Visiongain has published a new report on Behavioural Health Market Report to 2031. Profiles of Leading Behavioural Health Market players, Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
The global behavioural Health market has been growing considerably owing to the rising pressure/stress at work, growing incidence and prevalence rate of depression and PTSD (Post Traumatic Stress Disorder) around the globe. Further, the rising adoption of stress relieving therapies such as ASMR (autonomous sensory meridian response) market. Rising awareness for mental health and cohesive government policies will further boost the growth of the global behavioural health market. However, the high cost of Behavioural health and rare side effects associated with the drugs and treatment will act as a barrier to the growth of the market.
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COVID-19 Impact on the Global Behavioural Health Market
The global Behavioural Health market was severely hit by the COVID-19 pandemic. The sudden outbreak shook the global economy due to a series of lockdowns and strict social distancing norms. Initially, the COVID-19 emerged in Wuhan city of China in December 2019. Within few months it reached over 200 countries. According to worldometers, over 46.5 million cases of COVID-19 were registered till 01st November 2020, around the globe with over 1.2 million fatalities.
Market Drivers
Rising prevalence of PTSD and Mental Stress
Prevalence of PTSD is rising around the globe, in the US alone half of the US adults experience at least one traumatic event in their lives, however, a smaller number of people suffer from PTSD. Patients with PTSD, struggle with the persistent, frightening thoughts and memories of the unfortunate events, experience insomnia, sudden detached or numb, and suicidal thoughts. In severe forms, PTSD can significantly impair a person's ability to function at work or home.
Global Rise in the prevalence of depression
Depression is a silent killer that is rising across the globe. According to WHO, in 2020, more than 264 million people were in depression irrespective of the age, however, more women are affected by depression than men. Additionally, depression is a leading cause of disability around the globe, putting economic burden on global economies. Depression is one of the major reasons for the rising suicide cases around the globe. This will significantly boost the global behavioural health market.
Market Opportunities
Untapped Asia-Pacific Economies
Asia-Pacific economies such as China, India, Korea, Thailand, among others, are growing aggressively around the globe. Cohesive government policies and initiative will also benefit the global behavioural health market in near future. Healthcare reforms will also play an important role to boost the growth of behavioural health market in untapped Asia-Pacific economy.
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Home based treatment services and therapies on rise
Remote monitoring of patients and innovative stress relieving therapies are increasingly adopted around the globe. Rising adoption of cloud technologies and IoT devices in healthcare will also create ample opportunities for the growth of the market.
Competitive Landscape
Visiongain report covers detailed competitive landscape which includes overview of key players operating, extensive product portfolios, recent developments, among others. The key players contributing into the global behavioural Health market include Cerner, Netsmart, Core Solutions, Mindlinc, Nextgen Healthcare, The Echo Group, Valant, Welligent, Qualifacts, Credible, Pfizer, Inc., F. Hoffman-La Roche AG, Bristol-Myers Squibb Company, Teva Pharmaceuticals Industries Ltd., Eli Lilly and Company, Novartis AG, Meditab, Kareo, Compulink, Advance Data Systems, among others. The global behavioural Health market players adopt various strategies to milk the available opportunities in the market. For instance, regulatory approvals, mergers & acquisitions, partnerships, collaborations, new product launches, new product developments, among others are the key strategies adopted by the market players. On 2nd June 2020, North Central Health Care (NCHC) adopted electronic health record (EHR) at three multi-specialty behavioural healthcare facilities across Wisconsin. The company corroborated with Cerner’s industry-recognized technology to provide physicians, therapists, and nurses with near real-time patient information to improve the patient care and better health management.
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