Mental Health - Norway

Norway

Revenue in the Mental Health market is projected to reach US$147.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.97%, resulting in a market volume of US$153.50m 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$247.60 are generated in 2024.

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

Market

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Analyst Opinion

The Mental Health market in Norway has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Norwegian consumers have become increasingly aware of the importance of mental health and well-being, leading to a growing demand for mental health services and products. This shift in consumer preferences can be attributed to a number of factors, including a greater understanding of mental health issues, increased media coverage, and a cultural shift towards prioritizing self-care and personal well-being. As a result, there has been a surge in the number of individuals seeking professional help for mental health conditions, as well as an increased interest in alternative therapies and self-help resources.

Trends in the market: One of the key trends in the Mental Health market in Norway is the rise of digital mental health solutions. With the widespread adoption of smartphones and internet connectivity, there has been a growing demand for online therapy platforms, mental health apps, and virtual counseling services. These digital solutions offer convenience, accessibility, and anonymity, making it easier for individuals to seek help and support for their mental health needs. Additionally, the COVID-19 pandemic has accelerated the adoption of telehealth services, further driving the growth of digital mental health solutions in Norway.Another trend in the market is the integration of mental health services into primary care settings. Recognizing the importance of early intervention and prevention, healthcare providers in Norway have been working towards integrating mental health services into primary care clinics and hospitals. This integrated approach allows for better coordination of care and ensures that individuals have access to mental health support alongside their physical healthcare needs. This trend is supported by government initiatives and policies aimed at improving mental health services and reducing the stigma associated with seeking help for mental health issues.

Local special circumstances: Norway has a strong welfare system and a high level of social support, which has contributed to the development and growth of the Mental Health market. The government has implemented policies and programs to promote mental health and well-being, including funding for mental health research, community-based mental health services, and early intervention programs. These initiatives have helped to create a supportive environment for individuals seeking mental health support and have contributed to the overall growth of the market.

Underlying macroeconomic factors: Norway has a stable and prosperous economy, which has provided a favorable environment for the growth of the Mental Health market. The country has a high GDP per capita and a relatively low unemployment rate, which means that individuals have the financial means to access mental health services and products. Additionally, the government's commitment to mental health and well-being has resulted in increased funding and resources for mental health services, further supporting the growth of the market.In conclusion, the Mental Health market in Norway is experiencing significant growth due to increasing customer preferences for mental health support, the rise of digital solutions, the integration of mental health services into primary care, and the country's supportive welfare system. These trends, along with favorable macroeconomic factors, have created a conducive environment for the development and expansion of the market in Norway.

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.