Mental Health - Ethiopia

Ethiopia

Revenue in the Mental Health market is projected to reach US$33.37m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.45%, resulting in a market volume of US$35.35m 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$3.26 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Ethiopia is developing at a steady pace, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Mental Health market in Ethiopia are shifting towards a greater emphasis on holistic well-being and the recognition of the importance of mental health. As people become more aware of the impact of mental health on overall health and quality of life, there is a growing demand for mental health services and support. This includes both traditional therapeutic approaches as well as newer, alternative methods such as mindfulness and meditation. Trends in the market reflect the global movement towards destigmatizing mental health issues and increasing access to mental health services. In Ethiopia, there is a growing recognition of the need to address mental health as a public health concern. This has led to the development of policies and programs aimed at improving mental health services and increasing awareness and understanding of mental health issues. Additionally, there is a growing interest in integrating mental health services into primary healthcare settings, making them more accessible to a larger population.Local special circumstances in Ethiopia contribute to the development of the Mental Health market. The country has a high prevalence of mental health disorders, with limited resources and infrastructure to address the growing demand for mental health services. This creates a gap in the market, which presents opportunities for both local and international players to invest in the development of mental health services and infrastructure. Additionally, the cultural context in Ethiopia places importance on community and social support, which can be leveraged to develop community-based mental health programs and initiatives.Underlying macroeconomic factors also play a role in the development of the Mental Health market in Ethiopia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and a growing middle class. This has created a larger consumer base with the means to access and afford mental health services. Furthermore, the government has shown a commitment to investing in healthcare infrastructure and improving access to healthcare services, including mental health services.In conclusion, the Mental Health market in Ethiopia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As awareness and understanding of mental health issues grow, there is a greater demand for mental health services and support. The government and other stakeholders are recognizing the importance of addressing mental health as a public health concern and are taking steps to improve access to mental health services. With a growing middle class and increased investment in healthcare infrastructure, the market for mental health services in Ethiopia is expected to continue to grow in the coming years.

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.