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According to the latest report by IMARC Group, titled "Mental Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global mental health market reached a value of US$ 402.4 Billion in 2021. Mental health refers to an individual’s state of well-being that enables them to feel, act and think. It includes social, psychological, and emotional well-being, which helps them analyze their capabilities and enhance work productivity. Along with this, it also facilitates an individual’s ability to empathize, modulate and express their emotions and recognize others’. However, mental health is often affected by certain factors, such as life experiences and biological factors. Mental health imbalances can also result in severe physical health problems, including headaches, muscle tension, migraine, and digestive issues.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Mental Health Trends:
The global market is primarily driven by the changing lifestyle patterns of the masses. This is supported by the rising prevalence of chronic illnesses and the hectic schedules led by individuals. Along with this, the rapid outbreak of coronavirus disease (COVID-19) and the subsequent lockdown restrictions implemented by the governments of several countries across the globe have adversely affected the mental health of individuals. This has encouraged them to seek mental health solutions, including therapy and medication, which is creating a positive outlook for the market. Additionally, a considerable increase in the unemployment rates on the global level is also affecting the mental health of the masses. Furthermore, the increasing awareness regarding the importance of seeking help and undergoing treatments for mental health disorders is creating a favorable outlook for the market. The market is further driven by the significant growth in the healthcare sector and the rising investments by private and public firms to upgrade the existing healthcare infrastructure. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.57% during 2022-2027.
Market Summary:
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