Mental Health Market to Reach US$ 508.9 Billion by 2028 | Impelled by Changing Lifestyle Patterns of Individuals

The latest report by IMARC Group, titled "Mental Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global mental health market size reached US$ 418.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 508.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.4% during 2023-2028. Mental health refers to the state of well-being wherein an individual realizes and appreciates their abilities and can handle the stresses of life, work productively and fruitfully, and make positive contributions to their community. It involves subjective well-being, autonomy, self-efficacy, competence, intergenerational dependence, self-actualization of intellectual and emotional potential, etc. Mental health assists in expressing, recognizing, and modulating emotions, coping with adverse life events, empathizing with others, etc. Outpatient counseling, home-based treatment services, inpatient hospital treatment services, etc., are some of the common services available for mental health treatment.

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Competitive Landscape with Key Players:

• Acadia Healthcare
• Ascension Seton
• Behavioral Health Network Inc.
• CareTech Holdings PLC
• North Range Behavioral Health
• Promises Behavioral Health
• Pyramid Healthcare
• Strategic Behavioral Health LLC
• Sevita (The MENTOR Network)
• Universal Health Services Inc.

Industry Growth:

The escalating instances of depression, anxiety, substance abuse, suicides, etc., are some of the key factors driving the mental health market. In line with this, the inflating demand for hospital services on account of the growing patient pool requiring mental health treatments is further catalyzing the global market. Moreover, the increasing investments in digital and telecommunication solutions by government bodies and NGOs to promote self-care and mental health awareness are augmenting the global market. Besides this, the widespread adoption of behavioral health software as a means of reducing medication errors and paperwork, improving workflow efficiency, enhancing productivity, ensuring quick patient data access, minimizing healthcare costs, etc., is also bolstering the market growth. Furthermore, the elevating incidences of schizophrenia, alcohol use disorder, bipolar disorder, post-traumatic stress disorder, eating disorder, etc., among the young population are anticipated to fuel the mental health market over the forecasted period.

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Key Market Segmentation:

Breakup by Disorder:

• Schizophrenia
• Alcohol Use Disorders
• Bipolar Disorder
• Depression and Anxiety
• Post-traumatic Stress Disorder
• Substance Abuse Disorders
• Eating Disorders
• Others

Breakup by Service:

• Emergency Mental Health Services
• Outpatient Counselling
• Home-based Treatment Services
• Inpatient Hospital Treatment Services
• Others

Breakup by Age Group:

• Pediatric
• Adult
• Geriatric

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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