Mental Health - Australia

Australia

Revenue in the Mental Health market is projected to reach US$564.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.70%, resulting in a market volume of US$603.50m by 2028.
In global comparison, most revenue will be generated in the United States (US$11,730.00m in 2024).
In relation to total population figures, per person revenues of US$174.20 are generated in 2024.

Key regions: United States, China, Japan, Canada, France

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Analyst Opinion

The Mental Health market in Australia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Australia are increasingly recognizing the importance of mental health and are seeking out services and products to support their mental well-being. There is a growing demand for accessible and affordable mental health services, including counseling, therapy, and online platforms. Customers are also showing a preference for holistic approaches to mental health, such as mindfulness and meditation practices.

Trends in the market: One of the key trends in the Australian Mental Health market is the rise of digital mental health platforms. With the increasing use of smartphones and internet connectivity, customers are turning to online platforms for mental health support. These platforms offer convenience, anonymity, and a wide range of resources, including virtual therapy sessions, self-help tools, and community forums. The COVID-19 pandemic has further accelerated the adoption of digital mental health services, as people seek remote alternatives to in-person therapy.Another trend in the market is the integration of mental health services into primary healthcare settings. Recognizing the importance of early intervention and prevention, healthcare providers in Australia are incorporating mental health screening and treatment into routine primary care. This integration allows for more comprehensive and coordinated care, reducing the stigma associated with mental health and increasing accessibility to services.

Local special circumstances: Australia has a unique set of circumstances that contribute to the development of the Mental Health market. The country has a high prevalence of mental health disorders, with approximately one in five Australians experiencing a mental illness in any given year. This high prevalence has led to increased awareness and investment in mental health services.Additionally, the Australian government has made mental health a priority, with significant funding allocated to support mental health initiatives. This includes the establishment of a national mental health commission and the implementation of various programs aimed at improving mental health outcomes. The government's focus on mental health has created a favorable environment for the growth of the market.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the Mental Health market in Australia. The country has a strong and stable economy, which provides a solid foundation for investment in healthcare services. Additionally, the aging population in Australia is increasing the demand for mental health services, as older adults are more likely to experience mental health issues.Furthermore, changing societal attitudes towards mental health are contributing to the market's growth. There is a greater recognition of the impact of mental health on overall well-being, productivity, and quality of life. This shift in attitudes has led to increased demand for mental health services and products.In conclusion, the Mental Health market in Australia is experiencing significant growth and development. Customer preferences for accessible and holistic mental health services, the rise of digital platforms, integration with primary healthcare, and the unique local circumstances and macroeconomic factors in Australia are all contributing to the market's expansion.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on companies' revenues, international institutes data, and global consumer survey data. Revenues refer to the retail value and include sales taxes.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports and third-party data. Next, we use relevant key market indicators and data from country-specific associations such as healthcare spending per capita, medical product spending per capita, and gross domestic product per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function. Data is modeled using current exchange rates.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.