Mental Health - Nigeria

Nigeria

Revenue in the Mental Health market is projected to reach US$55.43m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of NaN%, resulting in a market volume of US$-52.85m 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$3.62 are generated in 2024.

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

Market

Region

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Currency

Analyst Opinion

The Mental Health market in Nigeria is experiencing significant growth and development due to various factors. Customer preferences are shifting towards a greater focus on mental health and well-being, leading to an increased demand for mental health services and products. Additionally, local special circumstances and underlying macroeconomic factors are also contributing to the growth of the market.Customer preferences in Nigeria are evolving, with more individuals recognizing the importance of mental health and seeking professional help. There is a growing awareness of mental health issues and a desire to address them, leading to an increased demand for mental health services. This includes therapy, counseling, and psychiatric services. Additionally, there is a greater emphasis on self-care and wellness, with individuals seeking out products and services that promote mental well-being, such as meditation apps, stress-relief products, and relaxation techniques.Trends in the mental health market in Nigeria reflect the global trend towards increased mental health awareness and accessibility. There is a growing number of mental health professionals in the country, including psychologists, psychiatrists, and counselors, who are able to provide the necessary support and treatment. This has led to an increase in the availability and accessibility of mental health services, both in-person and online.Local special circumstances in Nigeria also contribute to the development of the mental health market. The country has a large population, with a significant portion of the population experiencing mental health challenges. This creates a high demand for mental health services and products. Additionally, Nigeria has a young population, with a large percentage of the population under the age of 30. This demographic is more open to discussing mental health and seeking help, further driving the growth of the market.Underlying macroeconomic factors in Nigeria also play a role in the development of the mental health market. The country has been experiencing economic growth in recent years, which has led to an increase in disposable income. This allows individuals to allocate more resources towards their mental health and well-being. Additionally, the government has recognized the importance of mental health and has taken steps to improve access to mental health services. This includes the implementation of policies and programs aimed at reducing the stigma around mental health and increasing the availability of affordable mental health services.In conclusion, the Mental Health market in Nigeria is experiencing significant growth and development due to shifting customer preferences, local special circumstances, and underlying macroeconomic factors. The increased awareness and recognition of mental health issues, along with the availability of mental health professionals and services, are driving the growth of the market. Additionally, the young population and economic growth in Nigeria contribute to the increased demand for mental health services and products. Overall, the future of the mental health market in Nigeria looks promising, with continued growth and development expected.

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.