PRESS RELEASE: Behavioural Health Market is expected to be valued at US$ 156.3 Bn by 2028 end: Future Market Insights, Inc.
In terms of revenue, the global Behavioural Health Market garnered a value of US$ 128.2 Bn and is projected to expand at 3.4% CAGR over the forecast period of 2022-2028, and is expected to be valued at US$ 156.3 Bn by 2028 end.
Hectic lifestyles, anxiety disorders along with substance abuse has propelled the demand for behavioural health treatments. Moreover, inclination towards making mental health better and seeking professional help is being advocated by many. This, in turn, is expected to positively influence behavioural health market.
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Revenue Analysis of Behavioural Health (2013 to 2021) Vs Market Estimates (2022 to 2028)
From 2013 to 2021, the behavioural health market registered a CAGR of 3.0%. Behavioural health includes non-pharmacological therapies for conditions such as mental health, substance abuse disorder, anxiety issues etc. A considerable chunk of population struggle throughout their lives to cope with mental illnesses, such as personality disorders or depression, substance abuse disorders or other addictive behaviours.
As conversations regarding mental health has increased, people are seeking help from mental health professionals. Thus, the demand for behavioural health services that provide help, treatment or support has multiplied by leaps and bounds. The need to seek behavioural health management services has increased multifold during the COVID-19 pandemic, as elevated levels of fear, anxiety and stress became prevalent.
Behavioural health integration is an effective strategy adopted to improve the outcomes for millions of individuals with behavioural or mental health conditions worldwide. In this report, behavioural health market is categorized into service type, disorder type and region. The report analyses the demand from hospitals, rehabilitation centres, drug abuse centres, mental health clinics, inpatient clinics, outpatient clinics, home care setting, etc. Thus, the behavioural health market is expected to register a CAGR of 3.4% in the upcoming forecast period 2022-2028.
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Advancement in Therapy Propelling Demand for Behavioural Health
Global demand for behavioural health services is growing as a result of increasing prevalence of mental disorders and rising demand for behavioural health treatment. Increased awareness and social acceptance of behavioural health issues are expected to create favourable market prospects for behavioural health service providers. Clinical advancements in therapy and medication management have yielded new and better procedures for both psychological and detoxification treatments.
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Online counselling programs and day care services are propelling the growth of behavioural health market. Moreover, development of new treatment and programs, favourable supply and demand dynamic and increasing mental health budget are some other factors that are expected to boost the behavioural health market growth.
However, limited access to mental health providers, lack of trained mental health care provider, low awareness regarding treatment option among general population and limitation of primary care services are some factors that might hamper the demand for behavioural health services in the global market.
