Westford, USA, Sept. 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Mental Health Market will reach a value of USD 544.63 Billion by 2031, with a CAGR of 3.5% during the forecast period (2024-2031). The ageing population, increase in the prevalence of mental illnesses, and an expansion of mental health awareness campaigns are the main factors driving market expansion. Additionally, the global mental health market is growing due to greater understanding of mental disorders through campaigns and education programs, increased respect for human rights, and less discrimination. However, it is expected that the market growth will be affected by increasing prices for drug abuse and mental health services.
Mental Health Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 413.60 Billion |
| Estimated Value by 2031 | USD 544.63 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Age Group, Services, Setting and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Rising demand for digital therapeutics |
| Key Market Opportunities | Growing awareness about mental health |
| Key Market Drivers | Increasing prevalence of mental health disorders |
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Mental Health Market Segmental Analysis
The Mental Health Market is segmented based on Application, Screening Method, Technology, Age Group, Setting and region.
Based on Application, the market is segmented into Physiological Disorder(Depression, Anxiety, Post-Traumatic Stress Disorder (PTSD), Bipolar Disorder, Eating Disorder, Substance Abuse, Other Physiological Disorders), Psychiatric Disorders (Schizophrenia, Psychotic Disorder, Dissociative Disorder, Obsessive Compulsive Disorder, Dissociative Disorder, Attention Deficit Hyperactivity Disorder (ADHD), Other Psychiatric Disorders), Behavioral Disorders(Self-Harm, Aggression, Sleep Disorder, Social Withdrawal, Dissociative Disorder, Hyperactivity, Other Behavioral Disorders), Cognitive Disorders(Cognitive Impairment, Dementia, Alzheimer’s Disease, Other Cognitive Disorders)
By Technology the market is segmented into Self Screening Mental Health Apps, Telehealth And virtual Care Solutions, Continuous Monitoring Wearable Devices, AI Based Screening Tools, Remote Mental Health Platforms
By Age Group, the market is segmented into Children and Adolescents, Adults, Seniors
By Setting the market is segmented into Clinical Setting Educational Institutions Workspace Slash Corporate Programs Online Platforms Other Settings
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Adults Age Group to Hold Significant Growth due to Rising Stress & Work-Life Imbalances
The adult demographic dominates the global mental health market due to factors like work-life imbalances, rising stress levels, and economic pressures that exacerbate mental health conditions like melancholy and anxiety. As mental healthcare becomes more widely known and accessible, there is a subsequent increase in the demand for mental health services and treatment alternatives.
Outpatient Counseling to Lead the Market due to Flexibility, Cost-Effectiveness and Accessibility
Among the qualities that make it the global mental health market thrive, is flexibility, affordability and availability of outpatient counseling, which encourages individuals to seek treatment without hospitalization. Outpatient care has become more accessible due to increased telemedicine services and improved awareness on mental health conditions, hence increased demand for this service sector.
North America to Dominate the Market Due to Well-Established Healthcare Infrastructure
The growing emphasis on mental happiness, better accessibility to modern treatments and the increasing incidence of psychological disorders are pushing up demand and driving market growth in the region. This has made North America take the lead in the global mental health market as its sophisticated health care system, acute awareness of mental illnesses, and significant government endorsement for mental health strategies.
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Mental Health Market Insight
Drivers:
- Mental Health Awareness in Educational Settings
- Mental Health Coverage in Insurance Plans
- Growing Demand for Substance Abuse Treatment Programs
Restraints:
- Stigma Associated with Mental Health Issues
- Limited Mental Health Professionals
- High Cost of Mental Health Treatments
Prominent Players in Mental Health Market
- Pfizer Inc. (US)
- Johnson & Johnson (US)
- Eli Lilly and Company (US)
- Bristol-Myers Squibb (US)
- GlaxoSmithKline (UK)
- AstraZeneca (UK)
- Merck & Co., Inc. (US)
- Takeda Pharmaceutical Company Limited (Japan)
- Otsuka Holdings Co., Ltd. (Japan)
- Novartis International AG (Switzerland)
- Sanofi S.A. (France)
- Lundbeck A/S (Denmark)
- Teva Pharmaceutical Industries Ltd. (Israel)
- AbbVie Inc. (US)
- Boehringer Ingelheim International GmbH (Germany)
- H. Lundbeck A/S (Denmark)
- Sun Pharmaceutical Industries Ltd. (India)
- Alkermes plc (Ireland)
- Amgen Inc. (US)
- Gilead Sciences, Inc. (US)
- Hikma Pharmaceuticals PLC (UK)
- Jazz Pharmaceuticals plc (Ireland)
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Key Questions Answered in Global Mental Health Market Report
- By 2031, how much is the global mental health market expected to be worth?
- Which region is anticipated to lead the mental health market, and why?
- What are the primary reasons propelling the mental health market?
This report provides the following insights:
Analysis of key drivers (Post-pandemic impact on mental health, increased anxiety, depression, and PTSD), restraints (Lack of mental health insurance coverage, cultural barriers to mental health treatment, insufficient funding in public mental health systems), opportunities (Growth of digital mental health platforms, affordable counseling, development of AI-driven mental health tools), and challenges (Adherence to treatment remains low, lack of long-term care options) influencing the growth of mental health market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the mental health market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the mental health market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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