Mental Health Market

Market Overview:

The global mental health market size reached US$ 435.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 567.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032. The growing awareness about mental disorders through education, increasing medical expenditure, and rising emergence of pharmaceutical companies in digital mental health model represent some of the key factors driving the market.

Rising Awareness About Mental Disorders Through Education Augmenting Market Growth

The growing awareness about mental disorders through education currently represents one of the primary factors positively influencing the mental health market. There is an increase in the prevalence of various mental health disorders, such as anxiety, depression, bipolar, and eating disorders among individuals across the globe. In addition, the rising awareness among the masses about these disorders due to the availability of enhanced treatment options is propelling the growth of the market.     

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is moderately fragmented due to the presence of a moderate number of global and regional players operating in the industry. The volume of new entrants is low in the mental health industry due to the low capital requirement, stringent government policies, and high legal barriers. Moreover, the product differentiation is moderate due to the moderate switching costs and service differentiation.  

What is Mental Health?

Mental health is a dynamic state of internal equilibrium of mind that allows individuals to utilize their abilities in harmony with the universal values of society. It aids in recognizing, expressing, and modulating emotions among individuals and empathizing with others while coping with adverse life events. It also assists in functioning as per the social roles and encouraging a harmonious relationship with the mind and the body. On the other hand, mental health imbalance can cause serious problems, such as anxiety, depression, post-traumatic stress, substance abuse, bipolar, and eating disorder among individuals. Additionally, it can also cause physical pain in different body parts, such as the stomach, back, and head.   

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a severe problem for the mental health industry and imposed unprecedented challenges on numerous countries. It severely hampered the health of people suffering from various mental disorders. The imposition of lockdown and the increasing number of deaths across the globe affected the mental health of individuals during the pandemic and caused disorders, such as stress, anxiety, and depression. In addition to this, governing agencies of various countries imposed stringent rules and regulations for curfews, which forced people to stay at home and reduced socialization among the masses. Apart from this, COVID-19 had a significant impact on mental health services and caused disruption to care and treatment. Some specialized mental health centers were shut down or reduced their capacity to treat people. Moreover, several general hospital psychiatric wards have been converted into COVID-19 wards, which reduces the treatment options for mental disorders around the world. However, many services switched to remote mental healthcare and providing consultations through digital platforms, which is anticipated to boost the growth of the market in upcoming years.  

Mental Health Market Trends:

At present, the increasing prevalence of mental health disorders among individuals due to high workload pressure in offices around the world represents one of the major factors influencing the market positively. Additionally, governing agencies of various countries are encouraging the adoption of digital and telecommunication solutions to treat people suffering from mental disorders worldwide is contributing to the growth of the market. Apart from this, the growing awareness about mental health disorders through education among individuals across the globe is offering a positive market outlook. In addition to this, the increasing expenditure on medical infrastructure by several developing countries is offering lucrative growth opportunities to industry investors. Besides this, the rising emergence of pharmaceutical companies in digital mental health programs is contributing to the growth of the market. Furthermore, the wide availability of free mobile applications to maintain mental health among the masses is strengthening the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global mental health market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on disorder, service and age group.

Disorder Insights:

• Schizophrenia
• Alcohol Use Disorders
• Bipolar Disorder
• Depression and Anxiety
• Post-traumatic Stress Disorder
• Substance Abuse Disorders
• Eating Disorders
• Others
   

The report has provided a detailed breakup and analysis of the mental health market based on the disorder. This includes schizophrenia, alcohol use disorders, bipolar disorder, depression and anxiety, post-traumatic stress disorder, substance abuse disorders, eating disorders, and others. According to the report, as they are common and serious medical illnesses that negatively affect feeling and thinking among individuals. In addition to this, the increasing prevalence of anxiety disorders, such as phobias and other mental problems, is positively influencing the market.      

Service Insights:

• Emergency Mental Health Services
• Outpatient Counselling
• Home-based Treatment Services
• Inpatient Hospital Treatment Services
• Others
   

A detailed breakup and analysis of the mental health market based on the service has also been provided in the report. This includes emergency mental health services, outpatient counselling, home-based treatment services, inpatient hospital treatment services, and others. According to the report, inpatient hospital treatment services accounted for the largest market share due to the expanding healthcare insurance industry.

Age Group Insights:

• Pediatric
• Adult
• Geriatric
   

A detailed breakup and analysis of the mental health market based on the age group has also been provided in the report. This includes pediatric, adult, and geriatric. According to the report, adult accounted for the largest market share on account of the increasing workload at offices and excessive stress that causes anxiety, headaches, and depression. In addition, adults with mental and psychosocial disabilities often face stigma and discrimination and experience high levels of physical and sexual abuse.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for mental health. Some of the factors driving the North America mental health market included the presence of mental wellness service providers, rising prevalence of mental diseases, and enhanced healthcare and medical infrastructure. In line with this, the increasing number of cancer cases and obesity among individuals in the region is contributing to the market growth.     

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global mental health market. Some of the companies covered in the report 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)
• Universal Health Services Inc.
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the mental health market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global mental health market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the mental health industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.