Ottawa, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The U.S. behavioral health market accounted for USD 87.3 billion in 2023 and is poised to grow at a CAGR of 5.10% during the forecast period from 2023 to 2032.
The U.S. behavioral health market is driven by rising mental health concerns, growing awareness regarding mental health, growing product launches, and rising investment.
Key Insights:
- The Outpatient counseling segment held the largest market share in 2022 and is expected to show the same pattern during the forecast period.
- The anxiety disorder segment is estimated to dominate the U.S. Behavioral Health industry over the forecast period.
- The outpatient clinics segment is estimated to capture a significant market share during the analysis period.
Behavioral Health refers to the connection between behaviors and the health and well-being of an individual. It encompasses a wide range of conditions and issues related to mental health, emotional well-being, and the interplay between behavior and overall health. The field of behavioral health includes the study, prevention, diagnosis, and treatment of conditions such as mental illnesses, substance use disorders, stress, anxiety, depression, and other behavioral and emotional concerns.
Download the Sample Pages@ https://www.precedenceresearch.com/sample/1320
Behavioral health professionals, such as psychologists, psychiatrists, social workers, counselors, and other mental health practitioners, work to assess, diagnose, and treat individuals dealing with behavioral health issues. The goal is to improve the overall quality of life by addressing the factors that influence behavior and mental well-being. Integrating behavioral health into healthcare systems helps create a comprehensive approach to promoting and maintaining health across various domains.
- According to a survey conducted by the American Psychological Association, employees' psychological well-being is highly valued:
- 92% of employees stated that it is extremely (57%) or somewhat (35%) essential to them to work for a company that prioritizes their mental and emotional health.
- 92% of respondents stated that it is extremely (52%) or somewhat (40%) essential to them to work for a company that supports mental health services for its employees.
- 95% of respondents stated that they value feeling appreciated at work either much (66%) or moderately (29%).
- Working for a company that respects the boundaries between work and nonwork time is essential to 95% of respondents, who stated it is extremely important (61%) or moderately important (34%).
- In November 2023, the Substance Abuse and Mental Health Services Administration (SAMHSA) of the U.S. Department of Health and Human Services (HHS) released notices of funding opportunities for grant programs that address behavioral health challenges in local communities by preventing the initiation of substance use, reducing the progression of substance use, and addressing other related concerns. The grant possibilities, which together amount to about $74.4 million, are a component of the Biden-Harris Administration's efforts to combat the opioid epidemic and address the mental health crisis, two major pillars of the President’s Unity Agenda for the Nation. Opportunities for grant money that are being made public are:
- Funding for the Comprehensive Community Mental Health Services for Children with Severe Emotional Disorders (CMHI): $30.4 million in grants for preservation and expansion.
- $13.1 million goes to tribal behavioral health.
- $15.5 million is allocated to the Strategic Prevention Framework - Partnerships for Success for States.
- The Strategic Prevention Framework, worth $15.5 million, aims to establish partnerships for the success of communities, local governments, universities, colleges, and tribes/tribal organizations.
Report Highlights:
Service Insights
The outpatient counseling segment held the largest market share in 2022 and is expected to show the same pattern during the forecast period. There has been a growing demand for outpatient counseling services due to factors such as increased awareness of mental health, reduce stigma, and a focus on early intervention and prevention. Additionally, the COVID-19 pandemic hastened the use of telehealth services, including counseling for outpatients. These days, telehealth is an essential element that provides accessibility and convenience for people looking for counseling services.
Disorder Insights
The anxiety disorder segment is estimated to dominate the U.S. Behavioral Health industry over the forecast period. Anxiety disorders, including generalized anxiety disorder (GAD), social anxiety disorder, panic disorder, and others, are highly prevalent in the U.S. They can have a substantial impact on individuals' daily functioning, relationships, and overall well-being. For instance, according to secondary sources, approximately 40 million individuals, or 19.1% of the population, suffer from anxiety disorders, which are the most prevalent mental diseases in the United States. With 6.8 million adult sufferers, generalized anxiety disorder (GAD) is the most prevalent anxiety condition in the United States.
End User Insights
The outpatient clinics segment is estimated to capture a significant market share during the analysis period. Since they offer easily accessible, community-based mental health care, outpatient clinics are essential to the U.S. behavioral health sector. In addition to counseling and other mental health therapies, these clinics provide a variety of outpatient services including individual counseling, group therapy, psychoeducation, and medication management. In addition, outpatient clinics often play a role in prevention and early intervention efforts, aiming to address mental health concerns before they escalate to more severe conditions. Thereby, driving the market growth.
Customize this study as per your requirement@ https://www.precedenceresearch.com/customization/1320
U.S. Behavioral Health Market Scope
| Report Coverage | Details |
| CAGR | 5.10% 2023 to 2032 |
| U.S. Market Size in 2023 | $ 87.3 Billion |
| U.S. Market Size by 2032 | $ 136.6 Billion |
| Global Market Size in 2023 | $ 162.31 Billion |
| Global Market Size by 2032 | $ 293 Billion |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Service, By Disorder, and By End User |
| Regions Covered | North America, APAC, Europe, Latin America, MEAN, Rest of the World |
We've prepared a service to help you write your own Go-To-Market strategy.
