Mental Health Market Size (2024 - 2029)

Mental Health Market Analysis

The Mental Health Market size is estimated at USD 91.82 billion in 2024, and is expected to reach USD 109.05 billion by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).

Factors such as the rise in the prevalence of chronic diseases, the increase in the geriatric population, and new initiatives to improve mental health awareness are expected to contribute to the market growth.

The primary factors that drive the market growth are the increasing prevalence of mental disorders along with the rising geriatric population and rising mental health awareness through campaigns. Mental illnesses are a wide range of conditions, each manifesting with varying severity levels ranging from mild to moderate to severe. For instance, according to the report published by the World Health Organization in June 2022, 1 in 8 people worldwide experience a mental disorder that involves significant disturbances in thinking, emotional regulation, or behavior.

Similarly, as per the report published by the Mental Health Foundation, in 2022-2023, a higher percentage of women (37.1%) than men (29.9%) in the United Kingdom reported experiencing high levels of anxiety. This shows the high burden of mental disorders globally and regionally, which is expected to have a significant impact on the market.

The new campaigns aim to raise public awareness of mental health and promote access to mental health services, which are expected to impact market growth significantly. For instance, in May 2023, The National Alliance on Mental Illness (NAMI) launched MoreThanEnough, an empowering campaign for 2023 Mental Health Awareness Month. This campaign aims to address urgent needs and create a sense of belonging for people with ongoing mental health crises, which makes them have proper treatment using mental health services and likely propel the market growth during the forecast period.

Therefore, with the rise in chronic diseases' prevalence, an increasing geriatric population, and new government initiatives aimed at improving mental health awareness, the market growth is expected to be hindered by the rising costs of mental health services during the forecast period.

Mental Health Industry Segmentation

As per the scope of the report, mental health includes emotional, psychological, and social well-being. An altered mental health condition is considered a mental illness, which includes depression, anxiety disorders, schizophrenia, eating disorders, and addictive behaviors.

The mental health market is segmented by mental health disorder, services, age group, and geography. By mental health disorder, the market is segmented into depression, bipolar disorder, schizophrenia, anxiety, post-traumatic stress disorder (PTSD), and other mental disorders. By services, the market is segmented into inpatient treatment services, residential treatment services, outpatient treatment services, emergency mental health services, and other mental health services. By age group, the market is segmented into pediatric, adult, and geriatric. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. For each segment, the market size is provided in terms of USD value.