Behavioural Health MarketIncreasing Prevalence of Mental Disorders and Increasing Demand for Behavioral Health Treatments Increases the Growth of the Behavioural Health Market.
Behavioural Health Market size is projected to reach $3,000 million by 2026, growing at a CAGR of 10% over 2021-2026. Behavioural health are adopted to improve the condition of mental health and are used for mental health treatment. Behavioural health also provide home-based treatment services that helps patients to take effective treatment. Behavioural health service are mostly provided to patients having anxiety disorders and helps in supporting to provide treatment. Behavioural health services are kind of healthcare organization that provides mental health service and substance abuse. Growing prevalence of mental disorders and development in new treatment is the major factor driving the growth of this market. Furthermore, increasing research and development activities is set to further enhance the overall market demand for Behavioural Health Market for the period 2021-2026.
Behavioural Health Segment Analysis – By Service Type
The global Behavioural Health Market based on Service Type can be further segmented into Outpatient Counseling, Intensive Case Management, Home-based Treatment Services, Inpatient Hospital Treatment, Emergency Mental Health, and Others. The Inpatient Hospital Treatment segment is the major segment generating revenue in 2020. This is owing to increasing technological advancement in the field of healthcare services increases the demand of this segment. The Home-based Treatment Services segment is estimated to register the fastest CAGR of 5.8% for the period 2021-2026. This is owing to increasing adoption of behavioural health services among healthcare professionals and patients owing to their high connectivity. Moreover, wide availability of technically advanced Behavioural Health services and treatment and rising demand for home based Behavioural Health treatment are increasing the growth of this segment.
Behavioural Health Segment Analysis – By Disorder
The global Behavioural Health Market based on Disorder can be further segmented into Anxiety Disorder, Bipolar Disorder, Depression, Eating Disorder, Post-traumatic Stress Disorder, and Others. The Anxiety Disorder segment registers for the Behavioural health highest market share in 2020. According to World Health Organization, in 2020 about 264 million people are suffering from mental disorder such as anxiety which increases the growth of this segment. The Bipolar Disorder segment is estimated to register the fastest CAGR of 4.2% over 2021-2026. According to World Health Organization, about 45 million people have bipolar disorder in 2020 that is driving the market.
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Behavioural Health Segment Analysis – By Geography
North America dominated the Behavioural Health Market with major share of 40% in 2020. This is owing to adoption of increasing social awareness on behavioural health issues and rising prevalence of mental disorders. According to Center for Disease Control and Prevention, in U.S. about 11.2% of adults aged above 18 years having anxiety which increases the cases of mental disorders in 2020 and are increasing growth of this market.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 25% during the forecast period 2021-2026 owing to the rising healthcare facilities and rising geriatric population.
Behavioural Health Market Drivers
Growing Prevalence of Mental Disorders
Increasing prevalence of mental disorders and increasing demand for behavioral health treatments increases the growth of the Behavioural Health Market. Moreover, Increasing awareness and social acceptance of mental health issues are increasing the growth of the Behavioural Health Market over 2021-2026.
Development in New Treatment
Increasing advancement in the treatment of behavioural illness and rising advancement in technology is increasing the growth of the Behavioural Health Market. Moreover, various behavioural health disorders are now diagnosed and are treated successfully that increases the growth of Behavioural Health Market over 2021-2026.
Behavioural Health Market Challenges
Lack of Knowledge of Treatment option
The factors that is set to impede the growth of the Behavioural Health Market are the lack of knowledge for the treatment of mental disorders and also lack of skilled professional for treatment. Moreover, absence of well-educated mental health providers is set to create hurdles for the Behavioural Health Market.
COVID-19 pandemic had greatly affected the Behavioural Health Market. During pandemic, isolation, deprivation, loss of income and fear triggering mental health conditions and many people are also suffering from anxiety and insomnia which increases the demand of mental health services and are positively impacting the growth of the market.
Behavioural Health Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Behavioural Health Market. Behavioural Health top 10 companies include, Acadia Healthcare, NetsMart, The MENTOR Network, Universal Health Services, Inc., Behavioral Health Network, Inc., CareTech Holdings PLC, Strategic Behavioral Health, Ascension Seton, North Range Behavioral Health, Pyramid Healthcare, and Promises Behavioral Health.
In February 2019, Universal Health Services Inc. has acquisition with SoutheastHealth in order to provide high quality behavioral health services.
Geographically, in 2020, North America dominated the Behavioural Health Market owing to increasing social awareness on behavioural health issues and rising prevalence of mental disorders.
Growing prevalence of mental disorders and development in new treatment are likely to aid in the market growth of the Behavioural Health.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Behavioural Health Market report.
Lack of knowledge of treatment option is set to create hurdles for the Behavioural Health Market.
Related Reports :
A. Behavioral Therapy Market
B. Behavioral/Mental Health Software Market
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