Click to Unlock Your GTM Strategy for the U.S. Behavioral Health Market
Market Dynamics:
Drivers
The advent of online counseling
The use of mobile applications and online video conversations by medical practitioners to treat behavioral problems is growing as the global internet penetration rate rises. The growing awareness of behavioral conditions is contributing to the acceptance of online therapy as well. Furthermore, video chats and internet applications allow medical practitioners to perform treatment sessions that resemble in-person therapy sessions. Based on the patient's needs, they confer with them to decide on the best course of action. Thus, the introduction of comparable online counselling services that lower treatment costs would propel the U.S. behavioral health market expansion during the projected period.
Restraint
Lack of skilled professionals
When compared to the number of patients, there are very few qualified experts that can treat individuals with behavioral problems. The primary causes of the scarcity of qualified experts are the dearth of educational establishments that provide courses focused on behavioral disorder therapies, the lack of knowledge about various addictions, and the poor pay and limited applications for behavioral treatment specialists.
Additionally, the lack of qualified workers is leading to a rise in unmet demand, which is impeding the expansion of the behavioral health sector in the United States. For instance, research funded by SAMHSA projected the US deficit of addiction counselors and psychiatrists by 2030. Therefore, it is anticipated that over the forecast period, the lack of qualified experts will hinder the growth of the U.S. behavioral health market.
Opportunities
Increasing technological advancements
The growing technological advancements are expected to offer an enormous opportunity for market growth during the forecast period. For instance, in May 2022, to further advance its technology, Osmind, a San Francisco-based company, secured USD 940 million in Series B funding. The business specializes in creating electronic health record software for psychiatrists, and their EHR technology targets cutting-edge treatments including transcranial magnetic stimulation (TMS) and hallucinogenic medications. The real-time monitoring technology makes it easier for patients and caregivers to communicate. Incorporating novel technology with conventional therapeutic modalities enhances the efficiency and efficacy of healthcare delivery. Telepsychiatry, often known as tele-mental health, offers video conferencing to enable clinicians to communicate with patients from distant locations.
Related Reports:
- Behavioral Rehabilitation Market: The global behavioral rehabilitation market size accounted for USD 155.55 billion in 2022 and is projected to hit around USD 235.84 billion by 2032, registering a CAGR of 4.3% during the forecast period from 2023 to 2032.
- Mental Health Apps Market: The global mental health apps market was valued at USD 5.19 billion in 2022 and is expected to reach USD 26.36 billion by 2032, poised to grow at a CAGR of 17.7% during the forecast period 2023 to 2032.
- Metaverse for Mental Health Market: The global metaverse for mental health market size was reached at USD 1.2 billion in 2022 and it is expected to be worth around USD 12.54 billion by 2032, expanding at a CAGR of 26.50% during the forecast period 2023 to 2032.
- Maternal Mental Health Market: The global maternal mental health market size was estimated at USD 8.42 billion in 2022 and is projected to hit around USD 107.87 billion by 2032, registering a CAGR of 29.05% during the forecast period from 2023 to 2032.
- Corporate Wellness Market: The global corporate wellness market size surpassed USD 56 billion in 2022 and is projected to hit around USD 96.15 billion by 2030, expanding at a CAGR of 6.9% during the forecast period from 2021 to 2030.
Recent Developments:
- In June 2023, Apple revealed new health capabilities for watchOS 10, iOS 17, and iPadOS 17, stepping into two significant domains and offering cutting-edge experiences and tools across platforms. Users can now simply access assessments and services, record their everyday moods and momentary feelings, and get insightful data due to new mental health capabilities. The health app is coming to the iPad, offering users new ways to see their health data, and the iPhone, iPad, and Apple Watch all have new visual health features that promote healthy behaviors that help lower the risk of myopia. These new features, along with the health elements that are already in place, are all based on research and prioritize privacy.
- In August 2023, Swiss Re Reinsurance Solutions and Wysa partnered to introduce Wysa Assure, an AI-powered mental health assistance app. The app combines Wysa's AI-powered mental health solutions with Swiss Re's risk knowledge and unique scoring methodology to fulfil the demands of insurers and their clients. There are also plans to establish similar collaborations in other countries. An AI chatbot based on cognitive behavioral therapy principles is at the core of Wysa Assure's design, allowing users to get on-demand help and be guided through evidence-based mental health resources that are tailored to their requirements. To meet data privacy issues, the app prioritizes user anonymity and easily integrates self-management modules and insurers' support networks. By preventing symptom worsening and promoting early support seeking, this novel strategy promotes proactive mental wellness management and may enable insurers to reduce claims.
Market Key Players:
- Acadia Healthcare
- Promises Behavioral Health (Elements Behavioral Health)
- Epic Health Services (Aveanna Healthcare)
- Universal Health Services
- Behavioral Health Group, Inc.
- IBH Population Health Solutions
- CuraLinc Healthcare
- North Range Behavioral Health
- Ardent Health Services
- CRC Health Group
Market Segmentation
By Service
- Home-Based Treatment Services
- Outpatient counseling
- Emergency mental health services
- Inpatient hospital treatment
- Intensive care management
By Disorder
- Bipolar Disorder
- Anxiety Disorder
- Depression
- Post-Traumatic Stress Disorder
- Eating Disorder
- Substance Abuse Disorder
- Others
By End User
- Outpatient Clinics
- Hospitals
- Rehabilitation Centers
- Homecare Setting
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/1320
You can place an order or ask any questions, please feel free to contact us at
sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
To Access our Premium Real-Time Data Intelligence Tool, Visit:
www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Web: https://www.precedenceresearch.com/
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
