According to the new market research report “Behavioral Health Market – Impact of COVID-19 on the Health Industry, Global Forecast to 2027 â³, published by Precedence Research, the global behavioral health market is expected to reach USD 242 billion by 2027, at a healthy CAGR of 5 .02% over the forecast period. The report contains over 150 pages with detailed analysis.
The term behavioral health is still used in the context of mental health, well-being and resilience. Behavioral health status is always funded, structured, studied, and licensed differently from other health issues. Many behavioral health effects also have an impact on the physical health of individuals. It is observed that many patients with mental illness are also prone to suffer from other chronic diseases like high blood pressure, asthma, diabetes, heart disease. Diagnosis followed by treatment is essential to avoid further complications. The burden of mental illness affects both the economy of individuals and the country. Such behavioral health conditions also adversely affected physical and community health. Today, the cost of treating patients with mental illness is staggering. Psychological distress considered to be one of the major causes of behavioral health problems.
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Highlights of the report
- The home treatment services segment is expected to grow at the highest CAGR during the forecast period.
- Outpatient clinics are expected to occupy the largest market share in 2020.
- According to WHO estimates, approx. 240 million people with anxiety and depression and 450 million people with neurological disease worldwide.
- According to the Economy Intelligence Unit (EIU) study, by 2030, India and China will suffer a significant loss of $ 1 trillion due to behavioral diseases.
- Most Common Anxiety Disorders in the United States About 18% of the American population suffers from anxiety. Only 36% of the total people affected received treatment.
- Current use of artificial intelligence and cognitive system for data collection and treatment of different behavioral diseases.
- The United States and Europe occupy the largest market share for the behavioral health market. The main cause is the penetration of artificial intelligence followed by rapid technological advances in the field of health.
|Highlights of the report||Details|
|Market size||$ 242 billion by 2027|
|Rate of growth||5.02% CAGR From 2020 to 2027|
|Year of reference||2020|
|Historical data||2017 to 2020|
|Forecast period||2020 to 2027|
|Covered segments||Service, Trouble, End Users|
|Regional scope||North America, APAC, Europe, Latin America, MEAN, Rest of the world|
The snowballing acceptance of behavioral health software, government initiatives to inspire EHR adoption in behavioral health organizations, securing government funding, promising behavioral health transformations in the United States United and the high demand for mental health services among the shortage of providers are the few crucial influences that are purring the growth of this market. Behavioral health is becoming a major concern these days. The major factors responsible for the growth of the behavioral health market are the growing social awareness of the public. In addition, many NGOs (non-governmental organizations) are actively working for the awareness and well-being of mental patients around the world. For example, the MIND Foundation, an NGO based in Europe, works, supports and educates on mental illness.
In addition, the public acceptance and rapid adoption of behavioral health software and services are also helping to promote the growth of the behavioral health market. In addition, the availability of public funding further helps stimulate the market for behavioral health products and services. However, a region with less urbanization or limited access is one of the major concerns limiting the growth of the market. Technological advancements in the penetration of 5G, artificial intelligence, and telehealth tools in the healthcare industry will bring tremendous growth opportunities in the behavioral health market.
Despite behavioral health, demand is high in the global market, especially in regions like North America and Europe. Europe contributes as the second largest consumer of behavioral health products. The aging of the population and urbanization are the main growth factors of the European market. The anxiety and depression segment itself has acquired over 40% of the European behavioral health market. According to Asian Hospital and Healthcare Management, behavioral health disorders are the prevalent problem in the Asia-Pacific region. Australia and Singapore, less than half of these patients receive medical care, followed by India and China where only a tenth of the patients receive medical care.
Key players and strategies
Following a well-recognized and established business, many new startups from different regions unlock working days when the consumer needs them. It is estimated that due to the corona pandemic, various companies have seen the market growth increase. For example, Wysa, an India-based behavioral health company, claimed to have seen a 94% growth in the number of new users from February to June 2020. These companies provide better health to the customer by providing digital platforms and advice. in line. Additionally, again Indian behavioral health company Trijog claims to have experienced 60% revenue growth from April to July 2020.
With the increase in cases of behavioral health problem, many companies are offering an advanced product design. These products benefit patients to curb behavioral health issues. In addition, many new companies are entering the global competition to challenge the global behavioral market.
Some of the prominent players in the behavioral health market include:
- Acadia Healthcare Co.
- Universal Health Services, Inc.
- Magellan Health Inc.
- National Mentor Holdings Inc.
- Behavioral Health Services Inc.
- Behavioral Health Network Inc.
- North Range Behavioral Health
- Seton Healthcare Family (Ascension Health)
- Oceanic mental health services
- Flagship health strategies
Segments covered in the report
This research report estimates the revenue growth at the global, regional and country level and offers an analysis of the current industry trends in each sub-segment from 2016 to 2027. This research study analyzes the market extensively by classifying the Global Behavioral Health Market report on the basis of different parameters including service type, disorder, end user and region:
By type of service
- Home treatment services
- Outpatient consultation
- Emergency mental health services
- Hospital treatment in a hospital setting
- Intensive care management
By type of disorder
- Bipolar disorder
- Anxiety disorder
- Post-traumatic stress disorder
- Eating disorder
- Substance abuse disorder
By end users
- Outpatient clinics
- Rehabilitation centers
- Home care environment
By regional perspectives
- North America
- The rest of europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC countries
- North Africa
- South Africa
- Rest of Middle East and Africa
Why buy this report?
The goal of Precedence Research’s Behavioral Health Market Research is to provide stakeholders with a detailed picture of potential obstacles and untapped opportunities. The report contains proprietary information to help companies make informed decisions on how to maintain growth throughout the assessment period.
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