Behavioral Health Market Projected to Exceed US$ 262 Billion by 2031, Reveals TMR Study

WILMINGTON, DE / ACCESSWIRE / June 6, 2023 / Transparency Market Research Inc. - The global behavioral health market was valued at US$ 205.08 Bn in 2021 and is estimated to expand at a CAGR of 2.6% during the forecast period from 2022 to 2031.

Increase in incidence of mental health conditions such as anxiety and depression is fueling the growth of the behavioral health market. Mental health counseling is becoming increasingly common as individuals of all age groups face mental health issues that need professional help.

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Mental health is a mainstream medical discipline in developed countries. Availability of professional help, wherein governments play a key role in offering community services, is fueling the market size in these countries. On the other hand, inhibitions to talk about mental disorders are decreasing, and individuals are increasingly seeking professional help for these conditions in developing countries. This is likely to bolster industry growth.

Key Findings of Study

• Rise in Patient Population with Mental Illnesses - Behavioral health services entail professional help for alcohol & substance abuse, mental health, schizophrenia, post-traumatic stress disorder, depression, anxiety, and eating disorders. Rise in the number of children, adults, and elderly people with serious mental issues is boosting behavioral health market development.
• Additionally, the stigma associated with mental illness is decreasing, and patients are seeking professional help for their condition. Young adults and adults actively look for experienced psychologists and psychiatrists and freely discuss their issues with the therapist.
• Rise in mental health conditions due to peer pressure, stress, and social & economic difficulties is another key factor augmenting behavioral health market value. According to the WHO, anxiety and depression are serious disorders that affect the economic growth of nations.

Surge in Adoption of Telepsychiatry to Boost Market Size - Advent of telepsychiatry, which is offered via modern telecommunication devices, has expanded the scope of the growth of the behavioral health market. Telepsychiatry is provided via smartphones and tablets and does not require patients to be present in person at clinics or hospital departments; therapy sessions can be conducted from any location. It enables an immediate response to patient needs and has thus helped decrease emergency admissions. Therefore, telepsychiatry is gaining traction owing to several advantages, including immediate patient care.

Rise in Depression Rates to Generate Significant Business Opportunities - Based on disorder type, the global behavioral health market has been segmented into schizophrenia, depression, bipolar disorder, anxiety, eating disorders, alcohol use disorders, and post-traumatic stress disorders. The depression segment held a significant market share in 2021 and is expected to expand at a high CAGR during the forecast period. Rise in prevalence of depression due to socioeconomic difficulties, negative thoughts, and serious health conditions is propelling the segment in the global market.

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Low-cost Advantages Spur Demand for Outpatient Counselling Services - In terms of service type, the behavioral health market has been segmented into hospital treatment services, emergency mental health services, outpatient counseling, and home-based treatment services. The outpatient counseling segment accounted for the leading market share in 2021 and is anticipated to continue to remain dominant during the forecast period. Outpatient counseling offers several advantages over inpatient treatment, including low cost, flexibility of appointments, and a high level of privacy.

Growth Drivers

• Rise in incidence of mental health conditions that need professional help is driving the behavioral health market
• Increase in acceptance of mental health issues and a decrease in stigma associated with these conditions are augmenting demand

Regional Landscape

Europe accounted for the leading share of the behavioral health market in 2020. Rise in prevalence of behavioral health disorders such as anxiety and depression is one the key factors fueling the market size in the region. Rise in prevalence of substance abuse and alcohol abuse is also expected to boost the behavioral health market in the region. Furthermore, presence of key players and strategic alliances between key players, such as acquisitions and partnerships, and the launch of new centers are projected to fuel market growth in the region.

The behavioral health market in North America is anticipated to expand at a moderate growth rate in the next few years. The market in the region is driven by strategic developments such as the launch of new centers and acquisitions.

Asia Pacific held a key share of the global industry in 2021. Increase in prevalence of substance abuse and alcohol abuse is fueling market demand in the region.

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Competitive Analysis

The business landscape is fragmented, with a large number of small players holding the majority share. Some key players operating in the behavioral health market include Acadia Healthcare, Behavioral Health Network, Inc., North Range Behavioral Health, Pyramid Healthcare Inc., Ascension Seton, CareTech Holdings plc., Promises Behavioral Health, Universal Health Services, Inc., and Sevita.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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