DUBLIN–(BUSINESS WIRE)–February 15, 2022–
the “United States Psychiatry Clinics Market Size, Share, and Trend Analysis Report by Age Group (Adult, Pediatric) and Segment Forecast, 2021-2028” report has been added to ResearchAndMarkets.comoffer.
The US psychiatric clinic market size is expected to reach USD 31.2 billion by 2028. It is expected to grow at a CAGR of 3.90% from 2021 to 2028.
The increased prevalence of various mental illnesses in the United States resulting in increased demand for psychiatric services is the key factor driving the market. According to the Anxiety & Depression Association of America, nearly 18% of the American population suffers from anxiety disorders.
According to the latest research report published by the Kaiser Family Foundation (KFF), in 2020, about 41% of the American population suffered from mental disorders. There is a high unmet demand for mental health services in the United States According to Mental Health America, more than 50% of young people with depression and anxiety disorders have not received treatment. In addition, 26% of adults have an unmet need for mental health services.
The COVID-19 pandemic has had a huge impact on the market. Psychiatric clinics have faced huge drops in revenue due to service restrictions and a drop in occupancy due to the spread of infection in clinics and psychiatric hospitals. New rules have been put in place for these facilities with restrictions on staff, occupancy and visitors.
The telepsychiatry services of psychiatric clinics during the pandemic have allowed great accessibility to treatment. Telepsychiatry will also play a crucial role after the pandemic; help manage high demand effectively. The market has enormous reach with technological growth and attention to mental health as a priority by the government.
Highlights of the United States Psychiatry Clinics Market Report
- In 2020, the adult segment dominated the market owing to the high prevalence of mental illnesses in the country’s adult population
- The market is witnessing higher demand due to favorable insurance coverage making the treatment affordable for the patients and increasing prevalence of the disease
- Collaborations and expansion of facilities are major strategic initiatives undertaken by psychiatric clinics to gain greater market share
- For example, in March 2021, Acadia Healthcare partnered with Geisinger Health to build new behavioral health facilities in Pennsylvania
- The COVID-19 pandemic has increased the prevalence of the disease in the United States According to the National Council of Mental Wellbeing, one in six children and adolescents aged 6 to 17 and 40% of the adult population have reported problems mental health in 2020
Market Driver Analysis
- Increase in the prevalence of psychiatric disorders
- Advantageous health reimbursement
- Increased demand for mental health services
Analysis of market constraints
- Social stigma associated with psychiatric treatment
- High cost of treatment
Business environment analysis tools
- PESTLE analysis
- Analysis of the FIVE FORCES OF PORTER
Mapping of penetration and growth prospects
Impact of COVID-19: qualitative analysis
- Universal Health Services, Inc.
- LANGLEY PORTER PSYCHIATRIC HOSPITAL
- Bellevue Hospital NYC Health
- MANHATTAN PSYCHIATRIC CENTER
- Menninger Clinic
- Tucker Psychiatric Clinic
- Health Acadia
- UCSF Health
- BEHAVIORAL HEALTH Peninsula
- Mayo Clinic
For more information on this report, visit https://www.researchandmarkets.com/r/d61x0
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INDUSTRY KEYWORD: HEALTH PHARMACEUTICALS
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 02/15/2022 05:28 AM/DISC: 02/15/2022 05:28 AM
Copyright BusinessWire 2022.