In its recent report, Transparency Market Research gives intricate details about the global behavioral health market. In recent years, there has been a considerable rise in the number of cases of mental health disorders. This is one of the biggest reasons behind the development of the global behavioral health market. The reason for this massive growth is actually twofold. One of the biggest reasons is of the taboo that was previously holding back the development of mental health space is now receding at a great pace.
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There are several influencers on the social media as well as hugely popular celebrities who have come out in open and have been talking about their mental health problems. This has helped in creating general awareness about the importance of taking medical and professional help when it comes to mental health problems. Only recently, several notable Bollywood actors, including leading ones such as Deepika Padukone, have come out and spoke about their struggle with mental health issues. Such open awareness and receding taboo about the treatment is thus helping to drive the growth of the global behavioral health market.
Changing Lifestyles to Create Demand for Solid Behavioral Health Treatment Model
The second part of the recent development of the global market is the constant changes in lifestyles that are causing increasing number of people to experience severe mental trauma or disorders. With changes in work and professional life to personal ones, there is a severe lack of bonding among people to rely upon. This may lead to a chronic behavioral mental condition. Such developments are thus promoting the uptake of the behavioral health market.
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Naturally, with the factors mentioned above, the global behavioral health market is expected to exhibit a CAGR of 2.4% for the given forecast period of 2019 to 2027. In 2018, the market stood at a valuation of US$196 bn. By the end of 2019, the projected market value is around US$200 bn. The market is thus, expected to be on course to achieve a stellar valuation during this period of forecast.
Asia Pacific to Show Promising Growth Rate
In terms of regional segmentation, the global behavioral health market is divided into five key regions viz. Latin America, Middle East and Africa, North America, Asia Pacific, and Europe. Of these regions, the global behavioral health market is expected to be dominated by the region of North America. Increasing awareness about mental health and a robust healthcare infrastructure are driving the growth of the regional market. On the other hand, Asia Pacific region is expected to show a promising growth in the next few years of the forecast period. Government initiatives to spread awareness and creating strong treatment models are expected to give impetus to the development of the behavioral health market in the region.
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Some of the leading companies operating in the global behavioral health market include names such as Promises Behavioral Health, Pyramid Healthcare, Ascension Seton, and Strategic Behavioral Health among others.
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