. This is an indication of the high prevalence of mental disorders in the U.S. which consequently demands more attention and investment into psychiatric care - factors likely to accelerate demand for psychiatry healthcare services, a key segment propelling growth within this mental health market.
And other recent government initiatives have gone a long way to expanding mental health services in the state. One example is that in June 2023, the U.S. Department of Health and Human Services (HHS), through the Substance Abuse and Mental Health Services Administration (SAMHSA) awarded USD 31.5 million worth of behavior health grants for children, families, or young adults. The award is to combat the mental health crisis in our nation.
Furthermore, in March 2023, the Governor of California, along with Senator Susan Talamantes Eggman proposed updates to California's behavioral health system and additional mental health housing. Such initiatives drive the mental healthcare services delivered in that region, thereby also influencing the enlargement of the mental health market over the forecasting horizon.
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Recent Developments
- June 2023: Comvest Partners has acquired Torrance, CA-based Your Behavioral Health which is a behavioral health services platform Under the ownership of Comvest. Your Behavioral Health is going to continue its strong growth trajectory and scale investments in critical technology as well as further development of outpatient services and telehealth.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Mental Health Market Segmentation, By Disorder
8. Mental Health Market Segmentation, By Services
9. Mental Health Market Segmentation, By Age Group
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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