The “Mental Health Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Mental Health Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global mental health market size was US$ 391.3 billion in 2021. The global mental health market is forecast to grow to US$ 551.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
- Mental illness or psychotherapeutic conditions are basically caused due to chemical, genetic, and anatomical conditions; or psychological origins such as trauma. Some mental illnesses require phycological intervention, which will drive the mental health market forward.
- The growing prevalence of mental illness will also escalate the demand for efficient treatment. For instance, according to the National Institute of Mental Health, around one in every five U.S. adults suffer from mental illness. Thus, the growing prevalence of the diseases will surge the growth of the global mental health market.
- The high cost of mental health programs may limit the growth of the market. On the contrary, the market may witness high growth potential in developing countries due to improving healthcare infrastructure.
- Strategic partnerships between industry players to offer efficient mental health services will amplify the market growth. For instance, Acadia signed a joint venture with Geisinger Health in order to include new facilities with nearly 96-beds. Furthermore, BHN also inked a pact with Holyoke Health Center and the HEALing (Helping to End Addiction Long-Term) in 2021 for the launch of a new program,”communities study,” that aims to help people suffering from opioid dependence. Thus, such initiatives will escalate the mental health market growth.
COVID-19 Impact Analysis
- COVID-19 pandemic further worsened the situation for people suffering from mental sickness. Patients could not get proper treatment due to the pandemic. Various general hospital psychiatric wards were transformed into COVID-19 wards. As a result, it increased the pre-existing mental health symptoms at a significant rate.
- Furthermore, the wake of the pandemic forced various companies, hotels, and other institutions to shut their places. As a result, many people lost their jobs. Thus, it triggered cases of depression and anxiety. Furthermore, the shortage of personal protective equipment further hampered the growth of the market.
- The demand for mental health facilities increased abruptly. Various governments started helpline numbers to support people suffering from depression during the pandemic. Thus, it has been beneficial for the global mental health market.
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Regional Analysis
The Asia-Pacific mental health market is forecast to grow at a significant rate. China and India are forecast to emerge as lucrative markets due to the growing cases of mental illness in the countries. Furthermore, the rising demand for effective mental health programs is likely to contribute to the expansion of the market. Furthermore, governments are also upscaling their services in order to cater to the demands of the population. As a result, it will drive the Asia-Pacific mental health market forward.
Competitors in the Market
- The MENTOR Network
- Universal Health Services, Inc.
- Acadia Healthcare
- Behavioral Health Network, Inc.
- CareTech Holdings PLC
- Ascension Seton
- Pyramid Healthcare
- Promises Behavioral Health
- North Range Behavioral Health
- Strategic Behavioral Health
- Other Prominent Players
Market Segmentation
The global mental health market segmentation focuses on Disorders, Services, Age Group, and Region.
By Disorders Outlook
- Schizophrenia
- Alcohol Use Disorders
- Bipolar Disorder
- Depression
- Anxiety
- Post-traumatic Stress Disorder
- Substance Abuse Disorders
- Eating Disorders
- Other Disorders
By Services Outlook
- Emergency Mental Health Services
- Outpatient Counselling
- Home-based Treatment Services
- Inpatient Hospital Treatment Services
- Other Services
By Age Group Outlook
- Pediatric
- Adult
- Geriatric
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By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What factors are taken into consideration when assessing the key market players?
- The report analyzes companies across the globe in detail.
- The report provides an overview of major vendors in the market, including key players.
- Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
- This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
- Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
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