Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The US Behavioral Health Market size is projected to grow from USD 77.62 billion in 2021 to USD 99.40 billion in 2028. Nowadays, clinicians are integrating unique technologies with their treatment procedures to provide better care delivery models to patients. In April 2021, for instance, Life Clips, Inc.’s subsidiary Cognitive Apps Software unveiled the Yuru 3-in-1 tool.
It will be used to manage and understand one’s mental health. It was developed by a team of psychotherapists for providing assistance. As per a published report by Fortune Business Insights™, titled, “US Behavioral Health Market, 2021-2028,” the market stood at USD 68.79 billion in 2020. It is set to exhibit a CAGR of 3.6% in the forecast period between 2021-2028.
List of Key Players in US Behavioral Health Market:
- Universal Health Services (King of Prussia, PA)
- Behavioural Health Group Inc.(Dallas, Texas)
- Acadia Healthcare (Franklin, Tennessee)
- American Addiction Centers (Tennessee, U.S)
- IBH (Irvine, CA)
- CuraLinc Healthcare (Chicago, Illinois)
- Behavioural Health Systems (Birmingham, Alabama)
- North Range Behavioural Health (Greeley, Colorado)
- Other Prominent Players
Report Scope & Segmentation
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||3.6%|
|2028 Value Projection||USD 99.40 Billion|
|Market Size in 2021||USD 77.62 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||71|
|Segments covered||Behavioral & Mental Health, Substance Abuse, Eating Disorders, Trauma/PTSD|
|Growth Drivers||The availability of cost-effective scientific technologies and shifting cultural changes are expected to result in the higher access of behavioral healthcare services in the U.S.|
|Popular app used for treating depression and stress showcased a surge of 50% in new users during the early pandemic phase.|
Acadia Healthcare Acquires Adventist Health Vallejo to Provide Better Service to Patients
In February 2021, Adventist Health Vallejo, a psychiatric hospital based in the U.S. signed an agreement with Acadia Healthcare. It will enable the former to sell its behavioral health services to the latter. Acadia will be able to strengthen the former’s capabilities to deliver premium substance use and behavioral health services. As per a company official, “This acquisition would help Acadia to bring in its expertise to meet the needs of the community. It would also enable the company to broaden its services.”
To get to know more about the short-term and long-term impact of COVID-19 on this market,
COVID-19 Pandemic: Rising Adoption of Virtual Consolation Services to Favor Growth
The healthcare sector was severely impacted because of the COVID-19 pandemic. To prevent transmission, people in the U.S. are avoiding hospital visits. It is therefore enabling companies to provide virtual healthcare services to patients for the treatment of a wide range of behavioral health issues, such as trauma/PTSD, substance abuse, and mental illnesses. Such initiatives are set to propel growth of this market amid the pandemic. However, clinicians are facing huge financial losses because of the low in-person daily visits.
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the size of this industry.
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Drivers & Restraints-
Expansion of Insurance Coverage & Digital Services to Augment Growth
The availability of cost-effective scientific technologies and shifting cultural changes are expected to result in the higher access of behavioral healthcare services in the U.S. Also, companies are investing huge sums to broaden their services included in insurance coverages. It would help several people to get the required treatment. The COVID-19 pandemic has resulted in the surging adoption of digital solutions for treatment services. Brightside, a popular app used for treating depression and stress showcased a surge of 50% in new users during the early pandemic phase. On the contrary, shortage of data and lack of R&D activities regarding these disorders may hamper the US Behavioral Health Market growth in the near future.
Increasing Prevalence of Mental Illness to Drive Behavioral & Mental Health Segment
Based on the type, the U.S. behavioral health industry is segmented into behavioral & mental health, substance abuse, eating disorders, trauma/PTSD, and others. Amongst these, the behavioral & mental health segment procured 49.0% in terms of the US Behavioral Health Market share in 2020. It is set to retain its dominant position in the upcoming years on account of the surging cases of mental illness. The National Alliance on Mental Illness (NAMI) declared that every year, more than 43 million Americans suffer from mental illnesses.
Key Companies Aim to Offer Novel Treatment Options through Mergers & Acquisitions
Prominent organizations operating in this industry are striving persistently to deliver state-of-the-art treatment options for various disorders. Universal Health Services is one of the leading companies in the market. It possesses a large number of facilities across the U.S. Some of the other companies are focusing on mergers and acquisitions to strengthen their positions. Below is one of the industry developments:
- December 2020: IBH Population Health Solutions acquired HMC Health Works to broaden its robust capabilities in EAP and Opioid & Pain Management and Managed Behavioral Health segments. It would help the company to provide digitally sophisticated, whole person focused and comprehensive products and services.
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