Published Date : 24, 2022
The global behavioral health market size is expected to hit over US$ 242 billion by 2027 and is expanding growth at a CAGR of 5.02% over the forecast period 2021 to 2027, as per new study by Precedence Research.
The global behavioral health market is primarily driven by rising awareness regarding mental health, rising prevalence of various mental health disorders, and growing geriatric population. It is observed that geriatric people are more prone to the mental disorders as compared to the adults. According to the World Health Organization, around 5% of the global adult population and around 5.7% of the geriatric population is suffering from depression. As per the United Nations, the global geriatric population is expected to reach at around 2 billion by 2050 and bout 80% of it will be living in the low and middle income countries. Therefore, the developing markets are expected to provide lucrative growth opportunities to the market players operating in the global behavioral health market. Moreover, the rising adoption of digital technologies across the healthcare units is expected to drive the market growth. The growing popularity of home-based mental health treatment services especially among the teen and children is expected to significantly drive the growth of the market during the forecast period.
|CAGR||5.02% from 2021 to 2027|
|Market Size By 2027||USD 242 Billion|
|By Service Type||
|By Disorder Type||
North America dominated the global behavioral health market in 2020. This is attributed to the presence of strong healthcare infrastructure, improved access to the mental healthcare services, increased awareness regarding the mental health, and high healthcare expenditure. The increased incidences of drug and substance abuse disorders is a prominent driver of the market. The growing geriatric population in US is estimated to provide growth opportunities to the market players. The geriatric population in US is estimated to reach at 90 million by 2050. Moreover, the rising government investments in the advancement of the healthcare units and the favorable reimbursement facilities are the two major drivers of the North America mental health market.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The presence of huge youth population and the rising substance abuse cases is propelling the demand for the mental health services in the region. Moreover, the rising prevalence of depression and growing number of suicide cases is expected to drive the market growth in the upcoming future.
Driver: Growing prevalence of depression
Depression is the most common mental health disorder across the globe and it affects 1 in 5 individual. According to the World Health Organization, in 2020, over 264 million people suffered from depression which included people from all age groups. Depression is the leading cause of suicide and it has now become one of the leading contributors to the rising burden of diseases across the globe. Therefore, the surging prevalence of depression among the global population is expected to drive the market growth during the forecast period.
Restraint: High cost of mental health treatment services
The high costs associated with the treatment of the behavioral health may restrict the low and middle income consumers from acquiring the treatment. Moreover, the lower adoption rate of the healthcare insurance policies in the developing and the underdeveloped countries is a major reason that restricts them to acquire appropriate treatment.
Opportunity: Adoption of digital technologies in hospitals
The increasing government and corporate investments in the advancement and digitization of the hospitals is expected to provide growth aspects in future. The adoption of telehealth platforms among the patients and the healthcare providers is expected to drive the global mental health market in the forthcoming future.
Challenge: Lack of access to the healthcare facilities
The lack of proper healthcare infrastructure prevents the patients from accessing to the appropriate health facilities. According to the World Health Organization, over 75% of the people who suffers from depression does not receive any treatment in the low and middle income countries. Therefore, the lack of proper healthcare infrastructure is a major challenge for the market players.