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Growing cases of depression is a key factor driving mental wellness market revenue growth
— Emergen Research
VANCOUVER, B.C., CANADA, January 23, 2023 /EINPresswire.com/ — According to the most recent analysis by Emergen Research, the global market for mental wellness reached USD 401.31 billion in 2021 and is projected to grow at a revenue CAGR of 3.5% over the following five years. The primary element influencing market revenue growth is growing knowledge of mental diseases through education and activism for greater respect for human rights and less stigma.
The rise in post-pandemic trauma cases following COVID-19 is fueling the market’s expansion. Due to COVID-19, those with poor mental health experience a variety of problems, including greater incidence of Post-Traumatic Stress Disorder (PTSD) and stress eating. Furthermore, studies show that COVID-19 may worsen pre-existing symptoms or lead to a relapse in people who have a history of mental illness. COVID-19 survivors also frequently reported experiencing symptoms of anxiety, insomnia, and obsessive-compulsive disorder (OC). Since the start of the pandemic, there has been a rise in the prescription of antidepressants, intimate partner violence, and suicidal thoughts; as a result, there is an increasing need for mental health, which is anticipated to fuel market revenue growth.
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The market revenue growth is anticipated to be constrained by poor awareness in developing nations and a lack of specialists in the mental health workforce. The majority of people who need mental health treatment around the world do not have access to high-quality mental health services. The lack of resources, fragmented service delivery methods, stigma, and a lack of research capacity for policy reform are all contributing factors to the current gap in mental health treatment. Most primary care practises and low-resource areas in high-income countries (HICs) that integrate treatment of common mental disorders have historically relied on centralised psychiatric hospitals or clinics for the diagnosis and treatment of mental illnesses.
Some Key Highlights From the Report
The greatest revenue share in 2021 was provided for by the depression section. The most typical mental ailment is depression. The World Health Organization (WHO) estimates that 3.8% of the world’s population, including 5.0% of adults and 5.7% of people over 60, suffers from depression. There are 280 million depressed people in the globe. Due to an increase in occurrences of despair, anxiety, and even suicide, worries about mental health have spread throughout the world. The World Health Organization (WHO) estimates that 700,000 people die by suicide each year. Suicide is the fourth most common cause of death for people between the ages of 15 and 29. Depression is a complex mental ailment that can be brought on by serious medical disorders.
The segment’s revenue share with inpatient hospital treatment services was highest in 2021. The rise in patients, incidence of mental disorders, and the number of patients employing mental health therapies to enhance self-care are all contributing to the segment’s revenue growth. Due to a number of benefits, including the availability of round-the-clock care in both private psychiatric hospitals and the mental units inside regular hospitals, there is an increase in the demand for inpatient hospital treatment services. Psychiatrists are the main caretakers, however group therapists and psychiatric nurses also provide treatment.
In 2021, the adult segment’s revenue share was the highest. The likelihood of an adult having a mental disorder might rise due to a number of variables. For instance, stressful life circumstances like debt, losing a loved one, or getting divorced, long-term (chronic) illnesses like diabetes, traumatic brain injury that results from catastrophic accidents like concussions, and use of alcohol or illegal drugs are the main causes of various mental illnesses in adults, which is driving the segment’s revenue growth.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
Key Companies Profiled in the Report:
Acadia Healthcare, Sevita, Universal Health Services, Inc, Behavioral Health Network, Inc, CareTech, Pyramid Healthcare Inc., Promises Behavioral Health, Evernorth Health, Inc, Ascension, and SkillPath
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Segments Covered in this report are:
Disorder Outlook (Revenue, USD Billion; 2019–2030)
Depression
Anxiety
Schizophrenia
Substance use disorder
Bipolar disorder
Alcohol use disorder
Post-traumatic stress disorder
Eating disorder
Others
Service Outlook (Revenue, USD Billion; 2019–2030)
Emergency Mental Health Services
Outpatient Counselling
Home-based Treatment Services
Inpatient Hospital Treatment Services
Other Services
Age Group Outlook (Revenue, USD Billion; 2019–2030)
Adult
Geriatric
Teenager
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.
Radical Highlights of the Mental Wellness Market Report:
Comprehensive overview of the Mental Wellness market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Mental Wellness market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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