New York, United States , July 31, 2024 (GLOBE NEWSWIRE) -- The Global Mental Health Market Size is Expected to Grow from USD 410 Billion in 2023 to USD 573 Billion by 2033, at a CAGR of 3.40% during the forecast period 2023-2033.
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Mental health is a state of mental well-being that enables people to deal with life's stressors, realize their strengths, learn well and work productively, and contribute to their community. It is a crucial component of health and well-being, enhancing our individual and collective ability to make decisions, develop connections, and shape the world we live in. Mental health refers to an individual's emotional, psychological, and social well-being. It impacts how individuals think, feel, and conduct, impacting how they deal with stress, react to others, and make daily choices. The mental health market is expanding rapidly due to several main factors. For starters, raising knowledge and acceptance of mental health concerns reduces stigma and encourages more people to seek help, hence expanding the market for mental health services and goods. Furthermore, technical innovations, such as telemedicine and digital health platforms, are improving the accessibility and affordability of mental health care, while government initiatives and policies globally are prioritizing mental health and improving service integration. However, the mental health market confronts various constraints that limit its growth and accessibility, including a serious scarcity of mental health specialists such as psychiatrists, psychologists, and therapists.
Browse key industry insights spread across 220 pages with 100 Market data tables and figures & charts from the report on the "Global Mental Health Market Size, Share, and COVID-19 Impact Analysis, By Disorders (Depression, Bipolar Disorder, Schizophrenia, Anxiety, Post-Traumatic Stress Disorder (PTSD), Alcohol Use Disorder, and Other Mental Disorders), By Age Groups (Pediatric, Adult, Geriatric) By Services (Emergency Mental Health Services, Outpatient Counseling, Home-based Treatment Services, Inpatient Hospital Treatment Services, Other Services), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The depression segment is predicted to hold the largest market share through the forecast period.
Based on the disorders, the mental health market is classified into depression, bipolar disorder, schizophrenia, anxiety, post-traumatic stress disorder (PTSD), alcohol use disorder, and other mental disorders. Among these, the depression segment is predicted to hold the largest market share through the forecast period. The depression category is driven by its high global prevalence and significant influence on people's well-being. Effective treatments such as psychotherapy, medication, and digital therapies help to drive the segment's growth, which is backed by increased awareness campaigns and early screening activities.
The adult segment is anticipated to hold the highest market share during the projected timeframe.
Based on the age groups, the mental health market is divided into pediatric, adult, and geriatric. Among these, the adult segment is anticipated to hold the highest market share during the projected timeframe. This dominance is fueled by the high frequency of mental health illnesses among adults, such as anxiety and depression, as well as growing understanding and acceptance of mental health concerns. Adults frequently experience major stressors connected to jobs, life transitions, and family responsibilities, which contribute to a high need for mental health treatments. They also have better access to healthcare services and are more likely to use digital and telehealth solutions.
The inpatient hospital treatment services segment is anticipated to hold the greatest share of the mental health market during the projected timeframe.
Based on the services, the mental health market is categorized into emergency mental health services, outpatient counseling, home-based treatment services, inpatient hospital treatment services, and other services. Among these, the inpatient hospital treatment services segment is anticipated to hold the greatest share of the mental health market during the projected timeframe. Inpatient hospital treatment services are dominant because of their vital role in providing intense care and stabilization for people suffering from serious mental illnesses. These services, available in mental hospitals and specialized units inside general hospitals, cater to acute psychiatric emergencies that require 24/7 surveillance, intensive treatment programs, and interdisciplinary care.
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North America is estimated to hold the largest share of the mental health market over the forecast period.
North America is estimated to hold the largest share of the mental health market over the forecast period. The region is known for its comprehensive healthcare infrastructure, which includes substantial mental health services and research facilities. High levels of healthcare spending and insurance coverage improve access to mental health treatments and services. Furthermore, North America leads in technical breakthroughs and digital health solutions, allowing for creative methods of mental health care delivery such as telemedicine and digital treatments.
Asia Pacific is predicted to have the highest CAGR growth in the mental health market over the forecast period. The region is rapidly urbanizing, developing economically, and changing demographically, resulting in increased knowledge and understanding of mental health issues. The rising prevalence of stress-related disorders, depression, and anxiety disorders among the growing middle-class population is boosting demand for mental health services and treatments.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the mental health market include Acadia Healthcare, Behavioral Health Services, CareTech Holding PLC, Vita Health Group, The MENTOR Network, AstraZeneca, Strategic Behavioral Health, Universal Health Services, Inc., Range Behavioral Health, Pyramid Healthcare, Promises Behavioral Health, Averte, Ascension, Uprise Health, Sevita, and Others.
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Recent Developments
- In May 2024, the U.S. Department of Health and Human Services Announced LEAP in Health IT Special Emphasis Notice for AI and Behavioral Health Focused Projects.
- In January 2024, the Centers for Medicare & Medicaid Services (CMS) announced the Innovation in Behavioral Health (IBH) Model.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the mental health market based on the below-mentioned segments:
Global Mental Health Market, By Disorders
- Depression
- Bipolar Disorder
- Schizophrenia
- Anxiety
- Post-Traumatic Stress Disorder (PTSD)
- Alcohol Use Disorder
- Other Mental Disorders
Global Mental Health Market, By Age Groups
- Pediatric
- Adult
- Geriatric
Global Mental Health Market, By Services
- Emergency Mental Health Services
- Outpatient Counseling
- Home-based Treatment Services
- Inpatient Hospital Treatment Services
- Other Services
Global Mental Health Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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