Surging Horizons: Unveiling the Trajectory of the Mental Health and Substance Abuse Services Market - A Comprehensive Analysis and Forecast (2022-2029)

Mental health is a dynamic state of internal equilibrium that allows people to use their abilities in accordance with society's universal standards. It helps recognize, express, and modulate one's own emotions, empathize with others, and deal with adversity. It also helps with social duties and keeping a healthy relationship with the body and mind. However, it can cause anxiety, depression, and bipolar illness if it is out of balance. It can also produce physical pain in many places of the body, such as the stomach, back, and head.

Data Bridge Market Research analyses that the mental health and substance abuse services market which was USD 402.4 billion in 2021, would rocket up to USD 708.11 billion by 2029, and is expected to undergo a CAGR of 7.32% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Opportunities

Access to mental health resources and mental health attitudes are probably certainly on the rise. To begin with, young people are both more likely to have behavioral health concerns (young adults aged 18 to 25 had the greatest prevalence of any mental disorder) and more willing to communicate openly about their mental health and seek help. Second, businesses are realising the costs of failing to treat mental health issues among employees. Third, businesses' increasing importance on controlling their self-insured healthcare costs suggests that mental health interventions should be prioritised. This is because mental health can anticipate the occurrence of serious and costly medical illnesses like diabetes, cancer, and coronary artery disease in the future.

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Covid impact on Mental Health and Substance Abuse Services

The global residential drug abuse and mental health facilities market is predicted to increase at a compound annual growth rate (CAGR) of 12.7 percent from USD 95.30 billion in 2021 to USD 107.43 billion in 2022. Companies are reorganising their operations and recuperating from the COVID-19 impact, which had previously resulted in tight containment measures such as social distancing, remote working, and the shutdown of commercial activities, all of which created operational issues. At a CAGR of 11.1 percent, the residential drug addiction and mental health facilities market is estimated to reach USD 163.42 billion in 2026.
The impact of the COVID-19 disaster has aggravated pre-existing mental health issues. According to a McKinsey analysis, COVID-19 could result in a 50% increase in the prevalence of behavioral health disorders. According to a new Kaiser Family Foundation poll, 45 percent of Americans believe the COVID-19 situation is affecting their mental health, with 19 percent believing it is having a "significant impact." According to a recent Pew Research Center poll, 73 percent of Americans have felt nervous at least a few days every week since the pandemic began. Prescriptions for antianxiety drugs surged 34% between mid-February and mid-March 2020.

Healthcare Infrastructure growth Installed base and New Technology Penetration
The global mental health and substance abuse services market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for global mental health and substance abuse services market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the global mental health and substance abuse services market. The data is available for historic period 2010-2020.

Some of the major players operating in the mental health and substance abuse services market are:
• Cerner Corporation (U.S)
• Core Solutions, Inc (U.S)
• WELLIGENT (U.S)
• Promises Behavioral Health (U.S)
• Pyramid Healthcare Inc. (U.S)
• North Range Behavioral Health (U.S)
• Acadia Healthcare (U.S)
• Sevita (U.S)
• Kaiser Foundation Health Plan, Inc. (U.S)
• Universal Health Services Inc. (U.S)
• NHS England (U.K)
• CareTech Holdings PLC (U.K)

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