New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- Behavioral Health Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Behavioral Health Services Market Information By Service Type, Disorder Type, End-User, And Region - Forecast till 2030", the market size was valued at USD 150.9 billion in 2022 and is projected to grow from USD 158.6 Billion in 2023 to USD 214 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.12% during the forecast period (2023 - 2030).
Market Scope
The rising prevalence of mental disorders is the primary market driver, promoting the market growth of the behavioral health services. Behavioral health refers to a person's overall well-being and capacity to respond to life's circumstances. An individual's physical and mental well-being are affected by behavioral health problems. Major drivers of market expansion include government funding, rising use of mental health software, positive behavioral health changes in the US, government initiatives to encourage EHR adoption in mental health hospitals and facilities, and substantial demand for services related to mental health despite a shortage of providers. Mobile mental health app usage is anticipated to continue to be higher than before the pandemic. The widespread adoption of software in developing nations, its dependence on subscription-based companies, and the rising acceptance of telehealth to deliver healthcare services will all help the behavioral health market grow during the projection period, in any case. Social workers, psychologists, mental health professionals, neurologists, and doctors are among those who offer these services.
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Biological factors or chemical imbalances in the brain, use of alcohol or drugs, and feelings of loneliness or isolation are some known causes of behavioral health disorders. Organizations and healthcare providers are working together to provide ongoing virtual care. As a result, the market is anticipated to expand exponentially during the forecast period. Thanks to behavioral health management software, healthcare professionals and patients can communicate more easily. These programs protect the confidentiality of patient information. By combining cutting-edge behavioral health technology solutions with more seasoned behavioral health solutions, the behavioral health industry is anticipated to expand. Additionally, the adoption of digital technologies like telehealth, the creation of novel treatments for behavioral health, and increased funding for treating behavioral health issues all significantly contribute to expanding the market for behavioral health.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 214 Billion |
| CAGR | 5.12% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service Type, Disorder Type and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased demand for Behavioral Health Services |
| Rising prevalence of mental disorders |
Behavioral Health Services Market Competitive Landscape:
The illustrious contenders in the behavioral health services market are:
- Ocean Mental Health Services Inc (US)
- The MENTOR Network (US)
- Pyramid Healthcare (US)
- Promises Behavioral Health (US)
- CareTech Holdings PLC (UK)
- Strategic Behavioral Health (US)
- North Range Behavioral Health (US)
- Behavioral Health Services Inc (US)
- Acadia Healthcare (US)
- National Mentor Holdings Inc (US)
Behavioral Health Services Market Trends:
Market Drivers:
Healthcare providers' use of management software will likely enhance the treatment of psychological problems. An increase in government efforts to encourage the adoption of electronic health records in behavioral health groups, an increase in the number of instances of favorable psychological health reforms, an improvement in the utilization of behavioral health programs, and an enhancement in demand for services related to mental health resulting from an increase in the number of individuals suffering from mental disorders are just a few of the major and significant factors that will likely result in a positive outcome. Additionally, unified EHRs can aid behavioral health organizations with cost-saving and efficient practice management. To coordinate with patients in distant locations, use tele-mental health.
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By removing barriers like information sharing and confidentiality—particularly common in substance abuse the real-time monitoring system makes it easier for patients and caregivers to communicate. Modern technology integration with tried-and-true therapy modalities helps to increase the effectiveness and efficiency of care. Governments are especially concerned about the high healthcare costs related to treating disorders related to behavioral health. As a result of the need to tackle these issues, mental health solutions are now more widely known and accepted as a way to reduce medication errors and paperwork, boost productivity by providing quick access to patient information, improve workflow effectiveness, and cut healthcare costs. These advantages have sped up the adoption of psychological wellness software, especially in big hospitals and neighborhood clinics.
Restraints
Technical integration challenges, other financial constraints, and other factors will hamper growth in the market.
COVID 19 Analysis
Due to the decline in patient visits to behavioral health service centers during the early stages of the COVID-19 pandemic, the COVID-19 pandemic had a minimally positive effect on the behavioral health industry. Even though the rising prevalence of mental health disorders sparked the demand for behavioral medical centers. Individuals seeking behavioral therapy are increasingly using virtual care. Software providers are taking action to support the effort to combat the health crisis. Mobile mental health applications are anticipated to continue to be higher than before the pandemic. Organizations and healthcare providers are working together to provide ongoing virtual care. As a result, the market is anticipated to expand exponentially during the forecast period.
Behavioral Health Services Market Segmentation
By disorder type, the market includes anxiety disorder, bipolar disorder, depression, and eating disorder. By end users, the market includes community centers, providers, hospitals, clinics, and patients. By service type, the market includes inpatient hospital treatment, outpatient counseling, and home-based treatment services.
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Behavioral Health Services Market Regional Insights
Due to the availability of treatment facilities, increased awareness of disorders, and significant government spending on healthcare, North America had the largest market share, which Europe and the Asia-Pacific region followed. Due to an increase in the prevalence of substance abuse, Asia-Pacific is anticipated to experience the fastest market growth. The market's growth is anticipated to be fueled by players concentrating on increasing their market share in emerging economies.
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