The Mental Health Industry
Happy month of May, which is Mental Health Awareness month! I’m so excited to be back writing on this blog, and I am thankful for you all reading my blogs. This next blog, which will be my 30th blog, will be dedicated to the current and growing mental health industry.
Given the fact that about 1 in 5 Americans every year has a treatable mental health condition or illness and the population of the United States is continuing to grow, the mental health industry will continue to grow as well.
The mental health industry is very complex, spanning psychiatrists, research from pharmaceutical companies to prescribe medication, therapists, psychotherapists, mental health nonprofits like National Alliance on Mental Illness, where I have been a proud volunteer for over two years at, and other companies that work with these aforementioned players in the mental health industry.
And not only is the mental health industry quite complex, but also it is extremely large and growing. According to Allied Market Research, the global mental health market was valued at $383.31 billion in 2020, and is expected to grow to $537.97 billion in 2030. In addition, the estimated CAGR, or compounded annual growth rate, is expected to be about 3.5% from 2021 to 2030.
I’d also like to point out that mental health issues are non-discriminatory and can reach everyone in the world. Depression itself is one of the most common mental illnesses, and according to the World Health Organization, approximately over 264 million people experienced or suffered from depression worldwide. This needs to be taken extremely seriously because depression is a major cause of disability for all people.
I hope that reading up to this point in this blog that you are now cognizant of the growing mental health industry and how large it can be. There needs to be more investment in companies and employers in the mental health industry to grow it and sustain its growth. I believe that healthcare venture capital firms and even private equity firms and investment banks that seek to grow and cultivate development in the mental health industry, not just try to make a profit at the expense of workers and health care treatment in the mental health industry, are vital to the industry’s development. Because we all know that investment in companies catalyzes growth and job creation, but investors also want to make profits.
But the future is health care and especially mental health care, given that the industry is only increasing as mental health issues become more prevalent in this country and throughout the world. Furthermore, it is evident that the government in the United States can play a larger role in developing the mental health industry by providing more research funds to pharmaceutical companies that develop medication and other treatment types for mental health conditions. The government can also provide more resources for mental health awareness campaigns, and I believe the current administration is doing a fine job in that aspect.
On the whole, the mental health industry is extremely large and continuously growing in size, and there are many ways to sustain its growth and accessibility to more people, through private and public government intervention or investments.
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