What is Mental Health?
Mental health refers to a person’s overall psychological well-being and encompasses their emotional, psychological, and social well-being. It affects how people think, feel, and behave in their daily lives. Good mental health allows a person to lead a fulfilling life, cope with the normal stresses of life, work productively, and contribute to their community.
Mental health conditions, such as depression, anxiety, and bipolar disorder, can disrupt a person’s daily life and cause significant distress. Treatment for mental health conditions may include therapy, medication, and lifestyle changes.
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Mental Health Market
The global mental health market was valued at $383.31 billion in 2020, and is estimated to reach $537.97 billion by 2030, growing at a CAGR of 3.5% from 2021 to 2030.
North America was the largest shareholder in the global mental health market in 2020, owing to its well-established healthcare infrastructure, the surge in adoption of mental healthcare services, increase in geriatric population, and rise in prevalence of mental diseases.
However, Asia-Pacific is anticipated to register the highest CAGR during the forecast period, owing to increase in health awareness, development in healthcare infrastructure, and rise in number of hospitals equipped with advanced medical facilities.
- CAGR: 3.5%
- Current Market Size: USD 383.31 Billion
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time: 2021 – 2030
- Base Year: 2021
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The global mental health market is growing due to increasing prevalence of mental health disorders, growing awareness about mental health, and advancements in technology. The market includes various products and services such as psychotherapy, psychiatric drugs, and behavioral health software, tele therapy, and self-care apps. The market players include pharmaceutical companies, behavioral health technology companies, hospitals, and clinics.
Depending on age group, the global mental health market is segregated into a pediatric, adult, and geriatric. The adult segment led the market in 2020, and is anticipated to maintain its lead during the forecast period.
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Mental Health Market Key Players-
Here are some key players in the mental health market:
- Johnson & Johnson: This pharmaceutical company produces a range of psychiatric medications, including the antipsychotic drug Risperdal and the antidepressant drug Prozac.
- Pfizer: This pharmaceutical company produces several psychiatric medications, including the antidepressant drug Zoloft and the antipsychotic drug Geodon.
- Eli Lilly and Company: This pharmaceutical company produces several psychiatric medications, including the antidepressant drug Cymbalta and the antipsychotic drug Zyprexa.
- Medtronic: This medical device manufacturer produces the NeuroStar Advanced Therapy System, a non-invasive brain stimulation device for the treatment of depression.
- Headspace: This digital health company provides a meditation app that is designed to help users manage stress and improve their mental health.
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