Behavioural Health Market :Key Growth Factors Analysis, Potential Opportunities and Prospects 2027
The demand within the global behavioural health market is poised to increase in the times to follow. Behavioural health has emerged as an important area of study across neo-health. Several healthcare experts point to the importance of behavioural studies in individuals of all age groups. In the contemporary times, mental health has become an important area of study for medical researchers. A wide population of masses suffers from mental disorders, and this factor has emerged as an important dynamic of market growth. The healthcare industry has gathered the reins of growth and advancement in the domain of mental health. Therefore, the total volume of revenues in the global behavioural health market is projected to multiply.
- There is increasing relevance of treating stress and anxiety, especially amongst youngsters. The high rate of incidence for depression and chronic anxiety amongst the younger population has created new inlets for market maturity. Healthcare experts have played an integral role in educating people about the importance of mental health. This factor, in conjunction with the rising incidence of depression in the older population is an important dynamic of market growth. The healthcare industry has decoded the importance psychiatric and psychological treatments in managing mental disorders.
- The rising levels of stress due to growing work load in corporate employees has given a thrust to market growth. Several research papers suggest the need to manage stress levels in the working population, and the medical experts are giving careful thought to this assertion. Students have also fallen trap to depression and stress, and this factor necessitates the development of stress management programs for students. Therefore, it is safe to expect that the global behavioural health market would tread along a lucrative growth track in the times to follow. The use of behavioural health theories in medicine has also given an impetus to market growth.
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Behavioral Health Market: Emergence of Telepsychiatry and Technologically-advanced Tracking Measures to Augment Growth
Behavioral health diagnoses expanded over the past decade as a larger number of youngsters cope with mental health disorders and issues such as substance abuse. With the increasing burden of fast-paced lifestyles, along with increasing incidences of mental health issues, the burden and magnitude of behavioral health concerns continues to escalate. According to WHO, around 800,000 suicidal deaths are witnessed every year. Such scenarios are raising alarming concerns pertaining to public health, thereby driving the behavioral health market growth.
Some part of the rise in behavioral health diagnoses may stem from the growing access to mental health services witnessed, especially in developed countries. Such initiatives are becoming the need of the hour to administer improved behavioral healthcare and push the prospering behavioral health market even further. Transparency Market Research (TMR), in its recently presented study on the behavioral health market, unravels the essentials of the industry, closely emphasizing indications that showcase key developments in the market.
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Behavioral Health Market: Mapping the Evolutionary Path
Mental health and substance abuse issues in adolescents have become a pivotal societal concern. While behavioral health has gained stronger footing in current times, its acceptance gained prominence in the 20th century. The origin of the mental hygiene movement led to the establishment of the National Commission of Mental Hygiene in 1909. From 1919 onwards, internationalization of the activities of this Commission directed the establishment of some national associations pertaining to mental hygiene. According to studies, suicide rates rose steadily from 1999 to 2014, and major depression gained prevalence from 2005 onwards.
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Certain developments could be perceived along the evolutionary path after around half a century of mental health and a century of mental hygiene movements. Social stigma attached to mental illness appeared to stimulate efforts directed at social control. Behavioral health concerns are snowballing beyond imagination, in wake of which, the market is likely to generate a revenue of ~ US$ 200 Bn in 2019. Rising behavioral health issues coupled with increasing measures implemented to tackle the same are expected to manifest growth opportunities for behavioral health market players.
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