According to the latest report by IMARC Group, titled "Mental Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global mental health market reached a value of US$
418.9 Billion in 2022. 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.
Global Mental Health Market 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
3.4% during 2023-2028.
- On the basis of the disorder, the market has been classified into schizophrenia, alcohol use disorders, bipolar disorder, depression and anxiety, post-traumatic stress disorder, substance abuse disorders, eating disorders and others.
- Based on the service, the market has been segmented into emergency mental health services, outpatient counselling, home-based treatment services, inpatient hospital treatment services and others.
- On the basis of the age group, the market has been divided into pediatric, adult and geriatric.
- Based on the region, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Acadia Healthcare, Ascension Seton, Behavioral Health Network Inc., Caretech Holdings PLC, North Range Behavioral Health, Promises Behavioral Health, Pyramid Healthcare, Strategic Behavioral Health LLC, Sevita (The MENTOR Network) and Universal Health Services Inc.
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