Mental Health Market to Reach US$ 471.1 billion by 2027

13  Download (0)

Full text

(1)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807

Global Mental Health Market Report Opportunities, and Forecast By 2030

Market Research Report

EXCLUSIVE EDITION

Global Industry Analysis, Forecast and Trends, 2022-2030

(2)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807

Mental Health Market

© 2020 Statsville Consulting Private Limited

Market Statsville Group (MSG)

A part of Statsville Consulting Private Limited

American Office – 800 Third Avenue Suite A #1519 New York, NY 10022

EMEA – 1165 Budapest 16 Diósy Lajos u. 24., Europe

Asia-Pacific Office – F-178 Subhash Marg C Scheme, Ashok Nagar, Jaipur, Rajasthan, 302001

www.marketstatsville.com

Disclaimer: Any information and/or material provided by Statsville Consulting Private Limited, including any and all the analysis and/or research from Market Statsville Group (MSG), is offered to a selected group of customers in response to orders for such information, material, analysis, and/or research. As a customer of Statsville Consulting, you acknowledge that our information, material, and/or services are for your internal use only, and not for any external use and/or dissemination, or general publication, and/or disclosure to any third parties. Any and all the information and/or material provided by Statsville Consulting are based on primary interviews and/or secondary research, and are, therefore, subject to fluctuation and variance. Statsville Consulting takes no responsibility for any incorrect information and/or material supplied to us by sources we rely on, and no part of our analysis or research may be given, lent, resold, or disclosed to any third parties, including non-customers, without explicit or written permission from Statsville Consulting. Unauthorized reproduction and/or transmission of our information, material, analysis, and/or research in any form and by any means, including photocopying, mechanical/electronic recording, or otherwise, without the explicit and written permission of Statsville Consulting, is expressly and clearly prohibited.

Any use of the information, material, analysis, and/or research provided by Statsville Consulting is at your sole risk; you acknowledge that the information, material, analysis, and/or research is provided “as is” and that Statsville Consulting provides no warranty of any kind, express or implied, with regard to the information, material, analysis, and/or research, including but not limited to, merchantability and fitness for any purpose and/or use. At the end, Statsville Consulting will be responsible for the final decision of any action.

(3)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807

ABOUT MARKET STATSVILLE GROUP (MSG)

Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG was initiated its working in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.

Market Statsville is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in the form of market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing a variety of customizable data that help you make decisions with clarity, confidence, and impact.

Market Statsville is your global data intelligence partner for reliable market research data, data gathering, and analytical services. MSG also has an extensive network of top-flight domestic and global research personals around the world, enabling us to provide high-quality worldwide research solutions that cater to a well-established company, government organizations, or a startup. MSG's clients have the authority to work directly with one or more of our researchers to gather the most useful data knowledge and analytical plan to formulate it in the actual practice.

Market Statsville Group believes that to succeed, companies or individuals must blend digital and human capabilities most efficiently. MSG diverse and experienced global team of business consultants and market researchers will ensure the valuable reports for our clients through digging in-depth market information and functional expertise to continuously spark the changes and real-time valuation of variation in the market/industry. MSG works in a uniquely collaborative model throughout the business process across the globe to assist the client's company with the most accurate information that they are aiming for in the reports.

(4)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807

Our research is an optimum culmination of secondary and primary research, with the latter playing a major role. We also have an in-house repository and access to a number of external regional and global paid databases to help address specific requirements of our clients. The research process begins with a holistic secondary research, followed by expert interviews. The information gathered is then comprehensively analyzed by our highly experienced in-house research panel

RESEARCH PROCESS

(5)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807

Mental Health Market 2021: Industry Size, Regions, Emerging Trends, Growth Insights, Opportunities, and Forecast By 2027

Mental Health Market by Disorders (Schizophrenia, Alcohol Use, Bipolar, Depression, Anxiety, Post- traumatic Stress, Substance Abuse, Eating), by Services (Emergency Mental Health), by Age Group, by Region – Global Share and Forecast to 2027

Description

The global mental health market size is expected to grow from USD 383.3 billion in

2020 to USD 471.1 billion by 2027, at a CAGR of 3.5% from 2021 to 2027. Mental illness or psychotherapeutic conditions are classified as feelings, abnormal thoughts, and behavior for a determined amount of time, which causes distress or physical impairment. This includes a wide range of psychological disorders and often requires psychiatric intervention. Also, conditions can be caused by either a biological origin such as chemical, genetic, and anatomical; or a

psychological origin such as trauma. Extraordinary advancements have been made in the treatment of mental illness. Furthermore, an understanding of what causes mental health

disorders has led to greater sophistication in tailoring treatment to the underlying basis of each

disorder. So, many mental health disorders can now be treated nearly as successfully as physical

disorders.

