Mental Health Market (Disorder - Schizophrenia, Post-traumatic Stress Disorder, Anxiety & Depression, Bipolar Disorder, Alcohol Use Disorders, Eating Disorders, Substance Use Disorders, and Others; Service - Inpatient Treatment Services, Residential Treatment Services, Outpatient Treatment Services, Mental Health Services, and Others; Age Group - Pediatric, Adult, and Geriatric): Global Industry Analysis, Trends, Size, Share and Forecasts to 2032

A recent report published by Infinium Global Research on mental health market provides in-depth analysis of segments and sub-segments in the global as well as regional mental health market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional mental health market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global mental health market.

Market Insight:

The global mental health market is projected to grow at a CAGR of 4.29% between 2024 and 2032, expanding from USD 396.1 billion in 2023 to USD 573.8 billion in 2032.

Report Description

The mental health market is experiencing significant growth driven by the rising prevalence of mental health disorders among the population. According to the U.S. Department of Health & Human Services, over 1 in 5 adults in the United States live with mental illness, which encompasses a range of conditions from mild to severe. The primary drivers of this increase include modern lifestyle stressors such as work-related stress, financial difficulties, social isolation, and trauma. Furthermore, increasing awareness and expanding insurance coverage for mental health services are expected to boost the growth of the mental health market over the projected period. There has been a growing shift in societal attitudes towards mental health, with greater recognition of the importance of addressing mental well-being as an integral component of overall health. This heightened awareness has led to more individuals actively seeking help for mental health conditions, thereby driving up demand for related services. Additionally, television shows, podcasts, social media, and open conversations, combined with clinical research, have all contributed to a more positive conversation and greater awareness of mental health. Furthermore, opportunities for market growth lie in integrating mental health services with primary care and emphasizing employee wellness programs. Integrating mental health into primary healthcare settings can enhance access, reduce stigma, and provide holistic care. Furthermore, employer wellness programs aimed at supporting mental well-being can drive demand for mental health services, offering a promising avenue for market expansion.

Research Methodology

This research has been performed by using excessive primary and secondary research methods. The primary research has been conducted by interviewing several executives and consultants in the mental health professions and healthcare industries. The information has also been collected using the most prominent primary method, interviews. This involves the application of questioners to dig for insights from industry experts. Moreover, the secondary research has helped us validate the research findings through primary research. The analyst has browsed through publications, medical science reports, healthcare industry reports, and government data to track trends in popular procedures, destination countries, and revenue growth. The market size has been identified and triangulated using both bottom-up and top-down approaches. In the bottom-up approach, we estimated the population suffering from various mental health conditions that directly propel the demands for various treatments. We analyze the prices required for various products required to treat mental health conditions. This helps accumulate the country's market size, which is then added up to get the regional market size. With the top-down approach, the regional estimated market size is divided among regions. The revenues were distributed among the sub-segments and the regional bifurcation of the market such as North America, Europe, APAC, and the rest of the world. The revenue distribution in the global mental health market can be estimated by analyzing the revenue generated by different mental health segments in each region and further in each country under the region. This approach helped us to triangulate the market and estimate the regional as well as country market size of the global mental health market.

Summary DRO

The increasing awareness and expanding insurance coverage for mental health services are expected to boost the growth of the mental health market over the projected period. There has been a growing shift in societal attitudes towards mental health, with greater recognition of the importance of addressing mental well-being as an integral component of overall health. This heightened awareness has led to more individuals actively seeking help for mental health conditions, thereby driving up demand for related services. Every year in May, the government of the United States organizes “Mental Health Awareness Month” to raise awareness about the importance of mental health and its impact on the well-being of all Americans, including adults, children, families, and communities across the country. The U.S. Administration has already invested nearly USD 4 billion in American Rescue Plan (ARP) funding to expand access to mental health and substance use services. The FY 2023 budget proposes over USD 27 billion in discretionary funding and another USD 100 billion in mandatory funding over 10 years to implement a national strategy and transform behavioral health services for all Americans. Moreover, with the increased government initiatives, the growing individual acknowledgment further drives the market's growth. Moreover, television programs, podcasts, social media platforms, and open dialogues, complemented by clinical research, have collectively fostered a more optimistic discourse and heightened awareness regarding mental health. The increasing prevalence of mental health-related disorders has significantly contributed to the expansion of the mental health market. A combination of factors such as heightened awareness, destigmatization of mental health issues, and improved access to mental health services has led to a surge in the number of individuals seeking diagnosis and treatment for various mental health conditions. This trend has not only increased the demand for mental health services but has also fostered advancements in treatment options, therapeutic interventions, and pharmaceutical developments. As a result, the market for mental health services, including counseling, therapy, psychiatric care, and pharmaceuticals, has experienced substantial growth. Furthermore, technological innovations and telehealth solutions have further augmented the reach and availability of mental health services, catering to a larger demographic. According to the study, among current telehealth providers for mental health conditions, 97% offered counseling services, 77% of service providers offered medication management services, and 69% offered diagnostic services via telehealth across the globe. The recognition of the impact of mental health on overall well-being and the subsequent initiatives to address this issue have propelled the expansion of the mental health market. Consequently, the evolving landscape of mental health care, coupled with increasing investments and research endeavors, is expected to meet the demand of a rising number of patients suffering from various mental health-related disorders. The shortage of mental health professionals and the high cost of treatment represent significant challenges that can impede the growth of the mental health market. Despite the increasing demand for mental health services driven by factors such as heightened awareness and expanding insurance coverage, there is a shortage of qualified mental health professionals in developed as well as developing regions, including psychiatrists, psychologists, therapists, and counselors. Furthermore, in India, there is an average of 0.75 mental health professionals per 100,000 people. This discrepancy is evident in everyday realities, where millions grapple with mental health issues and continue to suffer because of stigma, ignorance, and the unavailability of trained mental health professionals. As a result, individuals seeking mental health treatment may face long wait times to access care, or they may have to travel long distances to find a provider. This low availability of mental health professionals poses a significant barrier to the growth of the mental health market, as it limits the capacity of the healthcare system to meet the growing demand for services. Integration with primary care and emphasis on employer wellness programs present opportunities for the growth of the mental health market over the projected period. Mental health services in primary healthcare involve diagnosing and treating individuals with mental disorders, implementing strategies to prevent mental disorders, and ensuring that primary healthcare workers possess the necessary behavioral and psychosocial science skills such as counseling, interviewing, and interpersonal skills. This approach helps to improve overall health outcomes in primary healthcare. Integrating mental health services into primary care settings can expand access to mental health care. By embedding mental health screening, assessment, and treatment within primary care practices, individuals can receive timely and coordinated care for both their physical and mental health needs. This integration not only enhances convenience for patients but also helps to reduce the stigma associated with seeking mental health services, as it normalizes discussions about mental well-being within routine healthcare settings. Moreover, integrating mental health services with primary care can lead to more holistic and comprehensive healthcare delivery, resulting in improved outcomes for patients with both physical and mental health conditions. Primary care providers are well-positioned to identify and address mental health concerns early on, potentially preventing the escalation of symptoms and reducing the need for more intensive and costly interventions down the line. This collaborative approach also facilitates better communication and coordination between healthcare providers, leading to more personalized and effective treatment plans for patients.

Summary Regional Description

The global mental health market covers the analysis of regions such as North America, Europe, APAC, and the rest of the world. The North America region accounted for the highest share in the global mental health market over the forecast period 2024-2032. Mental health conditions are a significant and growing concern across North America, with substantial impacts in the United States, Canada, and Mexico. In the United States, mental health issues are prevalent among more than one in five adults, driven by modern lifestyle factors such as stress, societal pressure, and the influence of technology. The National Alliance on Mental Illness (NAMI) reported that in 2021, 22.8% of U.S. adults experienced mental illness, with 5.5% experiencing serious mental illness and 7.6% dealing with both a substance use disorder and mental illness. Increasing awareness and improved insurance coverage are expected to stimulate growth in the mental health market. The prevalence of mental health has grown significantly among Canadians over the years. According to the Centre for Addiction and Mental Health (CAMH) of Canada, mental illness is a leading cause of disability in the country, preventing nearly 500,000 employed Canadians from attending work each week. To make matters worse, the cost of disability leave due to mental illness is about double the cost of leave due to physical illness. Overall, the economic impact of mental illness in Canada is estimated to be USD 51 billion per year, covering healthcare costs, lost productivity, and reductions in health-related quality of life. In Canada, mental health affects more than 6.7 million people. Additionally, one in two Canadians have or have had a mental illness by the time they reach 40 years of age. Opioid overdoses now cause more deaths in Canada than automobile accidents. Over 4,000 Canadians die by suicide every year, which averages to 11 per day. One-third of Canadians aged 15 or older who require mental health care report that their needs are not fully met. Additionally, 75 percent of children with mental disorders lack access to specialized treatment services. Mexico is a culturally, socially, and economically diverse country with more than 120 million population. While it is considered a medium-high-income country according to World Bank criteria, inequality remains one of its main problems. Many people experience economic insecurity, leading to despair, fear, and helplessness. Thus, mental disorders have become a major public health issue, with depression being the leading cause of healthy years of life loss (affecting 6.4% of the population). According to the "Yo Quiero, Yo Puedo" organization, more than half of those suffering from depression do not receive any treatment in Mexico. It is estimated that 16 young people between the ages of 12 and 24 take their own lives every day, making suicide the second most common cause of teenage deaths in the country. In Mexico, 30% of medical residents experience depression, 14% of suicides occur among youth aged 10-19, and 54% of work absenteeism is attributed to depression. In conclusion, the prevalence of mental health issues in North America, including the United States, Canada, and Mexico, is a significant concern with far-reaching impacts. The economic burden of mental illness is substantial, affecting healthcare costs, productivity, and overall quality of life. The high rates of mental illness, coupled with limited access to specialized treatment services, underscore the urgent need for increased awareness, improved insurance coverage, and enhanced support systems to tackle the escalating mental health crisis in the region. This, ample the need for mental health treatment in the region, further propelling the growth of the mental health market over the projected period.

Report Scope of the Mental Health Market:

Segment Covered

The report on global mental health market covers segments such as disorder, service, and age group. On the basis of disorder, the sub-markets include schizophrenia, post-traumatic stress disorder, anxiety & depression, bipolar disorder, alcohol use disorders, eating disorders, substance use disorders, and others. On the basis of service, the sub-markets include inpatient treatment services, residential treatment services, outpatient treatment services, mental health services, and others. On the basis of age group, the sub-markets include pediatric, adult, and geriatric.

Companies Profiled:

The report provides profiles of the companies in the market such as Acadia Healthcare, Universal Health Services, Inc., CareTech, Vita Health Group, Rogers Behavioral Health, Embark Behavioral Health, Behavioral Health Network, Inc., Promises Behavioral Health, Atrium Health, and Pyramid Healthcare Inc..

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the mental health market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.