Sharex solutions chicago11/14/2022 ![]() ![]() Thus, a rise in the disorder prevalence and visits is contributing to the growth of the market. Moreover, the JAMA Open Network survey found that there has been a 30% rise in the ED visit for behavioral disorders services since 2018. Therefore, the growing prevalence of health disorders has led to a surge in facility visits by individuals demanding services and treatment. Also, the National Institute of Mental Health states that 1 in 5 United States adults are suffering from any type of behavioral type of health issue. Behavioral Health Market GrowthĪccording to the Substance Abuse and Mental Health Services Administration (SAMHSA), one in four Americans has a mental or substance use disorder. Increasing Prevalence of Physical and Mental Health-related Disorders to Surge U.S. Thus, these factors are creating great value to this market on multiple levels, thereby boosting its potential. Moreover, care providers are integrating a collection of technologies with an aim to advance the care delivery model to patients. #SHAREX SOLUTIONS CHICAGO SOFTWARE#For example, Calm Place, a behavior and mental health software solution of Mimerse AB, which is a relaxation virtual app is nowadays being adopted by hospitals and individuals in the U.S to lessen stress and anxiety. These technologies include virtual assistants, neurological interventions, digital phenotyping, digital consumer experience technologies, diagnostic support, and augmented, physical, and virtual reality. #SHAREX SOLUTIONS CHICAGO FREE#Request a Free sample to learn more about this report.Īdvent of New Technologies and Personalized Care to Raise Market PotentialĪn emerging array of disruptive technology is currently supporting major players in the behavioral health ecosystem. As the majority of healthcare professionals started offering digital care, the rate of patient visits increased, and therefore, it resulted in higher income gain amid the pandemic. However, clinicians who had in-person daily visits witnessed a devastating income loss owing to the restrictions imposed due to pandemics. According to a McKinsey report, due to the COVID-19 pandemic, there has been a 50% increase in the prevalence of behavioral health conditions. The pandemic led to a drastic increase in the use of virtual modalities for healthcare-related services, including health treatment for behavioral disorders, such as mental disorders, substance abuse, trauma/PTSD, and others. However, several companies offering virtual healthcare services witnessed strong growth in their sales. The coronavirus disease or COVID-19 outbreak of 2019 has remarkably influenced the dynamics of the healthcare sector globally. market is expected to witness strong revenue growth during the forecast period.ĬOVID-19 Pandemic Boosts Growth Backed by Availability of Digital Care Services For example, a survey conducted by American Well in 2017 found that 66% of consumers were willing to use telehealth services. Moreover, a shift in the trend of the adoption of telehealth-based treatments for the disorders is also anticipated to spur the market growth to new heights during the forecast period. ![]() Mental health services are growing at a remarkable rate, as favorable policies are being implemented on both the federal and state level. Physical & mental health disorders, such as mental illness, anxiety disorders, depression, substance abuse, and eating disorders, are the primary reasons for distress and disability among the population. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The market is projected to grow from USD 77.62 billion in 2021 to USD 99.40 billion in 2028 at a CAGR of 3.6% in the 2021-2028 period. ![]() Based on our analysis, the market exhibited a strong growth of 11.3% in 2020. The impact of COVID-19 has been unprecedented and staggering, with behavioral health services witnessing a positive demand shock across the U.S. behavioral health market size was USD 68.79 billion in 2020. ![]()
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