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Mental health market to grow at a CAGR of 9.06% from 2021 to 2026, North America will account for 39% of the market's growth - Technavio
NEW YORK, Nov. 30, 2023 /PRNewswire/ -- The global mental health market size is estimated to grow by USD 201.41 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 9.06% during the forecast period. Moreover, the growth momentum will accelerate. Based on geography, the global mental health market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global mental health market. North America will account for 39% of the market's growth during the forecast period. The US is a key country for the mental health market in the region. However, North America will grow at a slower rate when compared to Europe and Asia. The increasing awareness about the importance of mental health and the growth in substance abuse will drive the mental health market growth in North America during the forecast period. The growing prevalence of mental health disorders across the region is driving the growth of the market. For instance, according to the Anxiety and Depression Association of America (ADAA) in 2020, anxiety disorders affect 40 million people aged 18 years and above annually in the US. These factors will augment the growth of the regional market during the forecast period. Take action now and gain valuable insights into the impact of the US crisis with our comprehensive analysis report - Request a sample report
Mental health market - Segmentation assessment
Technavio has segmented the market based on service (emergency mental health services, outpatient counseling, and inpatient hospital treatment services).
- The emergency mental health services segment will account for a significant share of the market growth during the forecast period. Psychological emergencies require immediate attention from healthcare providers. Many vendors provide a list of local sources on their websites, which can be contacted during emergencies. Patients with such emergencies can choose to speak to a nurse over the phone. They can be referred to a liaison psychiatry service or local crisis resolution and home treatment team (CRHT). This, in turn, will drive the growth of the segment during the forecast period. Various countries have launched national helplines for citizens who need psychological counseling. The launch of such helplines is expected to have a positive impact on the market.
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Mental health market – Major challenges hindering the market growth
- Government regulations are challenging the mental health market growth.
- Vendors have to adhere to numerous laws, regulations, and rules, including licensure and accreditation standards and reimbursement for patient services.
- If mental health counseling and treatment service providers violate regulations, they can be excluded from government healthcare programs.
- Violations of privacy and security regulations can also lead to high penalties.
- Thus, the prevalence of numerous stringent government regulations can hinder the growth of the global mental health market during the forecast period.
The growing prevalence of mental health disorders is driving the mental health market growth. For instance, according to a study conducted by the Lancet journal, approximately 75.2 million people across the world were dealing with anxiety disorders in 2020. This will drive the growth of the market during the forecast period. The emergence of virtual services is a key trend in the market. Telepsychiatry or tele-mental health services refer to the use of telecommunications or videoconferencing for remote delivery of psychological support and services or psychiatric assessment and care. These services improve access to mental health care. Therefore, established vendors have expanded their offerings to provide tele-mental health services.
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What are the key data covered in this mental health market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the mental health market between 2022 and 2026
- Precise estimation of the size of the mental health market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the mental health market industry across North America, Europe, Asia, and Rest of World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Mental Health Market vendors
- Add credibility to strategy
- Analyzes competitor's offerings
- Get a holistic view of the market
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- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Service
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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