(6)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 6

Factors driving the growth of the mental health market include a rise in mental health reforms, government initiatives for improving mental healthcare services, the number of people seeking mental health support, and the geriatric population. The low rate of adoption of mental health electronic health records, data privacy

concerns, and lack of psychiatrists and healthcare IT professionals are expected to restrain the growth of this market. Recent hurdles competitors face include label changes, advertising restrictions, and negative perceptions about mental illness treatments; however, advancements in education have boosted the market growth.

Government initiatives for mental illness are expected to boost the growth of the global mental health market, offering expansion opportunities for market competitors. For instance, in 2017, the Centers for Medicare and Medicaid introduced the psychiatric Collaborative Care Model (CoCM) and Behavioral Health Integration (BHI) under the Chronic Care Management (CCM) services initiative.

Request Sample Copy of this Report: https://www.marketstatsville.com/request-sample/mental- health-market

COVID-19 Impact on the Global Mental Health Market

Those who already have poor mental health face several dangers, including increasing rates of mental illness, interruption of treatment, drugs, the lifeline of support systems, and a negative impact on the market.

Furthermore, research reveals that COVID-19 is likely to increase pre-existing mental health symptoms or

precipitate relapse in persons who already have them. In a South African online poll, 12 percent of people with a past documented mental health illness said emotions of suicide were the most challenging obstacle, while 6%

said drug use was a problem.

(7)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 7

COVID-19 has had a huge impact on mental health services and disrupted care and treatment. Some specialized mental health provision has been cut to increase capacity to treat the physical impact of COVID-19. Several

general hospital psychiatric wards have been converted into COVID-19 wards, meaning many severely ill people are moved out. Since COVID-19, a neurological facility in Buenos Aires, Argentina, has recorded a 99 percent reduction in patient contacts. Psychosocial assistance initiatives in the community have also been seriously harmed. Many nations are seeing clubs, associations, and community-based projects that used to bring people together daily become unable to meet for months due to the pandemic. Physical separation and a lack of

personal protective equipment have also hampered the ability to care for persons suffering from serious and

acute illnesses. Demand for face-to-face mental health services has reportedly decreased due to fear of infection, especially among older people. In addition, many services have had to switch to remote mental healthcare,

providing consultations through digital platforms or by phone, to varying degrees of success. In addition, several governments are investing in cutting-edge technology and telecommunications technologies and hiring additional mental health specialists. As a result, it will have a beneficial effect throughout the anticipated time.

Global Mental Health Market Dynamics

Drivers: Rise in prevalence of chronic diseases and behavioral health

According to the Global Wellness Institute survey report 2016, 3.2 million employees are increasingly unwell worldwide. Most people suffer from stress, chronic diseases, unhealthy lifestyles such as smoking, obesity, and financial insecurity between 30 and 49. For instance, according to the American Institute of Stress, in 2019, 94%

of American employees experienced stress at their workplace.

As of 2017, at least 300 billion people were struggling with depression, 284 million with anxiety, and more than 178 billion with alcohol or drug addiction. Even though fewer people suffer from the most severe behavioral health problems such as schizophrenia, these illnesses can devastatingly impact individuals and families.

(8)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 8

Restraints: Rise in cost of mental health programs and substance abuse

The U.S. spends approximately 113 million dollars per year on mental healthcare and 600 million dollars per year on substance abuse. Lost wages, legal expenses, the cost of jail, preventative services, and the cost of medical issues stemming from these diseases are all included in the treatment cost. Prescription medications, residential therapy, and outpatient mental health care account for most mental health treatment expenditures, whereas inpatient mental health treatment spending has steadily declined over time. A 30-day residential treatment or partial hospitalization program for mental illness can cost $10,000-$15,000 on average. State and federal mental health programs are generally subsidized, though individuals must meet their criteria. Often, there is a long

waiting list to enter into one of these treatment programs.

