Dynamic internal equilibrium that enables people to make use of their talents in accordance with the common values of society is referred to as Mental Health. It aids in developing empathy for others, expressing and controlling one's own emotions, and dealing with difficult life circumstances. Additionally, it helps with social role-playing and preserving a healthy connection between the body and the mind. However, its imbalance can result in bipolar illness, depression, and anxiety. It may also result in physical discomfort across the body, including the head, back, and stomach. The market is growing as a result of an increase in the prevalence of mental diseases, an increase in the elderly population, and an expansion of awareness campaigns for mental health. The global market for mental health is also expanding as a result of increased education about mental diseases, advocacy work for more human rights respect, and efforts to reduce stigma. However, it is anticipated that the rising expense of mental health programmes and drug usage will restrain market expansion.
Region Analysis:
North America dominates the market during mental health during the forecast period. The expanding requirement among healthcare service providers to better their services to patients who are afflicted with the disease and the growing awareness of mental health are two of the key factors projected to propel market expansion in the area. For instance, the National Alliance on Mental Illness (NAMI) estimates that in the United States, in the year 2020, 1 in 5 persons will experience a mental illness, 1 in 20 will have a serious one, and 1 in 15 will experience both a mental illness and a drug use problem. Additionally, during the COVID-19 epidemic, 26.3 Million adults in the country received virtual mental health care.
Key Highlights:
A new technological platform was introduced by international investment company Battery Ventures in February 2021 to assist providers of behavioral health and human services. This system was designed to increase operational effectiveness. It is anticipated that these actions by market participants will increase market size.
In fiscal 2022, the U.S. Interior Department will increase spending on firefighting activities by $103 million and develop a good mental health and wellbeing programme for wildland firefighters.
Key Market Insights from the report:
Global Mental Health Market size accounted for US$ 381.98 billion in 2020 and is estimated to be US$ 527.44 billion by 2030 and is anticipated to register a CAGR of 3.40%. The global Mental Health Market is segmented based on disorder, service, age-group and region.
Based on Disorder, Mental Health Market is segmented into Schizophrenia, Post-Traumatic Stress Disorder, Depression Anxiety, Bipolar Disorder, Alcohol Use Disorders and Other Disorder.
Based on Service, Mental Health Market is segmented into Emergency Mental Health Services, Outpatient Counselling, Inpatient Hospital Treatment Services, Home-Based Treatment Services and Other Services.
Based on Age-Group, Mental Health Market is segmented into Pediatric, Adult and Geriatric.
By Region, the Mental Health Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Mental Health Market:
The key players operating in the Mental Health Market includes being Acadia Healthcare, Ascension Seton, Behavioral Health Network Inc., CareTech Holdings PLC, North Range Behavioral Health, Promises Behavioral Health, Pyramid Healthcare, Strategic Behavioral Health LLC and Sevita (The MENTOR Network).