New York, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global behavioral health market size is projected to expand at ~5% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 67 billion by the end of 2033, up from a revenue of ~USD 42 billion in the year 2022.The growth of the marker is set to rise on account of the growing consumption of alcohol. Out of all adults, 17% report excessive drinking, and 7% report heavy drinking. Most folks who consume large amounts of alcohol also binge drink. Therefore, the preference for depression is also growing.
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Everybody's reaction to alcohol varies. However, for people who consume alcohol on a regular basis, depression following consumption is a normal occurrence. This is caused by the way alcohol affects the brain, which can either exacerbate or produce emotions of anxiety and melancholy. For instance, according to a National Institute on Alcohol Abuse and Alcoholism study, individuals with an AUD experienced an approximately 3-fold increased risk of having depressive symptoms during the preceding year.
Surge in Workload to Boost the Demand for Behavioral Health Market
The employment prevalence has been surging recently all across the globe. Roughly 4 billion people are expected to be working globally in 2023, compared to over 3 billion in 1991—a gain of roughly 1 billion individuals. However, this has increased the prevalence of depression in the workplace. For instance, approximately 79 percent of individuals report feeling stressed out at work in America. There is a reciprocal association between depression and work. Stress at work may lead to the individual's depression. Depression might affect one's capacity to execute their job successfully. Hence, the need for behavioral health is growing.
Behavioral Health Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Urban Population to Drive the Market Growth in Asia Pacific
The behavioral health market in Asia Pacific is projected to gather the largest revenue in the market over the forecast period. This growth is set to be dominated by a rising urban population. Roughly 2.2 billion people, or 54% of the globe's metropolitan population, dwell in Asia. Asia's urban population is projected to grow by 50% by 2050, adding 1.2 billion new residents.
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Surge in Mental Health Treatment to Influence the Market Expansion in North America
The behavioral health market in North America is poised to have notable growth over the forecast period. This growth in this region is set to be dominated by rising mental health treatment. Nearly 4o million adult Americans received mental health treatment or counseling in 2021; this figure includes those who received treatment during the previous year.
Behavioral Health, Segmentation by Disorder
- Alcohol Use Disorders
- Substance Abuse Disorder
- Eating Disorder
- ADHD
The substance abuse disorder segment is predicted to generate the highest revenue in the market over the forecast period. The growth of the segment is set to be influenced by the rise in consumption of drugs. In 2021, there were just over 295 million drug users worldwide, an about 22% rise from the decade before. Meanwhile, the number of people with drug use disorders has risen dramatically to approximately 38 million, a close to 44 percent increase in just ten years.
Behavioral Health, Segmentation by Age Group
- Pediatric
- Adult
- Geriatric
The pediatric segment is set to have notable growth in the market over the forecast period. The major factor to drive this segment's growth is the growing prevalence of mental illness among the pediatric population. A significant proportion of mental diseases (close to 74 percent) start before the age of 24, according to findings from the National Alliance on Mental Illness. All lifetime mental diseases, however, commence by age 14 in over 49% of cases. It follows that the vast majority of mental health issues manifest themselves in childhood and adolescence. According to a second extensive study, the highest age of onset for mental illness was 14.5 years old, and it was published in Molecular Psychiatry in 2021.
Behavioral Health, Segmentation by Service
- Emergency Mental Health Services
- Outpatient Counselling
- Home-Based Treatment Services
- Inpatient Hospital Treatment Services
A few of the well-known industry leaders in the behavioral health market that are profiled by Research Nester are Acadia Healthcare, Universal Health Services, Inc., Magellan Health Inc., Sevita, Behavioral Health Services, Behavioral Health Network Inc., Pyramid Healthcare, Inc., CareTech Holdings plc, Ascension Health, and others.
Recent Development in the Market
- To advance the integration of medical treatment and mental health, Acadia Healthcare established a formal academic relationship with Jefferson Health and Sidney Kimmel Medical College at Thomas Jefferson University in Philadelphia, Pennsylvania. Additionally, the two organizations collaborated on the development of new initiatives in regional Acadia institutions, including Belmont Behavioral Health Hospital.
- Tools to combat depression in adults and adolescents were released by Magellan Healthcare Inc., the behavioral and specialized healthcare branch of Magellan Health, Inc., in honor of October's National Depression and Mental Health Awareness and Screening Month.
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