Mental Health Global Market Report 2024

The mental health market size has grown steadily in recent years. It will grow from $402.13 billion in 2023 to $421.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historical period can be attributed to various factors, including heightened awareness of mental health, advancements in treatment modalities, government initiatives and policies supporting mental health, the escalating global burden of mental disorders, and the implementation of workplace mental health programs.

The mental health market size is expected to see steady growth in the next few years. It will grow to $485.78 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the forecast period can be ascribed to several factors, including the integration of artificial intelligence into mental health services, responses to global health crises, the expansion of telepsychiatry services, a heightened focus on early intervention in mental health care, and the provision of customized and personalized mental health services. Key trends expected in the forecast period encompass the formation of public-private partnerships, the proliferation of digital mental health solutions, increased technological integration in mental healthcare, the implementation of employer-based mental health initiatives, and a focus on cultural competency and diversity in mental health services.

The anticipated rise in the prevalence of mental disorders is expected to drive the growth of the mental health market in the near future. Mental disorders, characterized by clinically significant impairments in cognition, emotional control, or behavior, play a crucial role in the field of mental health. They contribute to the diagnosis of mental health conditions, guide treatment strategies, inform public health initiatives, and stimulate research efforts. Notably, data from the Centers for Disease Control and Prevention in September 2022 revealed an increase in the proportion of adults undergoing mental health therapy between 2019 and 2021. Among adults of all age groups, the percentage rose from 19.2% to 21.6%, while for individuals aged 18 to 44, it increased from 18.5% to 23.2%. This escalation in the prevalence of mental disorders is a driving force behind the growth of the mental health market.

A notable surge in spending on mental health services is also expected to contribute to the expansion of the mental health market in the foreseeable future. Mental health services encompass a spectrum of professional and community-based interventions and support systems aimed at promoting and maintaining mental well-being, preventing mental health disorders, and addressing challenges or illnesses faced by individuals. According to a study conducted by RAND Corporation in August 2023, spending on mental health services witnessed a remarkable increase of more than 53% from March 2020 to August 2022. The study further indicated that per capita expenditures for mental health services were 29.5% higher during the acute phase. This substantial rise in spending on mental health services serves as a significant driver for the growth of the mental health market.

The anticipated high cost of mental health treatments is expected to impede the growth of the mental health market. Mental health treatments encompass various interventions and strategies designed to address and alleviate the symptoms associated with mental health disorders or challenges. The elevated costs associated with mental health treatments have the potential to hinder the expansion of healthcare services, limit accessibility, and contribute to increased disparities, thereby obstructing advancements in mental health support and intervention. For example, findings from a survey conducted by Willis Towers Watson Public Limited Company (WTW), a UK-based insurance company, in October 2023 indicated that effectively managing healthcare plan expenses is crucial due to the anticipated 6.4% cost escalation the following year, surpassing the current average increase of 6% faced by employers. Consequently, the high cost of mental health treatments serves as a constraint on the growth of the mental health market.

Major companies operating in the mental health market are directing their focus toward technologically advanced products, such as virtual reality (VR) programs, to better cater to the needs of their existing consumers. The VR program is a computerized autonomous virtual reality therapy utilized in the treatment of agoraphobia in psychotic patients. Notably, in April 2022, OxfordVR, a UK-based developer of immersive technologies for mental health, introduced the GameChange VR program in the UK. This innovative initiative specifically targets psychosis, with a focus on reducing agoraphobia and facilitating the reintegration of individuals into their daily activities. Leveraging virtual reality, the program enables a transition from a confined home environment to an active outdoor life. The implementation of the GameChange VR program demonstrated significant reductions in avoidance of routine activities and the alleviation of suffering. Notably, individuals facing challenges in leaving their residences and those with severe psychological symptoms, such as intense anxiety, sadness, delusions, and hallucinations, experienced substantial improvements.

In July 2023, Big Health Inc., a US-based company specializing in digital non-drug therapy for mental health, successfully acquired Limbix Health Inc. for an undisclosed amount. This strategic acquisition has enabled Big Health Inc. to expand its portfolio in the realm of adolescent mental health. With this addition, Big Health's treatment offerings now encompass SparkRx, designed for addressing teenage depression, and an upcoming product tailored for teen anxiety. These adolescent-focused products complement Big Health's flagship offerings, which cater to individuals aged 18 and above, including Sleepio for sleeplessness and Daylight for anxiety. Limbix Health Inc., the company acquired by Big Health, is a US-based mental healthcare company with a focus on providing mental health treatment specifically tailored for adolescents.

Major companies operating in the mental health market report are Evernorth Health Inc., Ascension Inc., Universal Health Services Inc., Sevita, Acadia Healthcare Co. Inc., Loma Linda University Health, Promises Behavioral Health, CareTech Holdings PLC, Pyramid Healthcare Inc., Crestwood Behavioral Health Inc., Behavioral Health Network Inc., Modern Health, North Range Behavioral Health, REM Minnesota Inc., Strategic Behavioral Health LLC, Kennebec Behavioral Health, Vita Health Group, Child Mind Institute, Unison Behavioral Health Group Inc., JED Foundation, Brain and Behaviour Foundation , International OCD Foundation, TEAMCare Behavioral Health LLC, The Jason Foundation Inc., Thrive Behavioral Health Inc.

North America was the largest region in the mental health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mental health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mental health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mental health refers to the state of psychological and emotional well-being that empowers individuals to effectively navigate life's challenges, recognize and utilize their abilities, acquire knowledge and proficiency, and actively engage in society. It plays a crucial role in helping individuals manage stress, engage in meaningful social interactions, and make informed decisions.

The key categories of disorders within the mental health market encompass conditions such as schizophrenia, alcohol use disorders, bipolar disorder, depression, anxiety, post-traumatic stress disorder, substance abuse disorders, eating disorders, and others. These conditions are addressed through a range of services, including emergency mental health services, outpatient counseling, home-based treatment services, and inpatient hospital treatment services. These services are tailored to cater to individuals across all age groups, including pediatric, adult, and geriatric populations.

The mental health market research report is one of a series of new reports that provides mental health market statistics, including mental health industry global market size, regional shares, competitors with an mental health market share, detailed mental health market segments, market trends and opportunities, and any further data you may need to thrive in the Mental health industry. This mental health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mental health market includes revenues earned by entities through providing services such as counseling, group therapy, medication, recreational therapies, and medical supervision. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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