Published Date : 08 Jun 2022
The US behavioral health market size is expected to be worth around US$ 132.4 billion by 2027 and expanding growth at a registered CAGR of 5.3% over the forecast period 2021 to 2027.
Some sales insight revealing the strong growth of behavioral health during the past few years are listed below:
Leading Regions Market Review
Approximately 55% of the Global Behavioral Health Market Captured by North America
The advancements in the behavioral health treatments and the rising prevalence of anxiety and depression are the major factors that have propelled the growth of the North America behavioral health market. As per the Commonwealth Fund, approximately 25% of the US population is suffering from anxiety or depression. The higher drug associated deaths and higher suicide rates in US have led to the increased awareness among the population regarding the behavioral health services. The developments in the bipolar treatment services and the improved access to the advanced healthcare facilities have fostered the market growth. As per the National Center for Health Statistics, suicide rate in US has witnessed an increase by around 35% from 1999 to 2018. As per the National Center for Drug Abuse Statistics, approximately 32 million individuals in US use illegal drugs and over 8 million of them suffers from drug abuse disorder. The increased cases of behavioral disorders in the major markets like US and the increasing healthcare expenditure has significantly contributed to the growth of the North America behavioral health market in the past few decades.
Scope of the Report
|Market Size in 2019||USD 90.5 Billion|
|Revenue Forecast by 2027||USD 132.4 Billion|
|CAGR||5.3% from 2021 to 2027|
|US Market Size in 2020||USD 90.5 Billion|
|Outpatient Clinics Market Share in 2021||36.9%|
|Hospital Market Share in 2021||25.5%|
What are the keytrends in the Global Behavioral Health Market?
The advent of the personalized care and latest technologies in the behavioral health services are the anticipated to be the emerging trends in the market. The array of disruptive technologies in the healthcare industry and the behavioral health industry is supporting the market players. The rising adoption of the digital technologies, virtual assistants, digital phenotyping, and mental health software are expected to provide impetus to the market during the forecast period. Moreover, the rapid emergence of novel technologies like artificial intelligence, internet of things, augmented realty, and virtual reality are positively contributing towards the growth of the global behavioral health market. Moreover, the formulation of reimbursement policies that favors the treatment and reimbursements pertaining to the behavioral illnesses is further expected to augment the growth of the market. The rising demand for the home care settings is a popular trend in the market. The patients and their families prefer to get the treatment at their homes owing to the conveniences associated with the home healthcare, which is favoring the market growth across the globe.
What are the key challenges in the Global Behavioral Health Market?
There is a lack of proper knowledge and inadequate research works and data over the diagnostics and treatment of the behavioral illnesses. The research on the behavioral health diagnostics and treatment is still in its emerging phase. Moreover, in some parts of the world people faces stigma that restricts them to seek treatment or diagnostics. This is a major challenge faced by the behavioral health industry and it may hamper the market growth during the forecast period.
Asia PacificForecast the Strongest Growth Rate during the Forecast Year (2021-2030)
According to the World Health organization (WHO), about 77% of the suicide incidences across the globe occurs in the low and middle income economies. The rising cases of behavioral illnesses among the population, improving access to the advanced healthcare facilities, and rising awareness regarding the behavioral health among the population in Asia Pacific are expected to drive the growth of the behavioral health market. Furthermore, is witnessing presence of huge youth population and rising cases of drug or substance abuse is an important growth driver of the behavioral health market in Asia Pacific region. The rising adoption of the telehealth platforms for receiving the consultation and education services pertaining to behavioral health is the emerging trend in the Asia Pacific market and it is expected to spur the growth of the Asia Pacific behavioral health market during the forecast period.
Top Behavioral Health Market Players in 2020
Acadia Healthcare Co., National Mentor Holdings Inc., Magellan Health Inc., Behavioural Health Services Inc., North Range Behavioural Health, Seton Healthcare Family (Ascension Health), Universal Health Services, Inc., Ocean Mental Health Services, Behavioural Health Network Inc., and Beacon Health Strategies are some of the most prominent players in the global behavioral health market.
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