Behavioral Health Market: Emergence of Telepsychiatry and Technologically-advanced Tracking Measures to Augment Growth

Behavioral health diagnoses expanded over the past decade as a larger number of youngsters cope with mental health disorders and issues such as substance abuse. With the increasing burden of fast-paced lifestyles, along with increasing incidences of mental health issues, the burden and magnitude of behavioral health concerns continues to escalate. According to WHO, around 800,000 suicidal deaths are witnessed every year. Such scenarios are raising alarming concerns pertaining to public health, thereby driving the behavioral health market growth.

Some part of the rise in behavioral health diagnoses may stem from the growing access to mental health services witnessed, especially in developed countries. Such initiatives are becoming the need of the hour to administer improved behavioral healthcare and push the prospering behavioral health market even further. Transparency Market Research (TMR), in its recently presented study on the behavioral health market, unravels the essentials of the industry, closely emphasizing indications that showcase key developments in the market.

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Behavioral Health Market: Mapping the Evolutionary Path

Mental health and substance abuse issues in adolescents have become a pivotal societal concern. While behavioral health has gained stronger footing in current times, its acceptance gained prominence in the 20th century. The origin of the mental hygiene movement led to the establishment of the National Commission of Mental Hygiene in 1909. From 1919 onwards, internationalization of the activities of this Commission directed the establishment of some national associations pertaining to mental hygiene. According to studies, suicide rates rose steadily from 1999 to 2014, and major depression gained prevalence from 2005 onwards.

Certain developments could be perceived along the evolutionary path after around half a century of mental health and a century of mental hygiene movements. Social stigma attached to mental illness appeared to stimulate efforts directed at social control. Behavioral health concerns are snowballing beyond imagination, in wake of which, the market is likely to generate a revenue of ~ US$ 200 Bn in 2019. Rising behavioral health issues coupled with increasing measures implemented to tackle the same are expected to manifest growth opportunities for behavioral health market players.

Impact of Undercurrents on Behavioral Health Market

Telepsychiatry Model to Help Address Behavioral Health Concerns

Expanded reach and the upward growth trajectory of telepsychiatry models remain sturdy. As telemedicine continues to offer new opportunities to access in healthcare, behavioral health has experienced the most positive impact. Telepsychiatry plays a vital role in enhancing the perspective on critical psychiatric professional shortages, and in aligning with the progressing demand of value-based care and changing consumer expectations.

Outcome Tracking to Emerge as a Pivotal Measure

Outcome tracking is enabling behavioral health professionals and service providers to better address the growing concerns of these diseases. Outcome tracking measures, including sobriety, service delivery, physical health, continuing care, and quality of life, could be used across the industry to aid treatment centers in validating their quality, thus emerging as a key factor influencing the market.

Growth of Technology-driven Care

Deep analytical dives are capable of revealing clinical opportunities for quality improvement, and the data would be integral to the seamless upcoming shift towards lower-cost outpatient care and value-based payment models. Technology-driven care includes the use of digital platforms and telehealth, helping healthcare teams expand in shortage areas to address the consumer need for convenience.        

Although behavioral health is expected to witness rapid developments, the number of treatment and rehabilitation centers and the presence of healthcare providers is limited only to urban areas, despite the growing need in semi-urban and rural areas. Limited access to behavioral healthcare could impede market growth. Additionally, as individuals are reluctant to discuss behavioral health issues openly, it signifies the need for proper counselling.

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Behavioral Health Market: Strategies Driving Competitors on Success Path  

Improve Access to Behavioral Healthcare

Although there is the high need and urgency for behavioral health services, patient adherence remains low. Increasing incidences of behavioral health issues require better and improved access to treatment and counselling. This has focused competitors’ attention towards collaborations and joint ventures to set up or acquire care facilities. Health systems are directing investments towards a variety of specialized emergency services, which include holding units, telepsychiatry, and behavioral health-specific emergency units.

Compete with Low-cost Service Providers

Skyrocketing healthcare costs continue to haunt individuals dealing with health challenges. The cost of behavioral healthcare provided by leading service providers continues to remain high. However, as there is an increasing preference for affordable care by individuals and patients, behavioral health market players aim to compete with low-cost service providers in a bid to capture a larger consumer base. Adopting a collaborative care model encompassing behavioral health services in primary care is likely to showcase positive financial return on investment, and is also supported by reimbursements.

Expand Services in Developing Countries

Key players are engaged in the development of new facilities and expansion of services for behavioral health. Strategies such as acquisitions and collaborations to establish a presence in untapped markets and acquire facilities are being incorporated by leading behavioral health market competitors. A number of strategies put to action across developing countries, particularly in Asia Pacific economies, in a bid to improve the approach to address behavioral health issues, are likely to offer growth opportunities for competitors.

