Hands holding sad face hiding behind happy face, bipolar and depression, mental health, split personality, mood change,
The Mental Health Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mental Health Global Market Report 2024, 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.
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.
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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
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.
The mental health market report table of contents includes:
1. Executive Summary
2. Mental Health Market Characteristics
3. Mental Health Market Trends And Strategies
4. Mental Health Market – Macro Economic Scenario
5. Global Mental Health Market Size and Growth
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26. South America Mental Health Market
27. Brazil Mental Health Market
28. Middle East Mental Health Market
29. Africa Mental Health Market
30. Mental Health Market Competitive Landscape And Company Profiles
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