Pune, India, Nov. 29, 2022 (GLOBE NEWSWIRE) — The US behavioral health market size hit USD 76.44 billion in 2021. The market value is slated to rise from USD 79.69 billion in 2022 to USD 105.14 billion by 2029, exhibiting a CAGR of 4.0% during the forecast period. As a result of the adoption of supportive federal and state policies, mental health services are expanding at an impressive rate, says Fortune Business InsightsTM in its report titled, “US Behavioral Health Market, 2022-2029”.
Key Industry Development
June 2022: In order to increase patient access to care, Universal Health Services, Inc. and Trinity Health Michigan formed a joint venture and established a new freestanding inpatient behavioral health hospital in Byron Center.
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|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||4.0%|
|2029 Value Projection||USD 105.14 Billion|
|Market Size in 2021||USD 76.44 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||84|
|Key Players||Universal Health Services, Inc. (US), BHG Holdings, LLC. (US), Acadia Healthcare (US), American Addiction Centers (US)|
|Growth Drivers||Surge in Physical and Mental Health-related Disorders will Boost the Market|
|Intense Competition will Result from the Expansion of Related Health Facilities across the US|
|COVID-19 Pandemic and Electronic Care Services Boost Growth|
Drivers & Restraints
Surge in Physical and Mental Health-related Disorders will Boost the Market
The number of people seeking services and treatment at facilities has increased as a result of the rising prevalence of health issues. In addition, the JAMA Open Network survey discovered that during 2018, the number of ED visits for behavioral disorders services increased by 30%. However, due to lack of money and infrastructure, shortages are much more likely to happen in rural areas of the nation. As a result, the market cannot expand since there are not enough specialists to meet the rising demand.
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By Type, Mental Health Conditions to Support the Segment
Due to the expanding prevalence of mental diseases in the nation, there is a growing need for healthcare services, which is the primary cause of segmental domination. More than 43.0 million Americans experience mental illness each year, according to the National Alliance on Mental Illness (NAMI).
By Payor, Reimbursement Policies to Aid Public Health Insurance Segment’s Growth
In terms of payor, the public health insurance segment was the US market leader in 2021, and it is anticipated that it will continue to hold that status by the end of 2029. Due to the nation’s rising need for physical and mental healthcare, Medicare and Medicaid insurance are becoming more popular.
|Segmentation|| By Type
| By Payor
Quick Buy – US Behavioral Health Market
COVID-19 Pandemic and Electronic Care Services Boost Growth
The worldwide dynamics of the healthcare industry have been significantly impacted by the coronavirus illness or COVID-19 outbreak of 2019. However, a number of businesses that provide virtual healthcare services saw a significant increase in their sales. Due to the pandemic, there has been a sharp rise in the usage of virtual modalities for universal health care services such as the treatment of behavioral disorders such as mental illnesses, substance misuse, trauma/Post-Traumatic Stress Disorder (PTSD), and others.
The research study provides a thorough review of the various aspects influencing the US behavioral health market growth. These include limitations, dangers, major advances, and growth drivers. Additionally, it aids in market analysis, segmentation, and definition depending on several segments. It strategically examines a variety of tactics used by industry participants, including product breakthroughs, mergers, alliances, joint ventures, and acquisitions.
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Intense Competition will Result from the Expansion of Related Health Facilities across the US
There are several businesses in the US that offer services for eating disorders and substance misuse, creating a fragmented market. Due to its extensive facilities throughout states, Universal Health Services has a sizeable US behavioral health market share among all the major companies. The possibilities of the US market are expected to increase during the projection period as a result of these companies’ use of telehealth technology and their focus on partnerships and acquisitions to deliver services to a wide portion of the population.
List of Key Market Players:
- Universal Health Services, Inc. (US)
- BHG Holdings, LLC. (US)
- Acadia Healthcare (US)
- American Addiction Centers (US)
- CuraLinc Healthcare (US)
- BEHAVIORAL HEALTH SYSTEMS, INC. (US)
- North Range Behavioral Health (US)
- Uprise Health (US)
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Regulatory & Reimbursement Scenario – U.S.
- Statistics related to Mental Health, Opioid Addiction, etc.
- Adoption of Telehealth Technology to Benefit Behavioral Health
- Key Industry Developments (Mergers, Acquisitions and Partnerships)
- Impact of COVID-19 on Behavioral Health Market
- U.S. Behavioral Health Market Analysis, Insights and Forecast, 2018-2028
- Market Analysis, Insights and Forecast – By Type
- Behavioral & Mental Health
- Substance Abuse
- Eating Disorders
- Market Analysis, Insights and Forecast – By Payor
- Public Health Insurance
- Private Health Insurance/Out-of-Pocket
- Market Analysis, Insights and Forecast – By Type
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Frequently Asked Questions:
How much is the US Behavioral Health Market worth?
According to Fortune Business Insights the US Behavioral Health Market stood at USD 76.44 billion in 2021 and is projected to reach USD 105.14 billion by 2029.
Which is the leading segment in the market?
According to Fortune Business Insights the behavioral & mental health segment is expected to lead this market during the forecast period.
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