Mental Health - NAFTA

NAFTA

Revenue in the Mental Health market is projected to reach US$14.65bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.64%, resulting in a market volume of US$15.03bn 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$246.30 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Mental Health market in NAFTA is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in the NAFTA region are increasingly recognizing the importance of mental health and are seeking out services and products that address their mental well-being. There is a growing awareness of the impact of mental health on overall health and productivity, leading individuals to prioritize their mental well-being. As a result, there is a greater demand for mental health services, including therapy, counseling, and medication.

Trends in the market: One of the key trends in the Mental Health market in NAFTA is the shift towards digital mental health solutions. With the widespread availability of smartphones and internet access, individuals are turning to digital platforms for mental health support. Online therapy and counseling services, mental health apps, and virtual support groups are becoming increasingly popular. These digital solutions provide convenience, accessibility, and anonymity, making it easier for individuals to seek help and support for their mental health needs.Another trend in the market is the integration of mental health services into primary healthcare settings. Recognizing the interconnectedness of mental and physical health, healthcare providers are incorporating mental health screenings and interventions into routine medical care. This integration allows for early identification and intervention for mental health issues, leading to improved outcomes for patients.

Local special circumstances: In the NAFTA region, there are several local special circumstances that are driving the growth of the Mental Health market. One such circumstance is the increasing prevalence of mental health disorders. Factors such as stress, lifestyle changes, and societal pressures contribute to the rising incidence of mental health conditions. This has created a greater need for mental health services and interventions.Additionally, the COVID-19 pandemic has had a significant impact on mental health in the NAFTA region. The pandemic has brought about increased levels of stress, anxiety, and depression, leading to a surge in demand for mental health support. This has prompted governments and healthcare organizations to invest in mental health services and initiatives to address the growing needs of the population.

Underlying macroeconomic factors: The growth of the Mental Health market in NAFTA is also influenced by underlying macroeconomic factors. The region's strong economic growth and increasing disposable incomes have allowed individuals to prioritize their mental well-being and invest in mental health services. Additionally, favorable government policies and increased healthcare spending have facilitated the expansion of mental health services and improved access to care.In conclusion, the Mental Health market in NAFTA is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing recognition of the importance of mental health, the adoption of digital mental health solutions, the integration of mental health services into primary healthcare, the rising prevalence of mental health disorders, the impact of the COVID-19 pandemic, and the region's strong economic growth are all contributing to the expansion of the Mental Health market in NAFTA.

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.