Behavioural Health Market to Surpass 5.04 Billion by 2030 Drives Due to Increasing Social Acceptance of Behavioural Health Issues
SkyQuest projects that the behavioural health market will attain a value of USD 5.04 billion by 2030, with a CAGR of 10.8% over the forecast period (2023-2030). The increasing prevalence of mental illness among individuals, including children and the elderly, has increased the demand for behavioral health therapy in the behavioural health market. The recognition and understanding of mental health issues have grown significantly, reducing the stigma associated with seeking treatment.
Westford, USA, Aug. 22, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the global behavioural health market is experiencing significant growth, primarily driven by the increasing awareness and social acceptance of behavioural health issues. As societies become more informed about mental health and substance use disorders, the demand for behavioral health services is rising. Clinical therapy and medication management advancements have led to improved treatment approaches for psychological disorders and detoxification programs.
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- Pages – 165
- Tables – 69
- Figures – 75
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Behavioural health encompasses the intricate interplay between behaviour and an individual’s overall health and well-being, encompassing their body, mind, and spirit. It recognizes the profound influence of behavioral choices on physical and mental health outcomes in the behavioural health market.
Prominent Players in Behavioural Health Market
- Acadia Healthcare
- Behavioral Health Network, Inc.
- Universal Health Services (UHS)
- Magellan Health
- Cigna Corporation
- UnitedHealth Group
- Anthem, Inc.
- Aetna Inc.
- Beacon Health Options
- Optum, Inc.
- Humana Inc.
- Centene Corporation
- Molina Healthcare, Inc.
- WellCare Health Plans, Inc.
- Bristol-Myers Squibb
- Pfizer Inc.
- Johnson & Johnson
- Eli Lilly and Company
- GlaxoSmithKline plc
- Sanofi S.A.
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Outpatient Counselling Segment is Expected to Dominate the Market Due to its Flexibility and Convenience
Outpatient counselling sector is anticipated to emerge as the behavioural health market leader. This sector’s dominance can be attributed to its inherent advantages to patients and their families. Outpatient counselling services provide flexibility and convenience, allowing individuals to receive therapy while maintaining their daily routines and responsibilities.
The market in North America emerged as the leading region in terms of revenue in the behavioural health market, and this trend is expected to continue throughout the forecast years. Several factors contribute to North America’s dominance in this market. The region has a substantial patient population requires behavioural health services, indicating a high demand for such treatments.
Anxiety and Depression Segment is Expected to Grow the Market Due to the Increasing Public Awareness
Anxiety and depression stood out as the most prominent disorders in the global behavioral health market, with substance addiction disorder closely behind. Anxiety and depression are pervasive behavioural disorders that affect a large number of individuals worldwide. The increasing public awareness and understanding of these mental health conditions have significantly driven the demand for behavioural health treatments.
Regional markets in the Asia-Pacific is projected to exhibit the highest CAGR in the behavioural health market. This growth can be attributed to several factors contributing to the region’s expanding market. There has been a notable increase in the number of individuals affected by various behavioral health disorders in Asia-Pacific.
A comprehensive analysis of the major players in the behavioural health market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Behavioural Health Market
- Universal Health Services, Inc. established a joint venture partnership called Valley Health at Home by BAYADA in 2022. This collaboration aims to enhance the capabilities of integrated care delivery networks by extending healthcare services into patients’ homes.
- Recently, Sevita, a healthcare company, announced its acquisition of several supported living and day centre services. This strategic move demonstrates Sevita’s commitment to expanding its portfolio and broadening its range of services to serve its clients better.
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Key Questions Answered in Behavioural Health Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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