Behavioral Health Market Trends

Growth Drivers

• Rise in Number of People with Depression - According to the World Health Organization, around 280 million individuals worldwide suffer from depression. Depression leads to various other complications which also includes disability. It also causes obesity, heart problems, and more. Hence to treat depression at a correct time is necessary to avoid further complications. Therefore, owing to this factors the market is expected to grow further.
• Increasing Consumption of Alcohol – For instance, Stress-related alcohol use affects around 59% of adults.
• Growing Harassment & Bullying Cases – For instance, with over 90 thousand victims, region 4-a in the Philippines experienced the largest number of cyberbullying occurrences in 2019.
• Growing Initiatives to Improve Behavioral Health - Behavioral Health Workforce Tracker, a new database of more than 1 million behavioural health practitioners, is being developed with help from SAMHSA. Users of the tracker will be able to see the geographic distribution, provider types, and Medicaid acceptance status of behavioural health providers.
• Growing Demand for Mental Health Professional - In 2020, 20.3% of adults reported receiving some form of mental health care in the previous 12 months. Of these, 16.5% had used prescription medicine for their mental health and 10.1% had sought professional counselling or therapy.

Challenges

• Rise in Cost of Mental Health Program - Residential treatment, prescription drugs, and more which are used in order to deal with mental health carries huge cost. Also the fees charged by mental health professions is huge which makes it unaffordable. Mental health issues are the global phenomenon and people of all age and race are prone to it. However, the rising cost of the treatment restraint people to avail the benefits, hence hindering the growth of the market.
• Lack of Psychiatrists
• Negative Perception About Mental Health Treatments