Behavioral health is related to a person’s general well-being and ability to deal with life’s challenges. Behavioral health problems have an impact on an individual’s physical and mental well-being. The global behavioral health market includes disorders like anxiety, depression, bipolar disorder, schizophrenia, substance use disorders, alcohol use disorders, post-traumatic stress disorder (PSTD), and eating disorders.
One in five people worldwide suffers from mental health issues. As per the World Health Organization, approximately 250 million individuals suffered from depression in 2020, including people of all ages. Depression is a key component of the worldwide disease burden. The increasing frequency of depression and other mental diseases, an expanding geriatric population, and increased public awareness about mental health are significant factors projected to propel the global behavioral health market forward.
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As per the United Nations, the global geriatric population is expected to exceed 1.5 billion by 2050. Moreover, escalating depression cases are leading to an increase in the incidence of suicides. Suicide is frequently caused by depression. It is reported that approximately 50% of those who attempt suicide have a mood disorder. As per the World Health Organization, annually, over 650,000 individuals commit suicide. As a result, rising rates of depression and suicide are expected to boost the worldwide behavioral health market.
Moreover, growing government efforts and investments in adopting digital technologies in the healthcare industry to enhance operational efficiency, patient care quality, and healthcare costs are likely to raise the sales of behavioral health market. Furthermore, a significant increase in the number of mental health awareness initiatives run by numerous non-profit and profit organizations is anticipated to assist the growth of the worldwide behavioral health market.
Additionally, the high intake of alcohol and the incidence of substance addiction is raising the number of instances of mental health disorders worldwide. The increased penetration of mental hospitals, growing investments in healthcare facilities, and the implementation of digital and smart technologies in the healthcare sector are expected to bolster the behavioral health market expansion during the forecast period. Moreover, the provision of home-based services is anticipated to boost demand for mental health treatments at home, which is projected to accelerate the growth of the global behavioral health market during the forecast period.
The global behavioral health market is estimated to exceed US$ 262 billion by the end of 2031, expanding at a CAGR of 2.6% from 2022 to 2031 (forecast period).
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Outpatient Counseling Segment to Witness Substantial Growth
The worldwide behavioral health market has been segmented by service type into outpatient counseling, inpatient hospital treatment services, home-based treatment services, and emergency mental health services. The outpatient counseling segment is expected to be the largest revenue generator in behavioral health market during the projected period. The benefits of outpatient counseling over inpatient treatment, such as a high level of privacy, low cost, and treatment-specific scheduling, are projected to fuel the segment.
Europe to Dominate Behavioral Health Market
Europe is projected to dominate the worldwide behavioral health market during the forecast period. The regional market is largely driven by an increase in the incidence of behavioral health problems such as anxiety and depression. Moreover, a spike in the number of alcohol abuse disorder and substance addiction cases is expected to fuel the regional market growth. Furthermore, the existence of significant competitors and activities such as collaborations, acquisitions, and the opening of new facilities are projected to boost the behavioral health market in Europe.
The behavioral health market in North America is expected to expand during the forecast period. Strategic initiatives such as opening new facilities and acquisitions are projected to propel the behavioral health market in North America.