Market Trends of Mental Health Industry
Depression Under the Mental Health Disorder Segment is Expected to Have Significant Growth in the Market During the Forecast Period
Depression, a common mental disorder, manifests as a persistent depressed mood or diminished interest or pleasure in activities. 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, depression affects an estimated 3.8% of the population, with higher rates among adults, particularly women. While 5% of adults experience depression overall, the rate is 4% for men and 6% for women. This rate increases with age, reaching 5.7% among adults over 60. Hence, there is a need for effective psychological treatments, including behavioral activation, cognitive behavioral therapy, interpersonal psychotherapy, and problem-solving therapy, which likely increase the market's growth during the forecast period.
Also, 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, likely boosting the market growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market During 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. In a report published by Mental Health America Inc. in 2023, it was revealed that over 10% of young people in the United States are dealing with severe depression, which substantially impairs their daily functioning. This includes their academic performance, work, family relationships, and social interactions.
Similarly, according to the American Psychological Association, in November 2023, about 45% of adults aged 35-44 years and 50% of adults aged 18-34 years in the United States reported mental health disorders. 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.
Also, new government initiatives help 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 to address the nation's mental health crisis.
Similarly, in March 2023, the Governor of California, in partnership with Senator Susan Talamantes Eggman (D-Stockton), proposed modernizing California's behavioral health system and creating more mental health housing. These initiatives will increase mental healthcare services in the region, which will likely propel market growth during the forecast period.
