The global behavioral health market size is expected to be worth around US$ 242 billion by 2027 and poised to grow at a CAGR of 5.02% over the forecast period 2021 to 2027.
The global behavioral health market size is expected to be worth around US$ 242 billion by 2027 and poised to grow at a CAGR of 5.02% over the forecast period 2021 to 2027.
Growth Factors
Mental health disorders such as depression, anxiety, substance abuse, and mental illness are among the major reasons behind the disability and distress of the population. The surging prevalence of various mental disorders among the global population is fostering the growth of the global behavioral health market. According to the Mental Health Foundation, the severe cause of growing medical concerns is the mental health disorders. The growing awareness among the population pertaining to the mental health and mental fitness is significantly driving the growth of the behavioral health market. The increased self-awareness coupled with the increasing healthcare expenditure is propelling the demand for the behavioral health products and services across the globe.
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Report Highlights:
- Based on the disorder type, anxiety disorder segment dominated the global behavioral health market. The increased awareness about anxiety disorders and the easy availability of the antidepressants are the major factors that have driven the growth of the anxiety disorder segment.
- Depending on the service type, the home based treatment services segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rising preferences for the home care services. Moreover, the availability of numerous service providers who offers home based treatment services at an affordable cost is fueling the growth of this segment.
- Based on the application, the outpatient segment dominated the market. In outpatient services, the patient is allowed to return back to home after the therapy. The increased conveniences associated with the outpatient services has fueled its demand.
- North America dominated the global behavioral health market. The rising prevalence of anxiety disorders among the population and increased healthcare expenditure are the major drivers of the North America behavioral health market. The surging consumption of illicit drugs in the region is another major factor behind the market growth.
- Asia Pacific is estimated to growth at a significant pace during the forecast period. The rising awareness among the youth regarding the mental health, rising consumption of illicit drugs, improving access to healthcare facilities, and rising healthcare expenditure are several prominent drivers of the Asia Pacific behavioral health market. Furthermore, the rising government investments in the development of mental healthcare infrastructure is supporting the market growth in the region.
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Future of Behavioral Health Market
The ongoing developments and advancements in the therapies like cognitive behavioral therapy and the various developmental strategies such as acquisitions, mergers, and partnerships adopted by the key market players are expected to have a positive and significant impact on the market growth in the foreseeable future. Moreover, the rising adoption of the digital platforms like telemedicine, mHealth, and telehealth platforms among the consumers and the healthcare providers is expected to exponentially drive the growth of the global behavioral health market in the forthcoming years.
COVID-19 Impact Analysis:
- COVID-19 resulted in the increased level of unemployment across the globe and this resulted in low income levels. This increased the prevalence of anxiety and depression among the population and hence has fostered the growth of the behavioral health market.
- The proliferation of digital technologies has boosted the adoption of eHealth platforms among the population, which became an important platform for receiving the consulting services from the physicians for the treatment of mental health.
Key Developments in the Marketplace:
- In January 2021, Talkspace and Hudson Executive Investment entered into a merger agreement with an aim to grow and improve the services related to behavioral health.
- In May 2020, Limbix received around US$ 9 million in series A funding, which will be utilized to develop digital therapeutics for the teens who are suffering from depression.
- In December 2020, Integrated Behavioral Health, Inc. completed the acquisition of HMC Healthworks to expand its portfolio.
Key Players
Some of these players include Universal Health Services, Inc., North Range Behavioral Health, Magellan Health Inc., National Mentor Holdings Inc., Behavioral Health Network Inc., Behavioral Health Services Inc., Seton Healthcare Family, Acadia Healthcare Co. and Beacon Health Strategies amongst others.
Market Segmentation
By Service Type
- Home-Based Treatment Services
- Outpatient Counselling
- Emergency Mental Health Services
- Inpatient Hospital Treatment
- Intensive Care Management
By Disorder Type
- Bipolar Disorder
- Anxiety Disorder
- Depression
- Post-Traumatic Stress Disorder
- Eating Disorder
- Substance Abuse Disorder
- Others
By End-Users
- Outpatient Clinics
- Hospitals
- Rehabilitation Centers
- Homecare Setting
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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