Some countries are investing in innovative digital services and by appointing more mental health professionals this will create a positive impact over the period.
PORTLAND, OR, USA, September 20, 2021 /EINPresswire.com/ – Mental health is a state of psychological well-being or the absence of any mental illness. It refers to the psychological level of functioning of an individual at an appropriate level of behavioral and emotional adjustment. The disturbance or imbalance of this mental state results in the prevalence of disease or mental disorders. Mental illness can cause abnormal behavior and unusual thoughts and feelings over a period of time, which causes emotional or physical distress or impairment.
The mental health market size was valued at $ 383.31 million in 2020 and is expected to reach $ 537.97 million by 2030, growing at a CAGR of 3.5% from 2021 to 2030.
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North America was the largest shareholder in the global mental health market in 2020, due to its well-established health care infrastructure, increasing adoption of mental health services, increasing the geriatric population and the increasing prevalence of mental illnesses. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, due to increased health awareness, health infrastructure development and increased number of hospitals equipped with state-of-the-art medical facilities.
The major factors contributing to the growth of the market include increasing funding by private and government organizations for mental health treatment and increasing areas of service for mental disorders. The rise in awareness of the benefits associated with telehealth and telepsychiatry, particularly in developed countries, is driving key investments directed to these platforms. However, increasing cost of mental health and addiction programs is expected to hamper the growth of the market. Conversely, unmet medical needs in emerging countries are expected to provide a lucrative opportunity in the mental health market.
On the basis of the disorder, the global mental health market is divided into Schizophrenia, Alcohol Use Disorder, Bipolar Disorder, Depression, Anxiety, Post Traumatic Stress Disorder, Substance Abuse Disorder, Substance Abuse Disorder diet and other disorders. The depression segment was the main contributor to revenue in 2020 and is expected to remain dominant during the forecast period. This is attributed to the growing number of cases of anxiety, depression and suicide which have heightened concerns about mental health around the world.
By services, the global mental health market is divided into emergency mental health services, outpatient counseling, home treatment services, inpatient treatment services, and other services. The inpatient hospital treatment services segment dominated the market in 2020 and is expected to continue this trend during the forecast period. This is attributed to the increase in the incidence of mental illnesses, the increase in the number of patients and the large number of patients who are deploying mental health solutions to improve personal care.
According to the age group, the global mental health market is separated into pediatrics, adult and geriatrics. The adult segment dominated the market in 2020 and is expected to maintain its lead during the forecast period.
Main conclusions of the study
• By disorder, the depression segment was the largest contributor to the mental health market in 2020.
• By services, inpatient treatment services were the largest contributor to the mental health market in 2020.
• By age group, the adult segment is expected to grow at a significant CAGR of 3.9% from 2021 to 2030.
• By region, North America generated the largest share of revenue in 2020, while Asia-Pacific is expected to grow at the highest CAGR during the review period.
Access the full report: https://www.alliedmarketresearch.com/mental-health-market-A11770
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