Mental Health Market to Reach US$ 471.1 billion by 2027
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.
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.
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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.
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.
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.
Scope of the Report
The study categorizes the mental health market based on disorders, services, and age groups at the regional and global levels.
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By Disorders Outlook?(Sales, USD Million, 2017-2027)
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By Services Outlook?(Sales, USD Million, 2017-2027)
By Age Group Outlook?(Sales, USD Million, 2017-2027)
By Region Outlook?(Sales, USD Million, 2017-2027)
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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?
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.
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Asia-Pacific is expected to grow at the fastest rate during the forecast period. This is due to the demand for mental health programs in this region mounting dynamically, specifically for health screening & assessment. The growth of the medical industry and the significant increase in start-ups and new organizations in this region significantly contribute toward the expansion of the market. In addition, the penetration of large-scale and medium-scale organizations in this region further contributes to the market growth of mental health in this region. Moreover, a surge in awareness among employers to adopt health assessment, stress management, and smoking cessation programs fuel the mental health market growth in the region.
Key Market Players
Some of the major companies that operate in the global mental health market are 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, and Strategic Behavioral Health.
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