Analysis of the Competitive Landscape

In May 2018, Acadia Healthcare and Saint Thomas Health signed a joint venture agreement for the expansion and enhancement of access to behavioral healthcare in Tennessee. This partnership included the establishment of a new psychiatric inpatient hospital at Metro Center in Nashville, covering 36 geriatric psychiatric beds and 40 adult psychiatric beds.

In March 2019, BlueMountain Capital Management announced the launch of a new national behavioral health platform—Promises Behavioral Health, which would initially operate 12 programs and facilities across seven states to offer a comprehensive range of treatment options for sexual addiction, substance abuse, eating disorders, trauma, and other mental health disorders, along with programs for veterans.

The global behavioral health market is highly fragmented, with the presence of a number of large-scale organizations and individual service providers. Although there are organized key players operating in this market, a majority of the market is serviced by individual practitioners and small-scale regional players. Leading companies are also acquiring hospitals and similar healthcare facilities in an attempt to expand their consumer reach.

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Analysts’ Perspective of the Behavioral Health Market

The prevalence of behavioral health disorders has increased in the past few years, owing to which, TMR analysts hold a positive perspective of the market. Surge in awareness about the benefits associated with telehealth and telepsychiatry, especially in developed countries, is resulting in key investments directed towards these platforms. The absence of stringent regulations for practicing behavioral health services by individual practitioners has resulted in a large number of healthcare service providers in expanding their operations to offer behavioral health services. New entrants could emphasize on fast-growing trends, including telepsychiatry, to reap profits. Government initiatives for mental illness are likely boost the growth of the global behavioral health market, offering expansion opportunities for market competitors. The presence of numerous behavioral health service providers in developed markets remains high. However, there is an unmet gap witnessed between the number of patients and behavioral health service providers in developing and underdeveloped markets. Owing to this, developing countries, particularly in Asia Pacific, which are expected to exhibit high growth, could offer business opportunities for behavioral health market players.

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  • According to Transparency Market Research’s latest market report on the global behavioral health market for the historical period of 2017–2018 and forecast period of 2019–2027, rise in the demand for behavioral health services and increase in the adoption of telepsychiatry are the key factors projected to boost the growth of the global behavioral health market.
  • According to the report, the global behavioral health market was valued at ~ US$ 196 Bn in 2018, and is anticipated to expand at a CAGR of 2.4% during the forecast period of 2019 to 2027.

Rise in Demand for Behavioral Health Services: A Key Driver

  • Behavioral health services comprise mental health, alcohol & substance abuse, depression, anxiety, post-traumatic stress disorder, schizophrenia, and eating disorder services.
  • Rise in the number of adults, children, and elderly people with serious mental illnesses leads to an increase in the need of behavioral health services.
  • Another key factor likely to drive the demand for these services is the rise in mental health issues due to stress, peer pressure, and social & economic hardships. Moreover, a negative work environment can lead to mental health problems.
  • Behavioral health services play an important role in tackling the ever-increasing burden of mental illness.
  • Rise in the acceptance of mental health services is anticipated to boost the growth of the global behavioral health market.

Government Initiatives

  • Government agencies across the globe have taken a number of initiatives to tackle the problem of mental health.
  • In 2017, the Centers for Medicare and Medicaid introduced the psychiatric Collaborative Care Model (CoCM) and Behavioral Health Integration (BHI) under the Chronic Care Management (CCM) services initiative.
  • Anxiety, depression, and drug abuse are the major threats to the growth of developed as well as developing economies across the globe.
  • Government initiatives for mental health in countries across the globe are anticipated to fuel the growth of the global behavioral health market.

Limited Access to Behavioral Health Services Restrains Market

  • In developing countries in Asia Pacific, depression and anxiety are common mental health problems that directly affect families, social wellbeing, and economic development on a major scale.
  • Mental disorder treatment centers, rehabilitation centers, and other healthcare providers are limited only to urban areas, despite an increase in their need in rural and semi-urban areas.
  • Less number of healthcare professionals is one of the major barriers for access to mental health services in India.
  • According to the WHO, in 2014, the number of psychiatrists and nurses per 100,000 population was 0.3 and 0.12, respectively, in India.

Global Behavioral Health Market: Competitive Landscape

  • This report profiles major players in the global behavioral health market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
  • The global market is moderately fragmented, with the presence of a large number of players in regional markets.
  • Major service providers in the global behavioral health market include
    • The MENTOR Network
    • Acadia Healthcare
    • Universal Health Services, Inc.
    • CareTech Holdings plc
    • Behavioral Health Network, Inc.
    • North Range Behavioral Health
    • Strategic Behavioral Health
    • Ascension Seton
    • Pyramid Healthcare
    • Promises Behavioral Health.

