Mental Health - Canada

Canada

Revenue in the Mental Health market is projected to reach US$1.79bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.37%, resulting in a market volume of US$1.89bn 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$561.30 are generated in 2024.

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

Market

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Analyst Opinion

The Mental Health market in Canada has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater focus on mental health and well-being, leading to increased demand for mental health services and products. This trend is driven by several factors, including changing societal attitudes towards mental health, increased awareness and education about mental health issues, and a growing recognition of the importance of mental well-being in overall health.

Customer preferences: Customers in Canada are increasingly prioritizing their mental health and seeking out products and services that support their well-being. There has been a shift in societal attitudes towards mental health, with a greater emphasis on destigmatizing mental illness and promoting mental well-being. As a result, individuals are more willing to seek help and invest in their mental health.

Trends in the market: One of the key trends in the Mental Health market in Canada is the growing demand for therapy and counseling services. As awareness about mental health issues increases, more people are seeking professional help to address their mental health concerns. This has led to a rise in the number of therapists and counselors in the market, as well as the development of innovative online platforms and apps that provide convenient access to mental health services.Another trend in the market is the increasing popularity of self-care and wellness products. Canadians are turning to products such as meditation apps, stress-relief tools, and relaxation aids to manage their mental health and promote overall well-being. This trend is driven by a desire for convenient and accessible solutions that can be incorporated into daily routines.

Local special circumstances: Canada has a publicly funded healthcare system, which includes coverage for mental health services. This has made mental health services more accessible to a larger portion of the population and has contributed to the growth of the market. However, there are still challenges in terms of wait times for mental health services, particularly in certain regions of the country. This has created opportunities for private mental health providers to fill the gap and offer timely access to services.

Underlying macroeconomic factors: The Mental Health market in Canada is also influenced by broader macroeconomic factors. The country has experienced steady economic growth in recent years, which has contributed to increased disposable income and consumer spending. As a result, individuals have more financial resources to invest in their mental health and well-being. Additionally, the COVID-19 pandemic has further highlighted the importance of mental health, leading to increased demand for mental health services and products.In conclusion, the Mental Health market in Canada is experiencing significant growth due to changing customer preferences, including a greater emphasis on mental health and well-being. This trend is driven by societal attitudes, increased awareness, and a recognition of the importance of mental well-being. The market is characterized by a growing demand for therapy and counseling services, as well as self-care and wellness products. Canada's publicly funded healthcare system and overall economic growth have also contributed to the growth of the market. However, challenges such as wait times for mental health services still exist, creating opportunities for private providers. The COVID-19 pandemic has further accelerated the demand for mental health services and products.

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.