The U.S. Behavioral Health Market To Reach $ 77.62 Billion With
Pune, India, June 14, 2021 (GLOBE NEWSWIRE) – The U.S. Behavioral Health Market is set to gain momentum with the introduction of disruptive technologies, such as virtual assistants, virtual reality, augmented reality, digital consumer experience, diagnostic aid, digital phenotyping and neurological interventions. For example, in May 2021, the United States Olympic and Paralympic Committee (USOPC) launched its 24/7 mental health helpline for athletes. They can easily connect to the line through the WellTrack app and have access to professional counselors, social workers, marriage therapists and psychiatrists. This information is provided by Fortune Business Insights ™ in a report titled “U.S. Behavioral Health Market, 2021-2028. “According to the report, the market size was $ 68.79 billion in 2020. It is expected to grow from $ 77.62 billion in 2021 to $ 99.40 billion in 2028 at a CAGR of 3.6% during the forecast period.
COVID-19 pandemic increases demand for virtual health services in the United States
The COVID-19 pandemic has affected the healthcare sector around the world. Many companies operating in the United States have started providing virtual health services to increase their sales. To avoid hospital visits, many people across the country have adopted virtual modalities for the treatment of a wide range of illnesses, including behavioral health. On the other hand, doctors have suffered a devastating loss of revenue due to the lower number of daily in-person visits.
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Behavioral and mental health Segment held at 49.0% in 2020: Fortune Business Insights ™
By payer, the US behavioral health industry is divided into public health insurance and private / payment health insurance. Based on type, it is separated into behavioral and mental health, substance abuse, eating disorders, trauma / PTSD, and others. Of these, the behavioral and mental health segment held 49.0% in terms of market share in 2020. This growth is attributable to the higher prevalence of mental illness in this country.
The research report of this industry presents detailed information on value chain optimization, recent developments, import and export analysis, market share, production analysis, trade regulations, analysis of strategic growth, impact of national and localized organizations, application niches, geographic expansions, emerging revenue pockets, technological innovations, product approvals and market growth of categories.
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Conductors and constraints-
Increased prevalence of mental disorders to promote growth
The National Institute of Mental Health has said that one in five American adults live with mental illness. In 2019, the number was 51.5 million. Likewise, the Substance Abuse and Mental Health Services Administration (SAMHSA) has stated that one in four Americans suffers from a mental disorder within a year. Hence, the increasing prevalence of mental disorders is expected to propel the growth of the US behavioral health market in the near future. However, clinicians often suggest that patients follow certain treatment options based on trial and error. This factor can hamper demand for behavioral health treatment services.
Key Players Focus on Signing New Merger Agreements to Expand Capabilities
The American behavioral health industry is very fragmented with the presence of a large number of giants and start-ups. Most of them sign merger agreements with reputable organizations to strengthen their positions and improve their platforms. Here are the two latest developments in the industry:
- January 2021: Talkspace and Hudson Executive Investment Corp. have entered into a merger agreement to develop a combined company under the symbol “Talk”. The transaction was worth $ 1.4 billion. This would help to focus more on behavioral health and improve its results.
- January 2021: Magellan Health, Inc. and Centene Corporation signed a merger agreement. He would help the latter acquire the former for $ 2.2 billion. It will expand the company’s health capabilities and help develop a unique behavioral health platform.
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A list of leading companies in the US behavioral health industry:
- Universal Health Services (King of Prussia, Pennsylvania)
- Behavioral Health Group Inc. (Dallas, Texas)
- Acadia Healthcare (Franklin, Tennessee)
- American Substance Abuse Centers (Tennessee, USA)
- IBH (Irvine, California)
- CuraLinc Healthcare (Chicago, Illinois)
- Behavioral Health Systems (Birmingham, Alabama)
- North Range Behavioral Health (Greeley, Colorado)
- Other important players
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