by Behavioural health is gaining recognition as a crucial aspect of overall well-being, with its profound impact on both physical and mental health. Human behaviors are integral to our health, emphasizing the importance of cultivating positive habits and identifying negative behaviors that can harm our well-being. From stress-eating to substance abuse, these behaviors can have significant consequences. The global demand for behavioural health treatment is on the rise, fueled by the increasing number of adults, children, and the elderly suffering from serious mental illnesses.
According to the World Health Organization (WHO), in 2020, over 264 million people of all ages were reported to be suffering from depression, a leading cause of disability worldwide and a significant contributor to the global disease burden. Behavioural and mental health software, particularly cognitive behavioral therapy (CBT), is being used to address various psychological concerns such as anxiety and mood disorders, making it a valuable tool in the fight against mental illnesses.
The STAT report reveals that in 2020, there were approximately 3,153 total cases of major depressive disorder and 4,802 total cases of anxiety disorders per 100,000 people worldwide. Furthermore, spending on behavioral health services increased by 18.7% between 2019 and 2020, as reported by the Castlight Workforce Health Index. This surge in psychological issues and increased spending on behavioral health is expected to drive the growth of the global behavioral health market.
Depression and anxiety disorders take the forefront in this market, with depression affecting approximately 5% of the global adult population and 5.7% of seniors, according to the WHO. The growing geriatric population is anticipated to contribute to the markets expansion, given the higher prevalence of depression among senior individuals. Additionally, the link between physical and mental health is evident, as various chronic diseases can exacerbate mental health issues.
In North America, which dominated the behavioral health market in 2021, the rising cases of substance abuse are a significant driver. According to the Substance Abuse and Mental Health Services Administration (SAMHSA), 1 out of every 4 people in the United States suffers from a substance abuse problem. With approximately 31.9 million individuals in the United States using illegal substances and 8.1 million having a drug use disorder, the demand for substance misuse services is soaring.
The presence of a well-developed healthcare infrastructure, increased mental health awareness, enhanced access to mental health services, higher healthcare expenditure, and a growing geriatric population have all contributed to the growth of the behavioral health market in North America. The region also faces the challenge of a rising suicide rate, which increased by around 35% from 2000 to 2020, according to the National Center for Health Statistics.
In Europe, the behavioral health market is experiencing rapid growth, driven by behavioral health reforms and government funding. The aging population in Europe is a significant concern as it is more susceptible to mental diseases. Mental health illnesses are prevalent in countries like the U.K., France, Sweden, and Germany, leading to increased awareness and government initiatives to improve mental health.
The global behavioral health market is witnessing significant activity, with companies launching new products and forming collaborations and partnerships to meet the rising demand for behavioral health services. For example, CloudMD Software & Services Inc. expanded its mental health services into the U.S. with the launch of its patented technology app, Snapclarity, in February 2021. In August 2021, American Well strengthened its position in the market through the acquisition of SilverCloud Health and Conversa Health, two leading providers of digital mental health platforms.
Key players in the behavioral health market include Ocean Mental Health Services Inc., Acadia Healthcare Co. Inc., Seton Healthcare Family (Ascension Health), Universal Health Services, Inc., Strategic Behavioral Health LLC, Magellan Health Inc., North Range Behavioral Health, National Mentor Holdings Inc., Behavioral Health Network Inc., and Behavioral Health Services Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/behavioural-health-market
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COMTEX_442038077/2840/2023-10-17T18:50:25
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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