Rise in the occurrence of mental disease including autism, depression, OCD, surge in awareness of stress management, and increase in awareness toward mental disorders drive the globalΒ mental health market. As per the report published by Allied Market Research, the global mental health market generated $383.31 billion in 2020, and is projected to reach $537.97 billion by 2030, manifesting a CAGR of 3.5% from 2021 to 2030. The report provides a detailed analysis of major drivers & opportunities, key segments, investment pockets, competitive landscape, and key players.
Mental health is a state of psychological wellbeing or an absence of any mental illness. It refers to an individual’s psychological level of functioning at a suitable level of behavioral and emotional adjustment. Disturbance or imbalance in this mental state drive the prevalence of mental illness or disorders. Mental illness can cause abnormal behavior and unusual thoughts and feelings for a certain period of time, which causes distress or emotional or physical impairment.
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COVID-19 scenario:
β’ COVID-19 is expected to exacerbate mental health symptoms or trigger relapse among people with prior mental health illnesses. This has fuelled the global mental health market.
β’ During the pandemic, countries invested in innovative digital and telecommunication solutions to make available more mental health professionals. This is expected to create a positive impact on the market.
β’ Lockdown, travel restrictions, and closure of clinics meant only emergency mental health services are made available.
The global mental health market is segmented on the basis of the disorder, age group, services, and region.
Segmentation Analysis of the Industry:
On the basis of disorder, the global mental health market is divided into schizophrenia, alcohol use disorders, bipolar disorder, depression, anxiety, post-traumatic stress disorder, substance abuse disorders, eating disorders, and other disorders. The depression segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to the growing cases of anxiety, depression, and suicide have increased concerns regarding mental health across the globe.
By services, the global mental health market is bifurcated into emergency mental health services, outpatient counselling, home-based treatment services, inpatient hospital treatment services, other services. The inpatient hospital treatment services segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in incidence of mental diseases, increasing patient pool and ample number of patients deploying mental health solutions to enhance self-care.
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.
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.
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Key Findings Of The Study
- By disorder, the depression segment was the highest contributor to the market in 2020.
- By services, the inpatient hospital treatment services was the highest contributor to the market in 2020.
- By age group, the adult segment is projected to grow at a significant CAGR of 3.9% from 2021 to 2030.
- By region, North America garnered largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.
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