Behavioral Health Market Size will Observe Substantial Growth by 2026

Behavioral health, more commonly referred as mental health, can be defined as the scientific study of a person’s biology relating to mental well-being, emotions, concept of self, behavior, and ability to function in day to day life. All kinds of addictions, anxiety, depression, and substance abuse fall under the realm of behavioral health. Disturbance or imbalance in this mental state could lead to mental illness or disorders. Mental illness can cause abnormal behavior and unusual thoughts and feelings for a certain period of time, which causes distress or emotional or physical impairment.

Increase in awareness among people about behavioral health, surge in government initiatives & favorable reimbursement, and rise in prevalence of disorders such as anxiety, depression, and drug use disorders are expected to propel the global behavioral health market during the forecast period.

According to the Substance Abuse and Mental Health Services Administration (SAMHSA), Affordable Care Act (ACA) expanded the Mental Health Parity and Addiction Equity Act (MHPAEA) requirements by ensuring that qualified plans offered on the Health Insurance Marketplace cover many behavioral health treatments and services. In March 2014, the Public Health Law Center announced that all small group and individual market plans created after March 23, 2010, to comply with federal parity requirements. Skepticism surrounding social pressure and stigma often attached with mental disorders and their treatment and inadequate government initiatives in underdeveloped countries are likely to restrain the global behavioral health market.

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The global behavioral health market can be segmented based on disorder, end-user, and region. In terms of disorder, the market can be classified into depressive disorder, drug use disorders, anxiety disorders, schizophrenia and other mental and behavioral disorders. The depressive disorder segment is expected to account for a large market share due to increase in number of people suffering from depression.

According to the World Health Organization, at the global level, over 300 million people are estimated to suffer from depression, equivalent to 4.4% of the world’s population. Based on end-user, the global behavioral health market can be categorized into psychiatric hospitals, mental health & substance abuse clinics, home care, and others. The psychiatric hospitals segment is expected to account for significant market share due to rise in number of mental hospitals and increase in initiatives and support by government and private organizations.

In terms of region, the global behavioral health market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was a significant market for behavioral health in 2017 and the trend is expected to continue during the forecast period. Dominance of North America is attributed to the presence of large number of people suffering from depression and increase in government initiatives.

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According to Clinical-Depression.co.uk, an estimated 35 million to 40 million people in the U.S. will suffer from major depression at some time during their lives, with about half this number suffering from recurring depression symptoms. Europe was also a significant market for behavioral health in 2017 due to increase in prevalence of depression and anxiety. According to the WHO Regional Office for Europe, 25% of the global population suffers from depression or anxiety each year. Neuropsychiatric disorders account for 19.5% of the disease burden in Europe, and 26% in European Union countries.

Rise in awareness about behavioral/mental health, aging population, and increase in health care expenditure are projected to boost the growth of the behavioral health market in Asia Pacific during the forecast period. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), one in four people in Asia Pacific will be aged 60 years or older by 2050. The region is experiencing population aging at an unprecedented pace, with the number of older persons expected to more than double, from 535 million in 2015 to about 1.3 billion by 2050.

Prominent players operating in the global behavioral health market are Acadia Healthcare, CareTech Holdings plc, Epic Health Services, Pyramid Healthcare, Universal Health Services, Inc., and Elements Behavioral Health.

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