Mental Health Market Size to Grow by USD 201.41 Bn, North America to be Largest Contributor to Market Growth - Technavio
NEW YORK, Oct. 3, 2022 /PRNewswire/ -- The mental health market has been segmented by service (emergency mental health services, outpatient counseling, and inpatient hospital treatment services) and geography (North America, Europe, Asia, and Rest of World (ROW)). North America will account for 39% of the market's growth during the forecast period. This growth is attributed to factors such as the rise in substance abuse and the growing awareness of the importance of mental health. However, market growth in this region will be slower than the growth of the market in other regions. The US is a key country in the mental health market in North America.
The mental health market has been estimated to grow by USD 201.41 billion from 2021 to 2026. In addition, the report projects that the growth momentum of the market will accelerate at a CAGR of 9.06% during the forecast period.
By service, the emergency mental health services segment will be the largest contributor to market growth during the forecast period. Psychological emergencies are those emergencies wherein the patient is at risk of harm to themself or others. Such patients require immediate attention from healthcare providers. Various vendors provide a list of local sources on their websites, which can be contacted during such emergencies. They also provide helpline numbers through which patients can speak to a nurse or mental health professional over the phone. The prevalence of mental health problems has been growing across the world. Thus, the increasing need for emergency mental health services will fuel the growth of the market during the forecast period.
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Mental Health Market: Drivers and Trends
The growing prevalence of mental health disorders is driving the growth of the mental health market. For instance, according to a study conducted by the Lancet journal, in 2020, approximately 75.2 million people across the world had anxiety disorders. The number increased by 25.6% when compared to 2019. The COVID-19 pandemic triggered mental health issues among many people globally. Thus, the high prevalence of mental health disorders will fuel the growth of the global mental health market during the forecast period.
The emergence of virtual behavioral or mental health services is a trend in the market. Telepsychiatry or tele-mental health services can be delivered through telephone, e-mail, online chats, or videoconferencing. These services help in improving access to psychological care for patients that have mental health issues, especially those that are living in remote areas or underserved locations. They improve access to psychological care for individuals with mental health issues. Hence, established vendors have expanded their offerings to provide tele-mental health services. They also provide inpatient and residential treatment services. These factors, in turn, will support the market growth during the forecast period.
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Mental Health Market Scope
Report Coverage
Details
Page number
120
Base year
2021
Forecast period
2022-2026
Growth momentum & CAGR
Accelerate at a CAGR of 9.06%
Market growth 2022-2026
USD 201.41 billion
Market structure
Fragmented
YoY growth (%)
6.44
Regional analysis
North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution
North America at 39%
Key consumer countries
US, Sweden, Germany, China, and India
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Key companies profiled
Acadia Healthcare Co. Inc., American Hospital Association, Ascension, Behavioral Health Network Inc., CareTech Holdings Plc, Cigna Corp., Crestwood Behavioral Health Inc., Kennebec Behavioral Health, LOMA LINDA UNIVERSITY HEALTH, North Range Behavioral Health, Promises Behavioral Health, Pyramid Healthcare Inc., REM Minnesota, Strategic Behavioral Health, TEAMCare Behavioral Health LLC, The Jason Foundation Inc., Thrive Behavioral Health Inc., Unison Behavioral Health, and Universal Health Services Inc.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 104: North Range Behavioral Health - Overview
Exhibit 105: North Range Behavioral Health - Product / Service
Exhibit 106: North Range Behavioral Health - Key offerings
10.8 Promises Behavioral Health
Exhibit 107: Promises Behavioral Health - Overview
Exhibit 108: Promises Behavioral Health - Product / Service
Exhibit 109: Promises Behavioral Health - Key offerings
10.9 Pyramid Healthcare Inc.
Exhibit 110: Pyramid Healthcare Inc. - Overview
Exhibit 111: Pyramid Healthcare Inc. - Product / Service
Exhibit 112: Pyramid Healthcare Inc. - Key offerings
10.10 REM Minnesota
Exhibit 113: REM Minnesota - Overview
Exhibit 114: REM Minnesota - Product / Service
Exhibit 115: REM Minnesota - Key offerings
10.11 Strategic Behavioral Health
Exhibit 116: Strategic Behavioral Health - Overview
Exhibit 117: Strategic Behavioral Health - Product / Service
Exhibit 118: Strategic Behavioral Health - Key offerings
10.12 Universal Health Services Inc.
Exhibit 119: Universal Health Services Inc. - Overview
Exhibit 120: Universal Health Services Inc. - Business segments
Exhibit 121: Universal Health Services Inc. - Key news
Exhibit 122: Universal Health Services Inc. - Key offerings
Exhibit 123: Universal Health Services Inc. - Segment focus
11 Appendix
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
Exhibit 124: Inclusions checklist
Exhibit 125: Exclusions checklist
11.3 Currency conversion rates for US$
Exhibit 126: Currency conversion rates for US$
11.4 Research methodology
Exhibit 127: Research methodology
Exhibit 128: Validation techniques employed for market sizing
Exhibit 129: Information sources
11.5 List of abbreviations
Exhibit 130: List of abbreviations
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