New Delhi, March 29, 2023 (GLOBE NEWSWIRE) -- Global Mental Health Market is anticipated to witness a rise in its revenue from US$ 396.2 Bn in 2022 to US$ 582.4 Bn by 2031 at a CAGR of 4.43% over the forecast period 2023–2031.
The market for mental health services has been growing in recent years due to the increasing prevalence of mental health disorders worldwide. According to the World Health Organization (WHO), approximately 1 in 4 people worldwide will experience some form of mental illness at some point in their lives. Mental health disorders can range from mild to severe, and can include conditions such as anxiety, depression, bipolar disorder, schizophrenia, and substance abuse disorders. The prevalence of mental illness is highest in low- and middle-income countries, where resources for mental health care are often limited.
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With a global population of over 7.9 billion people, the total number of individuals with mental health disorders is significant. The WHO estimates that around 450 million people currently suffer from mental or neurological disorders, and this number is expected to rise in the coming years due to factors such as population growth, urbanization, and an aging population.
The mental health market is highly fragmented and varies significantly from region to region. North America is currently the largest market for mental health services, with an estimated value of over US$ 154.8 billion in 2022. Europe is the second-largest market, followed by the Asia-Pacific region. However, low- and middle-income countries often have limited access to mental health services, and the market in these regions is largely driven by public health initiatives and non-governmental organizations.
Dominance of Adults in the Global Mental Health Market: An In-Depth Analysis
- High Prevalence of Mental Illness Among Adults: According to the World Health Organization (WHO), mental illness affects approximately 20% of adults globally, with depression and anxiety disorders being the most common. In the United States, approximately 51.5 million adults experience mental illness in a given year, which accounts for approximately 20.6% of the adult population.
- Increased Awareness Among Adults: A survey conducted by the American Psychiatric Association (APA) found that 87% of American adults believe that mental health is just as important as physical health. This increased awareness has led to more adults seeking treatment for mental health issues, resulting in increased demand for mental health services.
- Greater Access to Healthcare: According to the National Institute of Mental Health (NIMH), approximately 91% of adults in the United States mental health market have health insurance, which gives them access to healthcare services, including mental health services. This has made it easier for adults to seek mental health services when needed.
- The Aging Population: According to the National Council on Aging, approximately 80% of older adults have at least one chronic condition, which increases their risk of developing mental health issues such as depression and anxiety. In the United States, the population aged 65 and older is expected to reach 98 million by 2060, highlighting the importance of mental health services for this age group.
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By Treatment, Psychological interventions to Hit Sales of USD 363 Billion by 2031
Psychological interventions are expected to generate significant revenue growth of USD 363 billion in the mental health market by 2031. This can be attributed to the following factors:
- The high effectiveness of psychological interventions, such as CBT and psychotherapy, which have been shown to reduce symptoms of depression and anxiety by up to 50%. A meta-analysis of 30 randomized controlled trials found that psychological interventions were as effective as medication in treating depression.
- Greater patient acceptance of psychological interventions due to their more natural and holistic approach to mental healthcare. In 2022, approximately 8.1 million adults in the United States received mental health services through psychotherapy, indicating a growing acceptance of this treatment method.
- Advancements in technology, such as teletherapy and online therapy, which have increased accessibility to psychological interventions regardless of location or mobility. A study found that online CBT was as effective as face-to-face CBT for treating depression and anxiety in the global mental health market.
- Lower cost of psychological interventions compared to medication and other forms of treatment, with the average cost of a mental health counseling session being between $60 and $120, and the average cost of a psychiatrist appointment being between $150 and $300.
- Growing focus on prevention, with psychological interventions being seen as a preventative measure that can help individuals develop skills and resilience needed to cope with mental health challenges. A study found that psychological interventions can help prevent the onset of depression in at-risk individuals.
North America Set to Generate Over 39% Revenue of Global Mental Health Market
North America is the largest market, with a projected revenue of over 39% of the global mental health market. A study published in the Journal of the American Medical Association found that the number of adults seeking treatment for mental health issues increased by 21% between 2015 and 2022 in the United States. The study also found that the number of adults receiving medication for mental health issues increased by 22% during the same period.
Another study published in the Lancet Psychiatry journal found that the economic burden of mental illness in the United States was approximately $200 billion annually. The study highlighted the need for increased investment in mental health services to address the economic impact of mental illness.
- High Prevalence of Mental Illness: According to the National Institute of Mental Health (NIMH), approximately 1 in 5 adults in the United States experiences mental illness in a given year. This high prevalence of mental illness drives demand for mental health services, resulting in a larger market.
- Greater Awareness: The North American region has seen an increase in awareness of mental health issues over the past few years. The stigma surrounding mental health is slowly diminishing, and more people are seeking treatment for mental health issues. This increased awareness has driven the growth of the mental health market in the region.
- Well-Established Healthcare System: The United States has one of the most well-established healthcare systems globally, which includes mental healthcare. The healthcare system in North America is equipped with the latest technology and medical equipment, which has led to a better understanding of mental health issues and treatment options.
- Support from the Government: The government in North America is increasingly investing in mental health services, which has contributed to the growth of the mental health market. For instance, the Affordable Care Act (ACA) in the United States mandates insurance providers to cover mental health services. This has made mental health services more accessible to the general population, resulting in increased demand for mental health services.
Some of the Top Market Players Are:
- Acadia Healthcare
- The MENTOR Network
- Universal Health Services, Inc.
- Behavioral Health Network, Inc.
- CareTech Holdings PLC
- Ascension Seton
- Pyramid Healthcare
- Promises Behavioral Health
- Other Prominent players
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