Fort Collins, Colorado, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Mental Health Market was valued at USD 412.3 Billion in 2023 and is anticipated to grow CAGR at 4.5% to reach USD 615.2 Billion by 2032.
Mental health encompasses a person's emotional, social, and psychological state, and it's crucial to maintain a healthy physical and mental well-being as the latter directly impacts the former. While physical fitness has been a focus for many, attending mental health workshops has become a common trend among the population. This trend gained more attention during the pandemic when mental health issues were on the rise due to the global crisis.
In recent years, there has been an increase in the number of mental health cases due to the growing stress levels in both personal and professional life. Mental health problems arise when individuals struggle to cope with negative feelings and stress, leading them to isolate themselves and become anti-social. Moreover, academic pressure, social media, and cyberbullying have contributed to an increase in severe depression cases among teenagers and young adults. Factors such as long working hours, unhealthy lifestyles, and extended work timings directly affect the mental state of adults, leading to anxiety and depression.
The growing awareness and normalization of mental health issues are making significant strides in addressing the problem. This trend is being observed on social media platforms where people are discussing and accepting mental health issues as they would any other health problem. Additionally, the openness of many celebrities in discussing their mental health struggles is helping to increase acceptance and awareness of these issues.
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Segmentation Overview:
The global mental health market has been segmented into disorder, services, age group, and region. Depression is a prevalent mental health disorder, affecting 5% of adults globally, with rising cases among teens and young adults. Causes include unemployment, trauma, and suffering from any loss during the current situation. Women are more commonly affected due to hormonal changes during or after pregnancy, family issues, health problems, and lack of social exposure. Outpatient services offer talk therapy and counseling for patients who don't want to be admitted to hospitals. It's helpful for those dealing with anxiety, depression, stress, suicidal thoughts, and trauma and can be done at individual, family, couple, or group levels.
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Mental Health Market Report Highlights:
- The global mental health market growth is anticipated at a CAGR of 4.5% by 2032.
- Good mental health is essential for overall well-being. Mental health workshops have become increasingly popular, especially during the pandemic. Unhealthy lifestyles and long work hours can lead to anxiety and depression in adults. Teenagers and young adults are facing severe depression cases due to academic pressure, social media, and cyberbullying. Celebrities discussing their struggles and social media platforms where people discuss and accept mental health issues are contributing to the normalization of mental health awareness.
- North America has a substantial share of the mental health market. Mental Health America reports that almost 50 million Americans, or 19.86%, suffer from mental health problems, with 4.91% experiencing severe mental illness. Stress from personal relationships, family problems, and job or money-related stress are the major reasons for such a high number of mental health patients.
- Some prominent players in the Mental Health market report include CareTech Holdings PLC, Pyramid Healthcare Inc., Universal Healthcare Services, Promises Behavioral Health, Vita Health Group, Acadia Healthcare, Sevita Health, Ascension Seton Medical Center, Spring Care Inc., Talkspace, and others.
Industry Trends and Insights:
- Residential SUD treatment providers are now offering more comprehensive care by incorporating services like psychiatry and eating disorder treatment into their residential programs.
- Promises Behavioral Health is adding a new addiction and mental health treatment center called Promises Brazos Valley.
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Mental Health Market Segmentation:
By Disorder: Depression, Anxiety, Bipolar Disorder, Alcohol Use Disorder, Post-traumatic Stress Disorder, and Others
By Services: Outpatient Counselling, Home-based Treatment Services, Inpatient Hospital Treatment Services, Emergency Mental Health Services, and Others
By Age Group: Pediatric, Adult, and Geriatric
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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