Market Trends of Mental Health Industry
Depression Under the Mental Health Disorder Segment is Expected to Have Significant Growth in the Market Over the Forecast Period
- Depressive disorder, also known as depression, is a common mental disorder that involves a depressed mood or loss of pleasure or interest in activities for long periods. Globally, the cases of depression are increasing gradually, which needs proper awareness and healthcare for maintenance.
- The major factors that drive the segment growth include the high burden of depression cases, growing awareness of depression and its management through various programs, and the introduction of advanced services into the market.
- According to the report published by the World Health Organization (WHO) in March 2023, an estimated 3.8% of the population experience depression, including 5% of adults (4% among men and 6% among women) and 5.7% of adults older than 60 years. Hence, there is a need for effective psychological treatments, which include behavioral activation, cognitive behavioral therapy, interpersonal psychotherapy, and problem-solving therapy, which likely increase the growth of the market over the study period.
- Furthermore, the advancements in providing mental health services for depression increase the usage of these services, which likely boosts market growth. For instance, as per the report published by Cambridge University in August 2022, telemedicine delivery is a viable alternative to face-to-face treatment for patients with depression. These remote healthcare services increase the adoption of mental health services which likely boosts the market growth over the forecast period.
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North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
- Mental disorders in Americans are gradually increasing due to increasing stress, substance abuse, and excessive alcohol intake. North America is expected to have a significant share in the mental health market due to the increasing cases of mental disorders, new government initiatives and funding for mental healthcare, and the expansion or establishment of new mental healthcare centers in these countries.
- Mental illnesses are common in the United States. According to the report published by Mental Health America, Inc, in 2023, over 1 in 10 youth in the United States are experiencing depression that is severely impairing their ability to function at school or work, at home, with family, or in their social life.
- Similarly, the National Institutes of Health (NIH) estimated that more than one in five United States adults live with a mental illness, i.e., 57.8 million in 2021. This shows the high burden of mental disorders in the United States likely increases the need for mental healthcare services, which is expected to boost the market growth in the country.
- Furthermore, new government initiatives help to expand mental health services in the region. For instance, in June 2023, the United States Department of Health and Human Services (HHS), through the Substance Abuse and Mental Health Services Administration (SAMHSA), awarded USD 31.5 million in behavioral health grants for children, youth, and young adults. This award is to address the mental health crisis in the nation.
- Similarly, in March 2023, the Governor of California, in partnership with Senator Susan Talamantes Eggman (D-Stockton), proposed the modernization of California's behavioral health system and more mental health housing. These initiatives increase the mental healthcare services in the region, which will likely propel the market growth over the forecast period.
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