Opportunities: High growth potential in developing economies

With the increase in affordability of healthcare infrastructure and surge in medical expenditure in developing countries, there is an increase in preference toward a better quality of life. This leads to an increase in the penetration rate of mental health in developing countries, such as India and China. World Health Organization estimates that globally 264 million people suffer from depression, with many of these also suffering from anxiety symptoms. WHO also estimates that 450 million people experience mental disorders around the world.

Furthermore, the developing regions such as Asia-Pacific and LAMEA are expected to witness notable growth, owing to a surge in healthcare infrastructure, increase in affordability, and rise in awareness related to mental health disorders. In addition, a surge in personal disposable income of the population, larger acceptance of mental health, and a rise in healthcare spending in developing regions are expected to offer potential growth opportunities for the global mental health market.

(9)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 9

Scope of the Report

The study categorizes the mental health market based on disorders, services, and age groups at the regional and global levels.

Direct Purchase Report: https://www.marketstatsville.com/buy-now/mental-health- market?opt=2950

By Disorders Outlook (Sales, USD Million, 2017-2027)

•Schizophrenia

•Alcohol Use Disorders

•Bipolar Disorder

•Depression

•Anxiety

•Post-traumatic Stress Disorder

•Substance Abuse Disorders

•Eating Disorders

•Other Disorders

By Services Outlook (Sales, USD Million, 2017-2027)

•Emergency Mental Health Services

•Outpatient Counselling

•Home-based Treatment Services

•Inpatient Hospital Treatment Services

•Other Services

(10)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 10

By Age Group Outlook (Sales, USD Million, 2017-2027)

•Pediatric

•Adult

•Geriatric

By Region Outlook (Sales, USD Million, 2017-2027)

•North America (US, Canada, Mexico)

•South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)

•Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)

•Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)

•The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA) Access full Report Description, TOC, Table of Figure, Chart,

etc: https://www.marketstatsville.com/table-of-content/mental-health-market

(11)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 11

The depression segment is projected to account for the largest market share by disorders The market is segmented into schizophrenia, alcohol use disorders, bipolar disorder, depression, anxiety, post-traumatic stress disorder, substance abuse disorders, eating disorders, and other

disorders based on the disorder. In 2020, the depression segment accounted for the largest market share of 39.6% in the global mental health market. Depression is a common and serious medical illness that negatively affects feelings, thinking, and others. Fortunately, Depression causes feelings of sadness and a loss of interest in activities people once enjoyed. It can lead to various emotional and physical problems and decrease functioning at work and home.

The rise in the geriatric population prone to depression and surge in prevalence of anxiety disorders, including phobias and other mental disorders, further contributes to the growing demand for mental health services to treat mental illnesses during the forecast period. Furthermore, the introduction of technologically advanced therapies, such as medical implants used for brain stimulation and virtual reality exposure therapies using smartphone-based applications, are driving the market growth.

Asia Pacific accounts for the highest CAGR during the forecast period

(12)

© Statsville Consulting Private Limited www.marketstatsville.com | [email protected] | +1 (646) 663-5829 | +91-702-496-8807 12

Based on the regions, the global mental health market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 4.4% in the global mental health market during the forecast period. Growth in the purchasing power of populated countries such as China and India is projected to boost the

growth of the Asia-Pacific mental health market. This region offers rewarding prospects for the mental health market and is anticipated to be the fastest-growing market during the forecast period. China accounted for the highest market share in 2020. In addition, India is expected to emerge as a lucrative market with maximum growth potential. The Asia-Pacific mental health market is gaining increasing popularity, owing to the rise in medical expenditure growth rate in countries such as India and China, resulting in a rise in demand for mental health programs.

Request For Report Description: https://www.marketstatsville.com/mental-health-market

(13)

800 Third Avenue Suite A #1519 New York, NY 10022

Phone : +1 (646) 663-5829

Mail : [email protected]

F-178 Subhash Marg C Scheme, Ashok Nagar, Jaipur, Rajasthan, 302001

Phone : +91 702 496 8807

Mail : [email protected]

Market Statsville Group (MSG)

Thank You

Figure

Updating...

References

Related subjects :