Mental Health - Latvia

Latvia

Revenue in the Mental Health market is projected to reach US$22.28m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.29%, resulting in a market volume of US$23.45m 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$149.60 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Latvia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Mental Health market have shifted towards a more holistic approach to mental well-being, with individuals seeking a combination of therapy, counseling, and alternative treatments. This shift can be attributed to a growing awareness and acceptance of mental health issues, as well as a desire for personalized and comprehensive care. Additionally, there is an increasing demand for online mental health services, as customers seek convenience and accessibility in their treatment options.Trends in the market indicate a rising demand for specialized mental health services, such as child and adolescent psychiatry, addiction treatment, and trauma therapy. This can be attributed to a growing recognition of the unique mental health needs of different age groups and populations. Furthermore, there is a growing emphasis on preventive mental health care, with individuals seeking early intervention and support to prevent the onset of mental health disorders. This trend is driven by a greater understanding of the importance of mental well-being and the potential long-term benefits of early intervention.Local special circumstances in Latvia contribute to the development of the Mental Health market. The country has a relatively high prevalence of mental health disorders, which creates a significant demand for mental health services. Additionally, Latvia has a well-established healthcare system that provides accessible and affordable mental health care to its population. This enables individuals to seek treatment and support for their mental health concerns, contributing to the growth of the market.Underlying macroeconomic factors also play a role in the development of the Mental Health market in Latvia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and healthcare spending. This allows individuals to allocate a greater portion of their budget towards mental health services, driving the growth of the market. Additionally, the government has implemented policies and initiatives to improve mental health services and reduce the stigma surrounding mental health issues. These efforts have further contributed to the development of the market.In conclusion, the Mental Health market in Latvia is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards a holistic approach to mental well-being, the demand for specialized services, the emphasis on preventive care, the high prevalence of mental health disorders, the accessibility of healthcare services, and the economic growth of the country all contribute to the development of the market.

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.