Behavioral Health Market: Overview
The behavioral health market is witnessing a rapid rise in growth rate and is estimated to continue the positive growth streak throughout the forecast period of 2019-2029 owing to the increasing number of mental health cases due to the COVID-19 pandemic. The sudden lockdown imposed by various countries to tackle the growing transmission of COVID-19 pandemic has taken a toll on the mental health of many individuals. Rising unemployment levels, anxiety issues, loneliness, stress, and financial instability caused due to the lockdown measures have resulted in deteriorating mental health issues.
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While consultations in person pose risks due to the growing transmission risks, the rise in the use of telehealth for mental consultations is gaining considerable momentum. Children are also said to be affected greatly due to lockdown measures. An atmosphere of panic and negativity surrounding them due to the pandemic are serving as vital components. Considering all these factors, it may be feasible to conclude that issues related to mental health are at a historical high. These factors may prove to be a turning point for the growth of behavioral health market.
This behavioral health market report hits a bull’s eye in terms of analysis of the various factors influencing its growth dynamics. These factors include the key trends, competitive landscape, and also the regional analysis of the behavioural health market. Market stakeholders can greatly benefit from this thoroughly researched report on the behavioural health market. Furthermore, this report also provides a bird’s eye view regarding the effect of COVID-19 outbreak on behavioural health market.
Behavioural Health Market: Competitive Analysis
Behavioural health service providers are seeking new methods for efficient and precise consultation. The COVID-19 pandemic has urged everyone to stay at home. Key players in the behavioural health market are focusing on providing superior quality home-based and telepsychiatric services. They are also in the process of developing smartphone apps that not only prove to be beneficial for the patients but also to psychiatrists, as some apps also can store patients’ data.
Mergers and acquisitions also play a large role in the growth of the behavioural health market. Major players are involved in such activities to cement their position in the behavioural health market.
Some well-entrenched players in the behavioural health market include Pyramid Healthcare, Strategic Behavioural Health, North Range Behavioural Health, CareTech Holdings PLC, Ascension Seton, and Universal Health Services Inc.
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Behavioural Health Market: Key Trends
The panic caused among COVID-19 patients is leading to a vast amount of psychological-related disorders. The government is taking the help of behavioural health service providers for consultations for COVID-29 patients. This development may invite good growth opportunities for the behavioural health market. In addition, the healthcare professional category is also recording a rise in mental health cases due to the stress caused by frequently treating and handling of COVID-19 patients. A survey done by the British Medical Association revealed that over 41 percent of doctors suffered from mental health-related issues. This factor can increase the growth rate of the behavioural health market.
Behavioural Health Market: Regional Outlook
Regionally, the behavioural health market is segmented into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Europe is considered to emerge as a major shareholder in the growth of behavioural health market due to the increasing number of cases in Spain, Italy, France, and the U.K. North America is also seeing a rise in mental health-related cases due to the escalating coronavirus positive cases. Asia Pacific is also estimated to record stable growth. According to the Indian Psychiatry Society, a 20 percent rise in cases of mental illness was reported in India after the lockdown. These statistics highlight the need for behavioural health services in the region.
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