Increasing Concerns over Mental Health to Propel Global Behavioral Health Market
The global behavioral health market is riding high on the back of increasing cases of depression and other mental health-related issues among people across the world. Nowadays, issues related to mental health and substance abuse have become a prominent reason for concerns. Teenagers and young adults are especially prone to these issues. With increasing awareness regarding mental health, the social stigma attached to mental illness has begun to wither away, creating new opportunities for the growth of behavioral health market, globally.
According to a report by Transparency Market Research (TMR), the opportunity in the global behavioral health market is considerably high, rising at a CAGR of 2.40% between 2019 and 2027. The increasing access to mental health services, especially in developed countries, is boosting this market significantly.
Depression to Lead Disorder Segment
Generally, disorders and services are the main parameters for the analysis of the global behavioral health market. Based on the disorder, depression, schizophrenia, anxiety, alcohol abuse, bipolar disorders, eating disorders, substance abuse, and post-traumatic stress disorder (PSTD) are the key segments of this market. Among these, the depression segment takes the center stage with over 300 mn people of all ages suffering from depression, worldwide. According to the WHO, every year, nearly 0.8 mn people commit suicide due to depression. The scenario is seemingly not going to change much in the near future and the depression segment will continue to lead the global market.
Based on the service, the worldwide behavioral health market is classified into the inpatient hospital treatment services, emergency mental health services, outpatient counseling, and home-based treatment services segments. The demand for outpatients counseling services is comparatively higher than other services among consumers and will remain so in the years to come. The cost-efficiency of outpatients counselling services and the privacy they offer to patients are the key factors behind the soaring demand for these services.
Europe to Retain Leadership
The global behavioral health market is also assessed on the basis of its regional spread. Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa are the prominent regions, where the behavioral market has reported its presence. Among these, Europe has acquired the dominant position on the back of the high prevalence of several types of mental disorders, such as depression, anxiety, and eating disorders. This regional market is likely to retain its position in the near future, thanks to the presence of an advanced medical and healthcare infrastructure.
Among other regional markets for behavioral health, Asia Pacific is expected to report a higher growth rate. The increasing incidence of substance abuse in this region is the main factor, supporting the growth of the Asia Pacific behavioral health market. Other regions, including North America, Latin America, and the Middle East and Africa will rise at a moderate pace in the years to come.
Leading Companies Focusing on Strategic Collaborations
The MENTOR Network, Universal Health Services Inc., Acadia Healthcare, Behavioral Health Network Inc., and CareTech Holdings Plc. are some of the key providers of behavioral health care services across the world. These players are concentrating actively on mergers, acquisitions, and partnerships to enhance their visibility in the global behavioral health market. For instance, recently, Universal Health Services Inc. formed a partnership with SoutheastHEALTH in order to strengthen their position. With this partnership, both the company hope to offer high-quality behavioral health services to their consumers.
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