Behavioral Health Market - COVID-19 Outbreak and Ballooning Influence of Virtual Health to Bring Expansive Growth Opportunities for Market
The forecast period of 2019-2029 can prove to be the most bankable era for the behavioral health market with the COVID-19 outbreak being the main aspect of growth. The SARS-CoV-2 pandemic has resulted in tremendous loss across the globe with high transmission and fatality rates. The novel coronavirus disaster has affected the global populace mentally and emotionally.
Stress and anxiety are creeping up more than ever among the people due to unemployment and the fear of catching COVID-19. This has led to many people opting for psychological help. Therefore, this aspect may benefit the behavioral health market greatly.
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Behavioral Health Market Expanding on Grounds of Virtual Treatment
The behavioral health market may benefit from the virtual front to a great extent. Due to COVID-19 pandemic, venturing out and going to a clinic has become risky. Therefore, the demand for virtual treatment is increasing on a large scale. Here are some developments that highlight the growing potential of virtual treatment in the behavioral health market.
- A latest Accenture report recently found that the use of virtual behavioral health could expand treatment for more than 53 mn Americans suffering from behavioral health issues; these developments may assure good growth for the behavioral health market
- Centene Corporation recently expanded a behavioral health partnership with Quartet across 32 states in the U.S.
- Doctor On Demand, a telemedicine company raised $75 mn in series D financing led by General Atlantic to invest in its virtual primary care and behavioral health platform.
The sudden lockdown imposed by various countries to tackle the growing transmission of COVID-19 pandemic has taken a toll on the mental health of many individuals. Rising unemployment levels, anxiety issues, loneliness, stress, and financial instability caused due to the lockdown measures have resulted in deteriorating mental health issues.
While consultations in person pose risks due to the growing transmission risks, the rise in the use of telehealth for mental consultations is gaining considerable momentum. Children are also said to be affected greatly due to lockdown measures. An atmosphere of panic and negativity surrounding them due to the pandemic are serving as vital components. Considering all these factors, it may be feasible to conclude that issues related to mental health are at a historical high.
North America and Europe may Emerge as Substantial Growth Contributors
From the geographical angle, North America and Europe may bring considerable growth for the behavioral health market due to the growing cases of the novel coronavirus in the regions. Asia Pacific may also acquire a good share due to the escalating need for behavioral health services.
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