Mental Health Market Drivers Shaping Future Growth,and Revenue Growth Analysis
Asia-Pacific is expected to register the highest CAGR during the forecast period owing to rising health awareness, development of healthcare infrastructure and increasing number of hospitals equipped with advanced medical facilities.
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Major factors contributing to the growth of the market include increase in funding for mental health treatment by private and government organizations and growth in the services sector for mental disorders. Increased awareness of the benefits associated with telehealth and tele-psychiatry, particularly in developed countries, is the result of significant investment directed at these platforms.
North America was the largest contributor to the global mental health market in 2020, owing to its well-established healthcare infrastructure, increased adoption of mental health services, growth in the aging population, and increased prevalence of mental illnesses.
A disturbance or imbalance in this mental state increases the incidence of mental illness or disorder. Mental illness can cause abnormal behavior and abnormal thoughts and feelings for a period, causing distress or emotional or physical impairment. Mental health means mental health or the absence of any mental illness. It refers to a person's psychological level of functioning at an appropriate level of behavioral and emotional adjustment.
Key Findings:
· The depression segment accounted for the largest market share in 2020.
· The inpatient hospital treatment services hold the largest market share in 2020.
· Adult segment is projected to grow at a significant CAGR of 3.9% from 2021 to 2030.
· North America accounted for the largest revenue share in 2020, while Asia-Pacific is expected to grow at the highest CAGR during the review period.
