Mental Health - Australia & Oceania

Australia & Oceania

Revenue in the Mental Health market is projected to reach US$596.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.50%, resulting in a market volume of US$642.10m by 2029.
In global comparison, most revenue will be generated in the United States (US$11,730.00m in 2024).
In relation to total population figures, per person revenues of US$126.60 are generated in 2024.

Key regions: United States, China, Japan, Canada, France

Market

Region

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Analyst Opinion

The Mental Health market in Australia & Oceania is witnessing significant growth and development in recent years.

Customer preferences: Customer preferences in the Mental Health market in Australia & Oceania are shifting towards a more holistic approach to mental well-being. There is a growing demand for alternative therapies such as mindfulness, meditation, and yoga. Customers are also seeking personalized and tailored mental health services that cater to their specific needs. This has led to the rise of online platforms and mobile applications that provide accessible and convenient mental health support.

Trends in the market: One of the key trends in the Mental Health market in Australia & Oceania is the increasing awareness and destigmatization of mental health issues. There is a growing recognition of the importance of mental well-being and the need for early intervention and treatment. This has resulted in a higher demand for mental health services, including counseling, therapy, and psychiatric care.Another trend in the market is the integration of technology in mental health services. Telehealth and teletherapy have gained popularity, allowing individuals to access mental health support remotely. This has been particularly beneficial for individuals in remote and rural areas who may have limited access to mental health professionals. Additionally, digital mental health platforms and apps have emerged, providing self-help resources, mental health assessments, and virtual therapy sessions.

Local special circumstances: Australia & Oceania face unique challenges in the Mental Health market due to its geographical spread and diverse population. The region consists of various countries and territories with different healthcare systems and cultural norms surrounding mental health. This requires a tailored approach to mental health services that takes into account the specific needs and preferences of each country or territory.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Mental Health market in Australia & Oceania. The region has experienced economic growth and increased healthcare expenditure, allowing for greater investment in mental health services. Government initiatives and policies promoting mental health awareness and support have also played a significant role in driving market growth.Furthermore, the COVID-19 pandemic has had a profound impact on mental health globally, including in Australia & Oceania. The pandemic has increased stress, anxiety, and depression among individuals, leading to a higher demand for mental health services. This has further accelerated the growth of the Mental Health market in the region.In conclusion, the Mental Health market in Australia & Oceania is evolving to meet the changing needs and preferences of customers. The market is experiencing a shift towards holistic approaches to mental well-being and the integration of technology in mental health services. Local special circumstances and underlying macroeconomic factors also contribute to the development of the market. Overall, the Mental Health market in Australia & Oceania is poised for continued growth and innovation in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on companies' revenues, international institutes data, and global consumer survey data. Revenues refer to the retail value and include sales taxes.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports and third-party data. Next, we use relevant key market indicators and data from country-specific associations such as healthcare spending per capita, medical product spending per capita, and gross domestic product per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function. Data is modeled using current exchange rates.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.