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Mental Health Therapeutics Market Boosting the Healthcare Industry Worldwide
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The global mental health therapeutics market can be segmented based on type, treatment, and region. In terms of disease type, the market can be categorized into anxiety disorders, mood disorders, substance abuse disorders, and others (insomnia, binge eating disorder). Based on treatment, the market can be classified into somatic, psychotherapeutic, and others. Somatic treatments includes drug therapy, medication, complementary & alternative medicine, and electroconvulsive therapy. Psychotherapeutic treatments involve cognitive behavioral therapy (CBT), interpersonal therapy, group discussion or family support therapy, marital psychotherapy, peer support, hypnotherapy, and behavior therapy techniques. Research suggests that severe and complex mental health disorders require a combination of drugs and psychotherapy rather than a single method of treatment. Other types of therapies include hospitalization, case management, self-help plan, and art therapy.
Major factors driving the growth of the mental health market include rising geriatric population, mental health reforms, government initiatives for improving mental health care 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. The psychotherapeutic drug industry continues to struggle through conflicting issues that are directly or indirectly affecting competition. Some recent hurdles faced by competitors in the market include advertising restrictions, label changes, and negative perceptions about mental illness treatments; however, advancements in delivery techniques, education and awareness efforts, and effectiveness could boost market growth.
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Geographically, the global mental health therapeutics market is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Rest of the World. North America dominates the market with the U.S. accounting for a major market share. Nearly one in five (18.5%) Americans experiences mental health problems each year. In the U.S., in 2015, an estimated 9.8 million, which equated to nearly 4.8% of all adults (over 18 years of age) had serious mental disorders. Europe is considered as the second largest region in the psychotherapies market.
Presence of multiple psychotherapy associations such as the United Kingdom Council for Psychotherapy, the British Psychoanalytic Council, and the British Association for Counselling and Psychotherapy drives the market growth. The market in Asia is expected to expand at the highest CAGR during the forecast period. This growth can be attributed to government initiatives, increasing demand for mental health services, and rising focus of major players on the markets such as India. Emerging markets such as India, China, and countries in the Middle East offer great opportunities for this market owing to changing lifestyle coupled with increasing psychological disease awareness among people.
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Key players involved in the global mental health therapeutics markets are Pfizer, Inc., Forest Laboratories, Eli Lilly and Company, AstraZeneca, Bristol-Myers Squibb Company, Wyeth, Teva Pharmaceutical Industries Ltd., and Biogen, Inc.
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About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Contact Us
Transparency Market Research
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90 State Street, Suite 700
Albany, NY 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
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