OTTAWA, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Precedence Research announced, the global behavioral health market size is projected to surpass around US$ 242 billion by 2027.
The term behavioral health is always used in the context of mental health, wellbeing, and resilience. Behavioral health condition is always being financed, structured, researched, and authorized differently than the other health condition. Many behavioral healths also impact the physical health of individuals. It is observed that many patients suffering from mental illness are also likely to suffer from other chronic conditions like high blood pressure, Asthma, diabetes heart diseases. The diagnosis followed by treatment is very essential to avoid further complications. The burden of mental illness affects both the economy of the individuals and the country. Such behavioral health conditions also impaired physical and community health. At present treatment cost of mental illness patients is staggering. Psychological distress considered as one of the major causes of behavioral health problems.
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Growth Factors
Snowballing acceptance of behavior health software, government initiatives to inspire EHR adoption in behavioral health organizations, obtainability of government funding, promising behavioral health transformations in the U.S., and great requirement for mental health services amongst provider shortage are the few crucial influences purring the growth of this market. Behavioral health becomes a major concern nowadays. The major factors responsible for the growth of the behavioral health market are the rising social awareness amongst the public. Furthermore, many NGOs (Non-government organizations) are working keenly for creating awareness and the welfare of mental patients across the world. For instance, MIND Foundation, a European based NGO works, support, educate on Mental Illness.
In addition, Public acceptance and rapid adoption of behavioral health software and services also help in promoting the growth of the behavioral health market. Moreover, the availability of government funding further helps to boost the market of behavioral health products and services. However, a region with less urbanization or limited access is one of the major concerns which limit the growth of the market. Technological advancement in the Penetration of 5G, Artificial Intelligence, and Telehealth tools in the healthcare sector will bring huge growth opportunities in the behavioral health market.
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Regional Snapshots
Despite the behavioral health have high demand in the global market, especially the regions like North America and Europe. Europe contributes as the second largest consumer of behavioral health product. Aging population and urbanization is the major factor for the growth of the European market. Anxiety and Depression segment itself acquired more than 40% of the European Behavioral health market. As per the Asian Hospital and Healthcare management behavioral health disorder is the widespread problem in Asia Pacific region. Australia and Singapore, under half of those sufferers get medical care followed by the India and China where only one tenth sufferers get medical attentions.
Report Highlights
- The home-based treatment services segment is estimated to grow at the highest CAGR within the forecast period.
- The outpatient clinics is predicted to occupy the largest market share in the year 2020.
- According to the WHO estimates, yearly approx. 240 Million people suffering from Anxiety and Depression and 450 Million individuals suffer from some kind of neurological illness around the world.
- As per the Economy Intelligence Unit (EIU) Study, by 2030 the India and China will bear a significant loss of trillion due to Behavioral health illness.
- Anxiety Disorders among the most common in the U.S. Around 18% of the U.S. population suffering from Anxiety. Only 36% of the total suffers received treatments.
- Current use of Artificial intelligence and cognitive system for the collection of the data and the treatment for the various behavioral health illnesses.
- United States and Europe are occupying the largest market share for the behavioral health market. Penetration of Artificial intelligence followed by rapid technological advancement in the area of healthcare is the major cause.
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Key Players & Strategies
Following well recognized and established firm, many new startups of different regions unlocking the business days when the consumer in need. It is estimated due to the corona pandemic various firms seen a surge in market growth. For Instance, Indian-based Wysa, a behavioral health firm claimed to have witnessed a 94% growth in new users from February to June 2020. These firms provide better health to the customer by providing the digital platforms and online counseling. In addition, again the Indian based behavioral health firm Trijog state to have seen 60% revenue growth from April to July 2020.
The rise in cases of behavioral health problem, many firms comes forward with an advanced designed product. These products benefit the patients to curb the problems associated with behavioral health. Furthermore, many new firms entering into global competition for challenging the global behavioral market.
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Some of these players include Universal Health Services, Inc., Magellan Health Inc., National Mentor Holdings Inc., Behavioral Health Network Inc., North Range Behavioral Health, Behavioral Health Services Inc., Acadia Healthcare Co., Seton Healthcare Family and Beacon Health Strategies amongst others.
Market Segmentation
By Service Type
- Home-Based Treatment Services
- Outpatient Counselling
- Emergency Mental Health Services
- Inpatient Hospital Treatment
- Intensive Care Management
By Disorder Type
- Bipolar Disorder
- Anxiety Disorder
- Depression
- Post-Traumatic Stress Disorder
- Eating Disorder
- Substance Abuse Disorder
- Others
By End-Users
- Outpatient Clinics
- Hospitals
- Rehabilitation Centers
- Homecare Setting
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- North Africa
- South Africa
- Rest of Middle East and Africa
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