Pune, India, June 14, 2021 (GLOBE NEWSWIRE) — The US Behavioral Health Market is set to gain momentum from the introduction of disruptive technologies, such as virtual assistants, VR, AR, digital consumer experience, diagnostic support, digital phenotyping, and neurological interventions. For instance, in May 2021, the United States Olympic and Paralympic Committee (USOPC) introduced its 24/7 mental health support line for athletes. They can easily connect with the line through the WellTrack app and can gain access to professional counselors, social workers, marriage therapists, and psychiatrists. This information is given by Fortune Business Insights™ in a report, titled, “US Behavioral Health Market, 2021-2028.” As per the report, the market size was USD 68.79 billion in 2020. It is projected to grow from USD 77.62 billion in 2021 to USD 99.40 billion in 2028 at a CAGR of 3.6% in the forecast period.
COVID-19 Pandemic Surges Demand for Virtual Healthcare Services in U.S.
The COVID-19 pandemic has affected the healthcare industry worldwide. Numerous firms operating in the U.S. started providing virtual healthcare services to surge sales. To avoid hospital visits, many people in the country adopted virtual modalities for the treatment of a wide range of illnesses, including behavioral health. On the other hand, doctors suffered from a devastating income loss on account of the lower number of in-person daily visits.
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Behavioral & Mental Health Segment Held 49.0% in 2020: Fortune Business Insights™
By payor, the U.S. behavioral health industry is divided into public health insurance and private health insurance/out-of-pocket. Based on the type, it is segregated into behavioral & mental health, substance abuse, eating disorders, trauma/PTSD, and others. Out of these, the behavioral & mental health segment held 49.0% in terms of the 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 in-depth information about value chain optimization, recent developments, import & export analysis, market share, production analysis, trade regulations, strategic growth analysis, impact of domestic and localized organizations, application niches, geographical expansions, emerging revenue pockets, technological innovations, product approvals, and category market growths.
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Drivers & Restraints-
Increasing Prevalence of Mental Disorders to Bolster Growth
The National Institute of Mental Health declared that 1 in 5 U.S. adults live with a mental illness. In 2019, the count was 51.5 million. Similarly, the Substance Abuse and Mental Health Services Administration (SAMHSA) stated that 1 in 4 Americans suffer from a mental disorder in a year. Hence, the rising prevalence of mental disorders is expected to propel the US Behavioral Health Market growth in the near future. However, clinicians often suggest patients to undergo certain treatment options based on trial-and-error. This factor may hamper the demand for behavioral health treatment services.
Key Players Focus on Signing New Merger Agreements to Broaden Their Capabilities
The U.S. behavioral health industry is highly fragmented with the presence of a large number of giant and start-up companies. Most of them are signing merger agreements with reputed organizations to strengthen their positions and improve their platforms. Below are the two latest industry developments:
- January 2021: Talkspace and Hudson Executive Investment Corp. entered into a merger agreement to develop a combined company under the symbol ‘Talk.’ The deal was worth USD 1.4 billion. It would help to focus more on behavioral health and enhance its outcomes.
- January 2021: Magellan Health, Inc. and Centene Corporation signed a merger agreement. It would help the latter to acquire the former for USD 2.2 billion. It will expand the company’s health capabilities and help to develop a unique behavioral health platform.
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A list of prominent companies present in the U.S. behavioral health industry:
- 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
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