Mental Health Market 2024 - By Size, Share, Segments, Application, End-users And Growth Outlook By 2033

The mental health market size has grown steadily in recent years. It will grow from $402.13 billion in 2023 to $421.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to increased mental health awareness, advancements in treatment modalities, government initiatives and policies, rising global burden of mental disorders, workplace mental health programs.

The mental health market size is expected to see steady growth in the next few years. It will grow to $485.78 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to integration of artificial intelligence, global health crisis response, expansion of telepsychiatry services, focus on early intervention, customized and personalized mental health services. Major trends in the forecast period include public-private partnerships, digital mental health solutions, technological integration in mental healthcare, employer-based mental health initiatives, cultural competency and diversity in mental health services.

Market Overview -
Mental health is a condition of psychological and emotional well-being that enables people to effectively handle life's obstacles, identify and use their skills, gain knowledge and efficiency, and actively participate in society. It also aids in figuring out how to manage stress, interact with people, and make wise decisions.

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Rising Prevalence Of Mental Disorders Driving Growth In The Mental Health Market
An increase in the prevalence of mental disorders is expected to propel the growth of the mental health market in the coming future. A mental disorder is defined as a clinically significant impairment in an individual's cognition, emotional control, or behavior. Mental disorders play a significant role in mental health by enabling diagnosis, guiding treatment, informing public health efforts, and driving research. For instance, in September 2022, according to the Centers for Disease Control and Prevention, a US-based public health agency within the Department of Health and Human Services, between 2019 and 2021, the proportion of adults who had undergone any type of mental health therapy increased among both adults of every age (from 19.2% to 21.6%) and those between the age range of 18 and 44 (from 18.5% to 23.2%). Therefore, the increase in the prevalence of mental disorders is driving the mental health market.

Competitive Landscape -
Major companies operating in the mental health market report are Evernorth Health Inc., Ascension Inc., Universal Health Services Inc., Sevita, Acadia Healthcare Co. Inc., Loma Linda University Health, Promises Behavioral Health, CareTech Holdings Plc, Pyramid Healthcare Inc., Crestwood Behavioral Health Inc., Behavioral Health Network Inc., Modern Health, North Range Behavioral Health, REM Minnesota Inc., Strategic Behavioral Health LLC, Kennebec Behavioral Health, Vita Health Group, Child Mind Institute, Unison Behavioral Health Group Inc., JED Foundation, Brain and Behaviour Foundation , International OCD Foundation, TEAMCare Behavioral Health LLC, The Jason Foundation Inc., Thrive Behavioral Health Inc.

Increasing Focus On Adoption of Advanced Technologies To Drive The Revenues
Major companies operating in the mental health market are focusing on technologically advanced products, such as VR programs, to better meet the needs of their existing consumers. The VR program is a computerized autonomous virtual reality (VR) therapy that is used to cure agoraphobia in psychotic patients. It is the first VR therapy to be shown to be beneficial in a large clinical trial, with patients reporting significant decreases in avoidance and anxiety following treatment. For instance, in April 2022, OxfordVR, a UK-based developer of immersive technologies for mental health, introduced the GameChange VR program in the UK. This initiative aims to address psychosis, particularly reducing agoraphobia and facilitating the reintegration of individuals into their daily activities. By leveraging virtual reality, the program enables a transition from a confined home environment to an active outdoor life. The implementation of the GameChange VR program demonstrated significant reductions in the avoidance of routine activities and the alleviation of suffering. Notably, individuals facing challenges in leaving their residences and those with severe psychological symptoms, such as intense anxiety, sadness, delusions, and hallucinations, experienced substantial improvements.

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Key Segments -
The mental health market covered in this report is segmented -
1) By Disorder: Schizophrenia, Alcohol Use Disorders, Bipolar Disorder, Depression, Anxiety, Post-Traumatic Stress Disorder, Substance Abuse Disorders, Eating Disorders, Other Disorders
2) By Services: Emergency Mental Health Services, Outpatient Counselling, Home-Based Treatment Services, Inpatient Hospital Treatment Services, Other Services
3) By Age Group: Pediatric, Adult, Geriatric

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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