A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the behavioral health market. Presenting exclusive insights into the market from 2018 to 2028, the report projects that the market will witness significant growth during the forecast period. Over the years, the number of people dealing with mental health disorders and problems such as depression and drug abuse, especially youngsters, has rampantly increased. Such issues are primarily caused by developing lifestyles, rising disposable incomes, and the availability of alcohol and drugs. According to the World Health Organization (WHO), such disorders result in more than 800,000 suicidal fatalities every year. As the number of cases continues to increase year-on-year, the need to treat such behavioral conditions is propelling. The growth of the market is also complemented by the enhancement of mental health services in developed countries, and rising awareness among people regarding behavioral health care.
Increasing Incidence of Mental Issues and Advancements in Therapies Shape Growth Trajectory
A high number of people across the world struggle with mental illnesses, such as personality disorders or depression, substance abuse disorders, or other addictive behaviors. Owing to the rising awareness over recent years, people in developed economies are actively seeing behavioral health services to cope up with their lives. Behavioral health integration is an effective strategy that uses non-pharmacological therapies to treat the behavioral conditions of individuals worldwide. Behavioral health care extends support to individuals suffering from mental health issues, substance abuse disorders, alcohol abuse, PTSD, etc. As the awareness regarding the behavioral issues and their adverse effects increases among people, the behavioral health market is expected to gain substantial revenue opportunities through the forecast period. Moreover, advancements in therapy and medication management have introduced effective treatment methodologies. The adoption of online counseling programs will also favor the market growth. However, limited access to mental health providers, lack of trained mental health care providers, low awareness regarding treatment in developing economies is likely to limit a section of the population from seeking behavioral health services, thereby acting as a restraining factor to market growth.
Emphasis on Behavioral Health Invigorates North American Market
North America is expected to dominate the regional landscape, owing to the high incidence of behavioral health issues such as depression, anxiety, cases of substance, and alcohol abuse. Moreover, the growth of the market is also favored by an emphasis on mental health and the development of behavioral healthcare services. On the other hand, the Asia Pacific region is forecasted to record significant growth, backed by increasing number fatalities due to alcohol and drug abuse. According to the WHO, alcohol abuse caused 3 Mn deaths in Asia Pacific in 2016. Rising awareness in the region will continue to impel the growth of the market through the forecast period.