Published Date : 15 Feb 2024
The U.S. behavioral health market size surpassed USD 87.3 billion in 2023 and is projected to attain around USD 136.6 billion by 2032, growing at a CAGR of 5.10% from 2023 to 2032.
According to the World Health Organization, health is a state of complete physical, mental, and social will and not merely the absence of disease or infirmity. Mental health is not merely the absence of mental disorders, but it is an integral part of overall health, which can be affected by biological, environmental, and socio-economic factors. The American Medical Association states behavior health as mental health and substance use disorders, life crises and stressors, and physical symptoms that are related to stress.
According to the Centers for Disease Control and Prevention, more than one in five adults in the US has a mental illness. More than one in 5 people between the ages of 13 and 18 had a severe mental illness or are currently going through one. One in 25 US adults is suffering from severe mental disorders like major depression, schizophrenia, and bipolar disorder.
The US has the most mental health issues. There are many factors that contribute to mental health issues that are responsible for promoting the growth of the U.S. behavioral health market. These factors include the high cost of health care, the increase in the number of mental health patients, the increase in the old age population, and the stigma associated with seeking mental health. It is essential to take action on individual, family, community, and national levels to mitigate the risks associated with mental health.
There are various mental health organizations that promote mental health and help prevail in the U.S. behavioral health market. It includes The Health Resources and Services Administration (HRSA), the Substance Abuse and Mental Health Services Administration (SAMHSA), the Administration for Children and Families (ACF), and the U.S. Department of Health and Human Services (HHS).
| Report Coverage | Details |
| Market Revenue in 2023 | USD 87.3 Billion |
| Projected Forecast Revenue by 2032 | USD 136.6 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 5.10% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
Drivers
Mental health awareness
Almost everyone focuses on physical health; however, in recent years, importance has been given to mental health. The COVID-19 pandemic helped create mental health awareness among people, due to which people started seeking knowledge and help related to mental health. The awareness also reduced the stigma associated with mental health disorders. People started talking about mental health and its importance. People began seeking help from psychiatrists and therapists to improve their mental health and overall quality of life. Many campaigns and programs were developed to promote mental health and steps that can be taken to improve it.
Increase in mental health issues
People need mental health support, and an increase in mental health issues is a crucial driver of promoting the U.S. behavioral health market. There are several reasons behind the rise in mental health issues. Social media is one of the reasons why people feel lonely. People continuously compare themselves with people on social media, which is responsible for depression. Cyberbullying that occurs on social media is another contributor to mental health challenges. Short-format content also reduces attention span among people, leading to impatient behavior. The increase in the old age population is also a vital driver of the U.S. behavioral health market because there are various mental health issues associated with old age. Social and cultural factors also promote mental health issues.
Restraint
Access to mental health services
There are various mental health services available for people living in the United States. Still, it is difficult to access the services, which reduces the growth of the U.S. behavioral health market. One of the leading causes of poor access is high cost. The prices of healthcare services in the US are very high, and it is difficult for people to afford basic healthcare needs. The high rate of inflation contributes to the high prices of the services. Apart from this, people living in rural areas can also not seek medical attention. The lack of knowledge and health care services in rural areas limits access. It is difficult for organizations and government bodies to reach rural areas and provide mental health services.
Opportunities
Telehealth Psychiatry
It is difficult to reach out to each and every person to provide mental health. To reduce the challenge, tally health can be the best solution for delivering mental health services. Psychiatrists and therapists can provide online therapies and sessions to people nationwide. People living in rural areas, people who avoid social interactions, and people who are not able to travel can use telehealth to address their mental health issues. Via mental health services applications, professionals will be able to conduct one-on-one sessions. Personalized sessions and therapy can be developed to provide better services and improve the overall quality of health and revenue of the U.S. behavioral health market.
Augmented and Virtual Reality
Augmented and virtual reality are utilized in the gaming and entertainment industry to improve the experience of people who are playing games or watching videos. This approach can also be used by healthcare professionals to provide better mental health services and virtual reality is helpful in delivering realistic experiences. Thereby, the integration of AR and VR is observed to create significant opportunity for the U.S. behavioral health market.
Market Segmentation
By Service
By Disorder
By End User
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