Urban lifestyle has induced negative health conditions like anxiety, post-traumatic stress and depression in general public. These health conditions are known to the primary cause of suicides. OECD conducted a study which states that investment of US$104Bn is made on ill mental health treatment annually in UK. However, the cases have not decreased and rate of issues like anxiety disorders and depression have increased. Increase in rate generates plethora of opportunities for players in the behavioral health treatment market. Fact.MR report highlights anxiety as a common disorder in comparison to other issues like depression. Multitasking in fast paced life is known to be the primary factor responsible for the increased rate of mental disorders. Many mental health patients refrain from taking medical help due to the social stigmas associated with such illness. These stigmas are expected to contribute in the sluggish growth of behavioral health treatment market during the forecast period 2020-2027.
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Social stigmas impact developing nations
Tele psychiatry has emerged as one of the viable treatment option in the market. This concept is brought in by the on-demand model of mental illness treatment. Tele psychiatry facilitates patients with home-based treatment services which are preferred for their comfort and cost-benefits. Patient does not have to step out to seek any medical professional which helps him to maintain secrecy about his/her condition. Also, Tele psychiatry gives the advantages of reduced wait time and immediate help. Fact.MR report predicts that home-based treatment services will grow at 3% CAGR during the forecast period. However, social taboos associated with mental health have strong hold in people. The social stigmas have strong influence in regions like Asia Pacific. Developing economies are most affected by it. Many factors like improper counselling and insufficient care limit the growth of behavioral health treatment market. They also negatively influence the revenue generated in the global market.
European market is growing fast
Fact.MR report forecasts that popularity of telemedicine is growing fast. They have the potential to overtake physically established counseling centers. Major stake holders in behavioral treatment market are adopting various procedures and policies for data privacy in order to attain great marketability for their products and services.
Global behavioral treatment market can be geographically segmented into regions including North America, Asia Pacific, Middle East & Africa, Europe and Latin America. The European market for behavioral treatment is expected to grow rapidly. It is anticipated to generate 21% higher revenue by the end of 2027. The regions is witnessing this rapid revenue growth on the back drop of issues like alcohol abuse and substance abuse. Authorities are increasingly adopting preventive measures to reduce these forms of social evil.
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Institutes like Mental Health Europe, European Association of Substance Abuse and Lisbon Institute of Global Mental Health are taking efforts to address issues related it behavioral health. WHO published a report in 2018 that places Europe at the top most region in alcohol consumption. This increased rate of alcohol consumption imparts Europe with the tag of highest death rate.
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