Mental Health - New Zealand

New Zealand

Revenue in the Mental Health market is projected to reach US$15.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.41%, resulting in a market volume of US$16.88m 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$23.29 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Mental Health market in New Zealand has been experiencing significant growth in recent years, driven by changing customer preferences and increased awareness of mental health issues.

Customer preferences: Customers in New Zealand are becoming more proactive in seeking mental health support and are increasingly open to discussing their mental health. This shift in attitude has led to an increased demand for mental health services, including therapy, counseling, and medication. Additionally, there is a growing preference for holistic approaches to mental health, such as mindfulness, meditation, and alternative therapies.

Trends in the market: One major trend in the Mental Health market in New Zealand is the integration of technology into mental health services. Online therapy platforms and mental health apps have become increasingly popular, allowing individuals to access support from the comfort of their own homes. This trend has been accelerated by the COVID-19 pandemic, which has restricted in-person interactions and highlighted the need for remote mental health services. Another trend in the market is the focus on workplace mental health. Employers in New Zealand are recognizing the importance of supporting the mental well-being of their employees and are implementing initiatives to address mental health issues in the workplace. This includes providing access to counseling services, promoting work-life balance, and creating a supportive and inclusive work environment.

Local special circumstances: New Zealand has a high rate of mental health issues compared to other countries, with around one in five New Zealanders experiencing a mental health disorder in any given year. This has led to increased government investment in mental health services and the development of a national mental health strategy. The government has also introduced initiatives to reduce the stigma surrounding mental health and improve access to services for vulnerable populations, such as youth and Maori communities.

Underlying macroeconomic factors: The growing Mental Health market in New Zealand is also influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in increased disposable income and the ability to spend more on mental health services. Additionally, New Zealand has a well-developed healthcare system and a strong focus on social welfare, which supports the provision of mental health services. In conclusion, the Mental Health market in New Zealand is expanding due to changing customer preferences, the integration of technology, a focus on workplace mental health, local special circumstances, and underlying macroeconomic factors. As awareness of mental health issues continues to grow, the market is expected to further develop and diversify 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.