Pune, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Cognitive Behavioral Therapy Market Size & Growth Analysis:
“According to SNS Insider Research, The Cognitive Behavioral Therapy Market Size was valued at USD 6.69 Billion in 2023 and is expected to reach USD 25.27 Billion by 2032 and grow at a CAGR of 16.81% over the forecast period 2024-2032.”
The market growth for cognitive behavioral therapy (CBT) is largely attributed to the rising prevalence of mental health disorders which are now being recognized by public and government health institutions alike. The World Health Organization (WHO) estimates that 264 million people around the world suffer from depression and an additional 284 million have anxiety disorders. This accumulating burden of disease due to psychiatric conditions producer demands adequate efficacious interventions, making CBT one of the most known and evidence-based treatments. It is an urgent call for governments to adopt requisite policies and also pump substantial resources into the mental health service. As an example, in the United States SAMHSA received $4.25 billion to expand mental health and substance abuse treatment programs under the American Rescue Plan Act signed earlier this year. The UK's National Health Service (NHS), for example, pledged an additional £2.3 billion a year by 2023/24 to redesign mental health services that ensure the digital provision of evidence-based therapies like CBT featured prominently in its plans.
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Major Players Analysis Listed in this Report are:
- American Addiction Centres
- Magellan Health Inc.
- Springstone
- Universal Healthcare Services Inc.
- Behavioral Health Group
- Peoples Care Holding Inc.
- Acadia HealthCare
- Other Players
These efforts by the government show the growing acceptance of a widespread mental health need requiring systemic solutions, and an effort to enhance access to treatment interventions. It also helps to normalize therapy and the need for it by making mental health infrastructure more available. Advancements in telehealth have also extended the reach of CBT through remote therapy sessions, shrinking geographical boundaries and thus improving access to care especially for people living outside urban centers. Increased demand from a growing population, state support for this treatment, and recent technological developments are all driving the growth of telepsychiatry. CBT will continue to be more available in mental health care.
Cognitive Behavioral Therapy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.69 Billion |
| Market Size by 2032 | US$ 25.27 Billion |
| CAGR | CAGR of 16.81% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | •The Rising Awareness and Diagnosis of Mental Health Conditions Such as Depression, Anxiety, & PTSD are Driving the Demand for Cognitive Behavioral Therapy (CBT). •The Integration of Technology in Healthcare, Particularly Telehealth and Digital CBT Platforms, Has Expanded the Accessibility and Convenience Of CBT. |
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Segmentation Dynamics
Geriatric holds 54% of the market share in 2023 in CBT Market. CBT interventions are tailored to all age groups, ranging from children right through to older adults. With children and teens, CBT is modified based on developmental stages or specific difficulties experienced (e.g. behavior issues; school anxiety, etc.) Moreover, CBT is commonly used by adults at all stages of life with appropriate adaptations for the career stress and struggles in relationships that may arise post-graduation as well as chronic illness behaviors. Because CBT is effective with geriatric populations as well in the management of late-life depression, cognitive decline and adjustment to life transitions this adds further support that it is translatable across most or all stages of the lifespan.
Cognitive Behavioral Therapy Market Key Segmentation:
By Type
- Cognitive therapy
- Dialectical behavior therapy
- Multimodal therapy
- Rational emotive behavior therapy (REBT)
By Indications
- Addiction
- Anger Issues
- Depression
- Anxiety
- Panic Attacks
- Phobias
By Age Group
- Children
- Adult
- Geriatric
By Service provider
- Hospitals & Clinics
- Specialty Hospitals
- Rehabilitation Centers
- Home Care
- Others
Regional Insights
By region, North America holds 40% in 2023 due to the higher prevalence of mental health disorders, rising awareness towards mental fitness amongst the populace, and stronger healthcare infrastructure. Within this region, the United States is leading as holds various therapy centers and robust reimbursement policies. The UK, Germany associated with France are leading the market in Europe as a result of govt initiatives and gradually more acceptance of mental health treatment. The Asia-Pacific region is also witnessing high growth due to the boosting of mental health awareness, increasing urbanization, and development in healthcare services across leading industry players, majorly from emerging markets like China, India, and Japan. Latin America and the Middle East & Africa markets too are expanding, albeit growing at a slower rate due to overcoming taboos around mental health in these regions along with developing healthcare infrastructure. Overall, the global CBT market is set to expand further owing to rising mental health awareness and a snowballing need for efficacious therapeutic interventions.
Recent Developments
- Uber Health announced a partnership with Acacia Healthcare Company, Inc. in April 2024 to provide rides for individuals going through addiction recovery and mental health services. The collaboration attempts to address barriers to transportation that contribute to a delay in receiving critical medical treatment.
- Magellan Health, Inc., a leader in behavioral and specialty healthcare services, has launched two new programs for children and adolescents who are struggling with symptoms of anxiety: digital cognitive behavior therapy (DCBT) in March 2024 as part of the company's Moving Beyond Stigma initiative.
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Key Takeaways
- By 2023, the geriatric division captured 54% of this market. CBT interventions are adapted for all age groups; in addition to variations on CBT themes that address the particular issues facing each developmental stage of life, this characteristic illustrates its use over the lifespan.
- In 2023, North America accounted for a share of around 40% due to the rising incidence rate of mental health disorders among teenagers and adults, growing awareness levels about stress management and caring services, and sophisticated doing technologies.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cognitive Behavioral Therapy Market Segmentation, by Type
8. Cognitive Behavioral Therapy Market Segmentation, by Indication
9. Cognitive Behavioral Therapy Market Segmentation, by Age Group
10. Cognitive Behavioral Therapy Market Segmentation, by Service Provider
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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