Social Media - Bane or Boon. As Millennials Prioritize Mental Health, Service Providers Rely on Social Media to Spread Awareness
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global behavioral health treatment market, including drivers, opportunities, restraints, and trends. It further delves deeper into major observations concerning prominent expansion parameters prevailing across key segments, including disorder type, services, and regions.
ROCKVILLE, Md., Nov. 14, 2022 /PRNewswire/ -- Revenues in the global behavioral health treatment market are forecast to grow at 2.9% CAGR between 2022 and 2032. Social stigma regarding mental health counselling is limiting the adoption of behavioral health treatment. However, with rising awareness regarding the importance of mental health, demand is expected to rise at a steady pace.
Governments and non-governmental organizations in several countries such as India, the U.S., U.K., and others are increasing their efforts to educate people about mental health. World Health Organization has announced October 10th to be 'World Mental Health Day' to remove social stigma and mobilize efforts in treatment of mental health disorders. Such initiatives are expected to bode well for the growth in the market.
As not many patients are comfortable with treatment in hospitals, demand for outpatient counselling is on the rise. Hectic schedules and busy lifestyles of individuals are compelling them to seek treatment in the most convenient way, which in turn is driving demand for outpatient counselling and home-based treatment services.
Further, growing penetration of social media has resulted in increased awareness regarding depression, anxiety, and post-traumatic stress disorder. With increasing exposure to media and zest among millennials and Gen-Zs to prioritize their mental health is expected to encourage key players to invest extensively in the treatment. Hence, several non-profit organizations are collaborating with social media influencers to spread the awareness regarding the counselling, fueling growth.
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Study shows, increasing use of social media is affecting the mind-set of millennials and Gen-Zs negatively due to extreme opinion and reliance on the same. However, several activists and mental health organization are claiming that it has provided a center stage to spread maximum awareness regarding mental health. Hence, increasing reliance and use of social media to boost mental health and to spread awareness will create conducive environment for the service providers.
As per Fact.MR, Europe is expected to dominate the behavioral health treatment market, accounting for over 47% of demand share in 2032. Rising incidence of substance abuse disorders and alcohol dependency in Europe is encouraging players to offer more effective treatment survives.
The Health At a Glance Europe 2020 report states that the COVID-19 pandemic has caused a growing burden on the mental health of citizens, with higher rates of anxiety, depression, and stress. In response to this, various authorities have launched on-demand helplines, guidance protocols, and treatment guidelines to aid the adoption of behavioral health treatment services. This is expected to create opportunities for market players over the forecast period.
Key Takeaways:
- Based on service type, the home-based treatment is expected to register around 3% CAGR during the forecast period (2022-2032).
- The U.S. is expected to be a lucrative market, with demand for anxiety treatment solutions rising considerably.
- The U.K. will continue witnessing high demand, in response to rising incidence of alcohol dependency and is expected to account for lion's share in Europe market.
- In terms of disorder type, depression is expected to be the leading segment, followed by substance abuse disorder and PTSD.
- Europe is expected to account for nearly half of the sales in the global behavioral health treatment market.
Growth Drivers:
- Growing demand for counselling sessions offered through virtual platforms is expected to fuel the growth in the market.
- Investments in telecommunication and digital services in the healthcare sector are expected to boost the market.
Restraints:
- Social stigma related to mental health in low and middle income economies is expected to impede the growth in the market.
- High cost of home-based sessions and lack of skilled professionals might limit the sales in developing economies.
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Competitive Landscape:
Leading players operating in the global behavioral health treatment market are investing in research and development to offer services to a wide consumer pool. Players are also investing in mergers, acquisitions, collaborations, and partnerships to offer better treatment facilities to patients.
For instance,
- In March 2022, Omada Health announced investments in its behavioral health support into existing programs such as hypertension and others. This program will have proper tools to address specific behavioral challenges based on cognitive behavioral therapy and mindfulness, including stress management and others.
- In January 2019, Acadia Healthcare acquired Whittier Pavilion, an inpatient psychiatric facility comprising 71 beds. In addition to this, MercyOne Central Iowa and Universal Health Services Inc. established a new 100-beds facility in Iowa to facilitate high-quality services for behavioral health.
Key Companies Profiled by Fact.MR
- Acadia Healthcare
- CareTech Holdings PLC
- The MENTOR Network
- Universal Health Services, Inc.
- Behavioural Health Network Inc.
- North Range Behavioural Health
- Strategic Behavioural Health
- Ascension Seton
- Pyramid Healthcare
- Promises Behavioral Health
More Valuable Insights on Behavioral health treatment Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global behavioral health treatment market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of behavioral health treatment through detailed segmentation as follows:
Disorder:
- Depression
- Anxiety
- Schizophrenia
- Bipolar Disorder
- Alcohol Use Disorders
- Substance Use Disorders
- Eating Disorders
- Post-traumatic Stress Disorders
- Others
Service:
- Inpatient Hospital Treatment Services
- Outpatient Counselling
- Emergency Mental Health Services
- Home-based Treatment Services
- Others
Regions:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Key Questions Covered in the Behavioral health treatment Market Report
- What will be the demand outlook for the behavioral health treatment market during the forecast period?
- Which are the challenges faced in the behavioral health treatment market?
- Which region is estimated to dominate the global behavioral health treatment market during 2022-2032?
- What is the projected market valuation of the behavioral health treatment market in 2032?
- Which are the factors driving the behavioral health treatment during 2022-2032?
- Which is the leading application in the global behavioral health treatment market?
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