Mental Health Disorders are flanking the global landscape on a scale never seen before. The reason behind the massive surge is twofold. One reason is that the taboo that was so far shrouding the mental space is receding at a substantial pace. There are celebrities and influencers taking about it openly, even their own battles with the mental demons. Only recently, Deepika Padukone, Bollywood’s leading actress revealed details of her tryst with depression and is now actively involved with the cause through her Live Love Laugh Foundation
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Two, change in lifestyle is causing more and more people to experience the brunt of mental illnesses. For instance, work lives are becoming hectic and more stressful than before. And, there are no solid primary bonds existing for people to fall back upon in case the burden of living gets too heavy to bear.
Besides, issues such as substance abuse, combined with this fast paced life is only compounding the situation further. As per a World Health Organization report. Some 800,000 deaths occur in the world due to suicides every year.
As is clear from the scenario described above, the behavioral health market will chart an impressive CAGR (Compound Annual Growth Rate), helping the market accrue billions over the forecast period of 2019 to 2027.
Asia-Pacific to Present Untapped Opportunities to Behavioral Market Players
It is pertinent to note here that North America and Europe will dominate the behavioral health market owing to high awareness levels and presence of some of the most prominent players in the global behavioral health market landscape. Besides, the primary bond in the region are quite weak.
However, thanks to the breaking of mental health taboo in the Asia Pacific (APAC) region, especially in regions where it was considered a reason enough to ostracize people such as India, the market would see untapped opportunities arising. It is important to note here that celebrity involvement is leading to a strong push towards the growth of behavioral health market.
The details have been picked from a TMR report titled, “Behavioral Health Market (Disorder: Depression, Anxiety, Schizophrenia, Bipolar Disorder, Alcohol Use Disorders, Substance Abuse Disorders, Eating Disorders, Post-traumatic Stress Disorder (PSTD), and Others; Service: Inpatient Hospital Treatment Services, Outpatient Counselling, Emergency Mental Health Services, Home-Based Treatment Services, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027”.
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