Depressive Disorders - South Korea

South Korea

Revenue in the Depressive Disorders market is projected to reach US$323.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.35%, resulting in a market volume of US$354.80m by 2028.
In global comparison, most revenue will be generated in the United States (US$6,263.00m in 2024).
In relation to total population figures, per person revenues of US$232.00 are generated in 2024.

Key regions: Japan, United Kingdom, China, Europe, Canada

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Analyst Opinion

The Depressive Disorders market in South Korea has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the increasing awareness and recognition of mental health issues in South Korea. In the past, mental health was often stigmatized and not openly discussed. However, there has been a shift in societal attitudes, with more people seeking help for their mental health concerns. This has led to a higher demand for treatments and therapies for depressive disorders.

Trends in the market: Another trend in the market is the growing availability and accessibility of mental health services in South Korea. In the past, there was a lack of resources and facilities for individuals seeking treatment for depressive disorders. However, there has been a significant increase in the number of mental health clinics, hospitals, and specialized treatment centers across the country. This has made it easier for individuals to access the care they need, leading to an increase in the overall market size.In addition, there has been a rise in the use of technology in the treatment of depressive disorders. Online therapy platforms and mental health apps have gained popularity in South Korea, providing individuals with convenient and flexible options for accessing treatment. This trend has been particularly beneficial for those who may be hesitant to seek traditional in-person therapy.

Local special circumstances: South Korea has a highly competitive and fast-paced society, which can contribute to high levels of stress and anxiety. This may explain why there is a higher prevalence of depressive disorders in the country compared to other regions. The demanding work culture and societal expectations can take a toll on individuals' mental health, leading to an increased demand for treatments and therapies.

Underlying macroeconomic factors: South Korea has experienced steady economic growth in recent years, which has contributed to an increase in disposable income and healthcare spending. As people have more financial resources, they are more willing to invest in their mental health and seek treatment for depressive disorders. This has created a favorable market environment for the growth of the Depressive Disorders market in South Korea.In conclusion, the Depressive Disorders market in South Korea is experiencing significant growth due to changing societal attitudes towards mental health, the increasing availability of mental health services, the use of technology in treatment, the demanding work culture, and the country's economic growth. These factors have created a favorable market environment for the expansion of the Depressive Disorders market in South Korea.

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.