Mental Health - Bangladesh

Bangladesh

Revenue in the Mental Health market is projected to reach US$165.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.52%, resulting in a market volume of US$175.80m 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$11.64 are generated in 2024.

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

Market

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Analyst Opinion

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

Customer preferences: Customers in Bangladesh are increasingly recognizing the importance of mental health and seeking professional help for their mental well-being. There is a growing awareness about mental health issues and the need for timely intervention. As a result, more individuals are seeking therapy and counseling services to address their mental health concerns. Additionally, there is a shift in societal attitudes towards mental health, with reduced stigma and increased acceptance of seeking help.

Trends in the market: One of the key trends in the Mental Health market in Bangladesh is the rise of online mental health services. With the increasing penetration of internet and smartphones, individuals can now access therapy and counseling services from the comfort of their own homes. Online platforms and mobile applications provide a convenient and confidential way for people to seek help for their mental health issues. This trend has been further accelerated by the COVID-19 pandemic, which has limited in-person interactions and increased the demand for remote mental health services.Another trend in the market is the integration of technology in mental health treatment. Digital therapeutics, such as smartphone apps and wearable devices, are being used to monitor and manage mental health conditions. These technologies provide individuals with tools and resources to track their symptoms, practice self-care, and receive personalized interventions. The use of artificial intelligence and machine learning algorithms is also gaining traction in the mental health sector, enabling more accurate diagnosis and personalized treatment plans.

Local special circumstances: Bangladesh is a densely populated country with limited mental health resources. There is a shortage of mental health professionals, especially in rural areas. This scarcity of resources poses a challenge in meeting the growing demand for mental health services. However, the government and non-profit organizations are taking initiatives to address this issue by training more mental health professionals and establishing mental health centers in underserved areas.

Underlying macroeconomic factors: The economic growth in Bangladesh has contributed to the development of the Mental Health market. As the country's economy continues to grow, individuals have more disposable income to spend on healthcare, including mental health services. Additionally, the government has recognized the importance of mental health and has taken steps to improve access to mental health services. This includes the inclusion of mental health in the national healthcare agenda and the implementation of policies to support mental health services.In conclusion, the Mental Health market in Bangladesh is experiencing growth and development due to increasing customer preferences for mental health services, the rise of online and technology-enabled mental health solutions, local special circumstances such as limited resources, and underlying macroeconomic factors such as economic growth and government support. These factors are driving the expansion of the market and improving access to mental health services for individuals in Bangladesh.

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.