DUBLIN--(BUSINESS WIRE)--The "Mental Health Market by Disorder, Service and Age Group: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global mental health market was valued at $383.31 million in 2020, and is estimated to reach $537.97 million by 2030, growing at a CAGR of 3.5% from 2021 to 2030.
Mental Illness or psychotherapeutic conditions are classified as abnormal thoughts, feelings, and behavior for a determined amount of time, which causes distress or emotional/physical impairment. This includes a wide range of psychological or psychiatric disorders and often requires psychiatric intervention.
Furthermore, conditions can be caused by either a biological origin such as genetic, chemical, and anatomical; or a psychological origin such as trauma or conflict. Extraordinary advances have been made in the treatment of mental illness. In addition, an understanding of what causes some mental health disorders has led to greater sophistication in tailoring treatment to the underlying basis of each disorder. As a result, many mental health disorders can now be treated nearly as successfully as physical disorders.
Major factors driving the growth of the mental health market include rise in geriatric population, mental health reforms, government initiatives for improving mental healthcare services, and number of people seeking mental health support. On the other hand, low rate of adoption of mental health electronic health records (EHRs), data privacy concerns, and lack of psychiatrists and healthcare IT professionals are expected to restrain the growth of this market.
Some recent hurdles faced by competitors in the market include advertising restrictions, label changes, and negative perceptions about mental illness treatments; however, advancements in education and awareness efforts and effectiveness boost market growth.
Some of the major companies that operate in the global mental health market are
- Acadia Healthcare
- The MENTOR Network
- Universal Health Services, Inc.
- Behavioral Health Network, Inc.
- CareTech Holdings PLC
- Strategic Behavioral Health
- Ascension Seton
- North Range Behavioral Health
- Pyramid Healthcare
- Promises Behavioral Health
Market dynamics
Drivers
- Rise in prevalence of chronic diseases and behavioral health
- Increase in awareness of stress management
- Raising awareness about mental disorders through education and advocacy for more respect of human rights and less stigma
Restraints
- The rising cost of mental health programs and substance abuse
Opportunity
- High growth potential in developing economies
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