Mental Health - Saudi Arabia

Saudi Arabia

Revenue in the Mental Health market is projected to reach US$203.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.17%, resulting in a market volume of US$205.00m 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$56.34 are generated in 2024.

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

Market

Region

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Currency

Analyst Opinion

Mental Health is a growing concern worldwide, and Saudi Arabia is no exception. With an increasing awareness about mental health issues and a growing acceptance of seeking professional help, the Mental Health market in Saudi Arabia is experiencing significant development.

Customer preferences: Saudi Arabia has traditionally been a society that has placed a strong emphasis on family and community support. However, there has been a shift in customer preferences, with individuals becoming more open to seeking professional help for mental health issues. This change can be attributed to several factors, including increased awareness about mental health, changing societal norms, and a growing recognition of the importance of mental well-being. As a result, there is a growing demand for mental health services in the country.

Trends in the market: One of the key trends in the Mental Health market in Saudi Arabia is the increasing availability and accessibility of mental health services. There has been a significant investment in the development of mental health infrastructure, with the establishment of specialized clinics and hospitals across the country. This has made it easier for individuals to access the care they need and has contributed to the overall growth of the market.Another trend in the market is the integration of technology in mental health services. Telemedicine and online therapy platforms have gained popularity in Saudi Arabia, allowing individuals to receive mental health support from the comfort of their homes. This trend has been accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare services.

Local special circumstances: Saudi Arabia has a young population, with a large percentage of the population under the age of 30. This demographic trend has contributed to the growth of the Mental Health market, as young people are more likely to seek help for mental health issues. Additionally, the government has recognized the importance of mental health and has implemented initiatives to promote mental well-being, further driving the growth of the market.

Underlying macroeconomic factors: The economic development of Saudi Arabia has also played a role in the growth of the Mental Health market. As the country diversifies its economy and moves away from oil dependence, there has been an increased focus on human capital development. This includes investing in mental health services to ensure the well-being and productivity of the workforce. Furthermore, the government has implemented healthcare reforms to improve access to mental health services, making it easier for individuals to seek help.In conclusion, the Mental Health market in Saudi Arabia is experiencing significant development due to changing customer preferences, increasing availability of mental health services, integration of technology, local demographic trends, and underlying macroeconomic factors. The future of the market looks promising, with a growing recognition of the importance of mental well-being and continued investment in mental health infrastructure.

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.