Global Behavioral Health Market: Key Developments

Key players in the global behavioral health market engage in the development of new services for behavioral health, and merger & acquisition, joint venture, and partnership agreements. These strategies by service providers are likely to drive the global behavioral health market. Some developments in the global behavioral health market are:

  • In May 2019, Universal Health Services, Inc. and MercyOne Central Iowa established a new 100-bed behavioral health facility in lowa. This enabled the company to provide high quality services for behavioral health.
  • In January 2019, Ascension Seton acquired Little River Healthcare. This acquisition includes primary and specialty care clinics around Central Texas.
  • In July 2018, Pyramid Healthcare entered into a partnership agreement with WaldenSierra. This enabled Pyramid Healthcare to expand its services to Maryland.
  • In May 2018, Acadia Healthcare formed a joint venture with Saint Thomas Health to expand and improve access to behavioral healthcare in Nashville, Tennessee. Additionally, this partnership expanded the capabilities of the company to meet the growing behavioral health needs of local communities.

In the global behavioral health market report, we have discussed individual strategies, followed by company profiles of providers of behavioral health services such as mental health, eating disorders, schizophrenia, depression, and anxiety. The ‘Competitive Landscape’ section has been included in the report to provide readers with a dashboard view of the key players operating in the global behavioral health market.

TMR’s recent study on the behavioral health market provides readers an overall market outlook with the help of comprehensive assessment of the global industry. The TMR report on the behavioral health market evaluates the landscape in terms of the historical and current market situation, and offers a forecast for the period of 2019-2027. Readers are able to make long-term decisions pertaining to their business with the help of the key findings and exclusive behavioral health market insights included in the market study. TMR’s study also offers an evaluation of the key behavioral health market dynamics that are expected to impact the market in the foreseeable future. The behavioral health market study also offers a thorough understanding of the key industry trends and developments made by behavioral health market players. The TMR report is bifurcated into key sections, which allows readers to gain an individual understanding of the behavioral health market.

Key Questions Answered in the Study on Behavioral Health Market

  1. How much revenue is the behavioral health market expected to generate by the end of 2027?
  2. What are the key factors that are likely to drive the growth of the behavioral health market in the next five years?
  3. Which geographies are likely to offer profitable avenues for behavioral health market players?
  4. Which behavioral health market segment is expected to generate the highest revenue by 2027?
  5. What are the key strategies incorporated by key behavioral health market competitors in order to expand their market presence?

The first section in the TMR report on the behavioral health market begins with a preface that provides a concise market glance, including its definition and scope of the study. This chapter discusses the research objectives and market highlights that allow audiences to gain a holistic market outlook. Following this chapter is the executive summary that highlights the behavioral health market aspects covered in the study. The next chapter in the behavioral health market study is the market overview that provides a glance into the market with respect to the key behavioral health market dynamics such as growth drivers, potential opportunities, and restraining factors.

The next section includes an overview of the global behavioral health market analysis and forecast in terms of volume and value. Along with market projections, this section also includes Porter’s Five Force Analysis. Following this is the market outlook that discusses the regulatory scenario in different regions, along with the global reimbursement scenario. Key industry events and epidemiology overview, and other such vital insights are included in this chapter of the behavioral health market report. Following this is a detailed segmentation analysis of the behavioral health market. The assessment involves the division of the behavioral health market on the basis of disorder, service, and region. The analysis of key segments in the behavioral health market, year-on-year growth projections, and basis point share analysis included in the report further helps readers recognize lucrative areas.

The TMR report on the behavioral health market offers an evaluation of the regional landscape of the market. Regional assessment helps market players make strategic decisions pertaining to their investments and expansion. Country-level and segment-wise analysis of individual regions helps readers of the behavioral health market report to evaluate the potential of the market in individual geographies. Supported by year-on-year growth projections, and global value and volume share, this chapter is an essential part of the report on the behavioral health market.

The report on the behavioral health market offers a holistic competitive assessment with details of the leading market players. This section elaborates the nature of the behavioral health market with the help of the market share held by leading, emerging, and new players. The unique dashboard view of the players in the behavioral health market report allows readers to understand the strategies implemented by key players and their performance in the behavioral health market, featuring focus areas of the behavioral health market players. The competitive structure of key players in the behavioral health market is also offered in the study.

Research Methodology

The TMR study on the behavioral health market is based on a detailed evaluation of the market, with the inclusion of comprehensive primary and secondary research. Thorough assessment of the behavioral health market in terms of the competitive landscape is supported by individual-level analysis of various aspects related to the market. An evaluation of the historical and current global market for behavioral health, focusing on key market segments, major regions, growth drivers, and other qualitative inputs, help TMR’s analysts derive crucial predictions and a forecast analysis for the behavioral health market. Clients can access the behavioral health market report to gain a forecasted market analysis for the period of 2019–2027.

Global Behavioral Health Market Taxonomy

Disorder

Depression

Anxiety

Schizophrenia

Bipolar Disorder

Alcohol Use Disorders

Substance Abuse Disorders

Eating Disorders

Post-traumatic Stress Disorder (PSTD)

Others

Service

Inpatient Hospital Treatment Services

Outpatient Counselling

Emergency Mental Health Services

Home-based Treatment Services

Others

Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa