Massive application of digital systems such as telehealth and the launching of new modes of treatment for behavioral health will boost the growth of the global behavioral health market.
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Allied Market Research published a research report on the global behavioral health market. The findings of the report state that the global market for behavioral health generated $41.7 billion in 2021, and is projected to reach $66.6 billion by 2031, witnessing a CAGR of 4.7% from 2021 to 2030. The report offers valuable information on changing market trends, key segments, key investment pockets, and the competitive landscape for market players, shareholders, investors, and new entrants.
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Onkar Sumant, the Manager for Life Sciences at Allied Market Research, stated, “The factors that drive the growth of the global behavioral health market include an increase in the prevalence of destructive behavior, increase in a number of substance abuse and increase in the demand for behavioral health services. However, the availability of alternative health therapies for behavioral disorders and the high cost of service associated with behavioral healthcare is negatively impacting the market growth. Conversely, the introduction of telehealth for behavioral health care offers lucrative opportunities for the growth of the market.”
The report offers an extensive analysis of drivers, restraints, and opportunities to help market players in determining strategies based on driving forces and tap into new opportunities. Massive application of digital systems such as telehealth and the launching of new modes of treatment for behavioral health will boost the growth of the global behavioral health market. Nevertheless, the easy availability of substitute health treatments for behavioral health diseases along with the huge costs of behavioral healthcare services will hinder the growth of the global market. However, the launching of telehealth solutions for behavioral health has generated new opportunities for growth for the global industry.
The research provides detailed insights regarding the Covid-19 pandemic along with its impact on the behavioral health market across the globe. The outbreak of COVID-19 severely affected the operations of behavioral healthcare units and patients taking treatment at these units, thereby impacting the expansion of the global behavioral health market. Nevertheless, with the growing occurrence of behavioral issues among people the global market managed to recover after some time after the COVID-19 outbreak.
The report offers an extensive analysis of segments of the global behavioral health market based on disorder, service, age group, and region. Based on the disorder, the substance abuse disorders segment accounted for the largest share of the global behavioral health market in 2021, contributing nearly three-fourths of the overall market share, and is expected to continue its domination during the forecast period. However, the eating disorders segment is also estimated to register the highest CAGR of 5.9% from 2022 to 2031.
On basis of service, the inpatient hospital treatment services segment held the highest market share in 2021, holding more than two-fifths of the global market share, and is expected to retain its dominant position during the forecast period. However, the emergency mental health services segment is projected to register the highest CAGR of 6.1% from 2022 to 2031.
In terms of the age group, the adult segment held more than half of the overall behavioral health market share in 2021 and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 5.1% throughout the forecast period. The report also covers other segments including pediatric and geriatric segments.
Region-wise, the North American continent contributed to the highest share of the global behavioral health market in terms of revenue in 2021, accounting for nearly three-fifths of the overall market share, and is estimated to continue its domination by 2031. However, the Asia-Pacific region is projected to record the fastest CAGR of 5.6% during the forecast timeline.
Major players included in the global behavioral health market report include Strategic Behavioral Health LLC, Ascension, Behavioral Health Services Inc., Caretech Holdings PLC, Behavioral Health Network Inc., Civitas Solutions Inc., Core Solutions Inc., Acadia Healthcare, Elevance Health, Inc., Centene Corporation, North Spring Behavioral Healthcare, Oracle Corporation, Promises Behavioral Health, Pyramid Healthcare Inc., Bright Harbor Healthcare, Universal Health Services Inc., and Welligent Inc.
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