Mental Health - South Korea

South Korea

Revenue in the Mental Health market is projected to reach US$562.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.83%, resulting in a market volume of US$605.00m 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$193.90 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in South Korea has been experiencing significant growth in recent years.

Customer preferences: In South Korea, there has been a growing awareness and acceptance of mental health issues. People are becoming more open to seeking help for their mental health concerns and are actively looking for solutions to improve their overall well-being. This shift in customer preferences has led to an increased demand for mental health services and products in the market.

Trends in the market: One of the key trends in the Mental Health market in South Korea is the rise of digital mental health solutions. With the widespread use of smartphones and the internet, more people are turning to mobile applications and online platforms for mental health support. These digital solutions offer convenience and accessibility, allowing individuals to access therapy, counseling, and self-help resources from the comfort of their own homes. This trend is likely to continue as technology continues to advance and the stigma surrounding mental health decreases.Another trend in the market is the integration of traditional Korean medicine with mental health treatments. Traditional Korean medicine, which includes practices such as acupuncture and herbal medicine, has a long history in the country. It is now being recognized for its potential in treating mental health conditions such as anxiety and depression. This integration of traditional and modern approaches to mental health care is appealing to many customers who are seeking holistic and personalized treatments.

Local special circumstances: South Korea has a unique cultural context that influences the Mental Health market. The country has a highly competitive and demanding education system, which puts a lot of pressure on students and contributes to high levels of stress and anxiety. As a result, there is a strong demand for mental health services among students and young adults. Additionally, South Korea has a collectivist culture, where individuals are expected to prioritize the needs of the group over their own. This can lead to feelings of isolation and difficulty in seeking help for mental health issues. However, there is a growing recognition of the importance of mental well-being and a shift towards individualism, which is driving the market growth.

Underlying macroeconomic factors: South Korea has a strong and developed healthcare system, which provides a solid foundation for the Mental Health market. The government has also been actively promoting mental health initiatives and investing in mental health services. This support from the government has created a favorable environment for the growth of the market. Additionally, South Korea has a high smartphone penetration rate and a tech-savvy population, which has contributed to the adoption of digital mental health solutions. The country's strong economy and high disposable income levels also enable individuals to afford mental health services and products. Overall, these underlying macroeconomic factors have played a significant role in the development of the Mental Health market in South Korea.

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.