Behavioral Health Market Size is projected to achieve USD 240 Billion by 2026, growing at a CAGR of 2.5% between 2019 and 2026, as reported by Acumen Research & Consulting
The rapid prevalence of anxiety disorders in the world is the primary factor boosting the worldwide behavior health market share. About 264 million people or 3.6% around the world, have anxiety disorders. Behavioral health is the scientific study of behaviors, emotions, and biology as they relate to a person’s mental well-being, ability to function in daily life, and sense of self. The term “behavioral health” refers to all factors that contribute to mental wellness, such as substances and their abuse, behavior, habits, and other external forces. Behavioral health treatments are ways of helping people with mental illnesses or substance use disorders. A person struggling with behavioral health may face depression, stress, grief, anxiety, addiction, ADHD, relationship problems, mood disorders, learning disabilities, or other psychological concerns.
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Impact of COVID-19 Pandemic on Behavioral Health Market Value
The impact of the COVID-19 pandemic has exacerbated pre-existing mental health issues. According to a recent behavioral health industry analysis, COVID-19 could lead to a 50% increase in the incidence of behavioral health conditions. According to a new Kaiser Family Foundation survey, 45 percent of Americans believe the COVID-19 crisis is affecting their mental health, while 19 percent believe it is having a “significant impact.” According to a recent Pew Research Center poll, 73% of Americans have felt insecure at least a few days per week after the pandemic began. As a result, there was a positive impact of COVID-19 pandemic on behavioral health industry
Global Behavioral Health Industry Dynamics
A growing number of behavioral and mental healthcare facilities are one of the important factors that are driving the behavioral health market revenue. Behavioral healthcare facilities/institutions provide assistance, medical therapy, or support to people who have a suspected or confirmed behavioral need. Incorporating behavior into health is an effective way to improve the outcomes of millions of people worldwide who are suffering from behavioral or mental health issues.
Increasing awareness of behavioral disorders is a major behavioral health market trend that is propelling the industry forward. The growing youth population, which is particularly vulnerable to these health issues, is driving up market demand. According to studies, the youth generation is heavily influenced by mental and behavioral disorders, which leads to an increase in drug abuse, alcohol consumption, excessive smoking, suicides, murders, and a variety of other inappropriate behaviors. According to World Health Organization statistics, more than 800,000 people commit suicide each year around the world.
According to a 2018 survey conducted by the National Council for Behavioral Health, 42 percent of participants mentioned cost challenges in accessing mental healthcare. Most people with behavioral health issues do not receive treatment because of the cost, coverage, and social stigma linked with mental and substance use disorders. According to a study of over 36,000 people, this was true for 62% of people with mood disorders, 76% of people with anxiety, and 81% of people with substance misuse.
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Global Behavioral Health Market Segmentation
The behavioral health market is divided into three categories: disorder, service, and region.
Behavioral Health Market by Disorder
- Alcohol Use Disorders
- Bipolar Disorder
- Eating Disorders
- Post-traumatic Stress Disorder
- Substance Abuse Disorders
Anxiety is one of the most common disorders, affecting millions of people worldwide. Anxiety disorders are extremely common, particularly among women, young people, and White Americans. Some forms of anxiety disorders are more common than others. Anxiety is frequently associated with mania, depression, and substance abuse.
Behavioral Health Market by Service
- Emergency Mental Health Services
- Inpatient Hospital Treatment Services
- Home-based Treatment Services
- Outpatient Counseling
In 2021, outpatient counseling generated the largest behavioral health market share and is likely to maintain its dominance in the coming years. Outpatient counseling has several advantages over inpatient treatment, including lower costs, greater privacy, and treatment-specific scheduling.
Behavioral Health Market Regional Outlook
The behavioral health market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among all the regions, North America occupied the maximum market share in 2021 and is likely to do so during the forecast timeframe from 2019 to 2026. The high growth in the region is credited to the growing number of anxiety patients, especially in the United States. A recent report released in 2021 states that the prevalence of anxiety disorders is over 19% among the US adult population. Similarly, generalized anxiety disorder (GAD) affects 6.8 million adults or 3.1% of the U.S. population, yet only 43.2% are receiving treatment. However, the Asia-Pacific behavioral health market is expected to witness the fastest growth rate during the forecasted years. Rising consumption of alcohol and drug among Asian youth as well as raising awareness among the population is likely to support the Asia-Pacific industry.
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Behavioral Health Market Players
The leading behavioral health companies presented in the report include Acadia Healthcare, Behavioral Health Network, Inc., Ascension Seton, Promises Behavioral Health, Strategic Behavioral Health, CareTech Holdings PLC, Pyramid Healthcare, The MENTOR Network, North Range Behavioral Health, and Universal Health Services, Inc.
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting
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