PUBLISHER: The Business Research Company | PRODUCT CODE: 1387635
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387635
“Residential Substance Abuse And Mental Health Facilities Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on residential substance abuse and mental health facilities market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for residential substance abuse and mental health facilities? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The residential substance abuse and mental health facilities market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Residential substance abuse and mental health facilities are treatment centers designed for patients to receive care while staying at the facility. These centers offer treatment with continuous 24/7 patient monitoring.
The primary categories of residential substance abuse and mental health facilities include residential mental health and intellectual disability facilities, as well as substance abuse centers. Substance abuse centers are dedicated to providing treatment and recovery services for individuals and families dealing with substance abuse issues. These facilities typically encompass different expenditure types, including both public and private funding, and cater to both males and females seeking treatment and support.
The residential substance abuse and mental health facilities market research report is one of a series of new reports from The Business Research Company that provides residential substance abuse and mental health facilities market statistics, including residential substance abuse and mental health facilities industry global market size, regional shares, competitors with a residential substance abuse and mental health facilities market share, detailed residential substance abuse and mental health facilities market segments, market trends and opportunities, and any further data you may need to thrive in the residential substance abuse and mental health facilities industry. This residential substance abuse and mental health facilities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The residential substance abuse and mental health facilities market size has grown strongly in recent years. It will grow from $118.62 billion in 2023 to $129.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed during the historical period can be attributed to several factors, including substance abuse epidemics, increased awareness of mental health issues, the process of deinstitutionalization, changes in legislation and healthcare policies, as well as alterations in insurance coverage and the implementation of parity laws.
The residential substance abuse and mental health facilities market size is expected to see strong growth in the next few years. It will grow to $172.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected growth in the forecast period can be attributed to various factors, including the promotion of mental health parity, the adoption of telehealth and digital solutions, targeted responses to the opioid crisis, improved access to care, and the integration of services. Noteworthy trends in the forecast period encompass the adoption of holistic and trauma-informed care, the provision of dual diagnosis treatment, the emphasis on evidence-based practices, the delivery of recovery-oriented services, and the promotion of cultural competency and diversity in the field.
Cases of Autism and Attention Deficit and Hyperactivity Disorder (ADHD) are on the rise in many parts of the world. ADHD is characterized by impaired functioning in the areas of attention, hyperactivity, and impulsivity, while autism is a neurodevelopmental disorder marked by impaired social interaction, verbal and non-verbal communication, and repetitive behavior. According to the Centers for Disease Control and Prevention (CDC), approximately one in every 36 children in the US is diagnosed with an autism spectrum disorder (ASD) in 2023. This increasing prevalence of mental health issues is expected to drive the growth of this market in the future.
The increasing healthcare expenditures are anticipated to boost the growth of the residential substance abuse and mental health facilities market in the coming years. Healthcare expenditures encompass all costs associated with providing health services, family planning activities, nutrition programs, and emergency assistance with a primary focus on health. The escalation in healthcare spending enhances access to specialized care, improves treatment quality, and expands the capacity to address the growing mental health and addiction challenges in society. For example, in March 2023, as reported by the American Medical Association, healthcare spending in the United States rose by 2.7% to $12,914 per person in 2021, totaling $4.3 trillion. Therefore, the increase in healthcare expenditures is the driving force behind the growth of the residential substance abuse and mental health facilities market.
The costs associated with mental health and substance abuse services are notably high in most countries. Regulatory bodies are exerting pressure to control costs and demonstrate value, a trend that is prevalent among providers of mental health and substance abuse services. The persistently challenging economic conditions act as a hindrance to funding for substance abuse and mental health facilities. Additionally, the high expenses associated with targeted therapies, medications, medical devices, and other advancements contribute to the overall cost burden of substance abuse and mental health, serving as a constraint on the residential substance abuse and mental health facilities during the forecast period.
Healthcare service providers are increasingly employing technology-based interventions to aid in the treatment of substance abuse patients. Technology is harnessed to deliver interventions through digital platforms with the aim of treating substance use disorders by providing emotional, decisional, or behavioral support for both physical and mental health issues. These technology-based interventions encompass internet technology-mediated therapy, web-based self-help interventions, and virtual therapeutic software. Self-guided and web-based educational interventions enable individuals to access information about specific symptoms, diagnoses of health conditions, and treatment options, facilitating communication between therapists and patients via the internet. Notable hospitals offering technology-based interventions for substance abuse disorders include prestigious institutions such as the Mayo Clinic, Texas Medical Center, Johns Hopkins, The London Clinic, American Hospital, and Fortis Memorial Research Institute.
Major companies operating in the residential substance abuse and mental health facilities market are dedicated to developing innovative solutions, including residential mental health programs, to gain a competitive edge in the market. A residential mental health program entails a structured and supportive living environment where individuals with mental health challenges or disorders temporarily reside to receive comprehensive treatment, therapy, and support. For example, in May 2022, the Hanley Center at Origins, a US-based addiction treatment center, inaugurated a residential mental health program. This program provides inpatient treatment for mental health disorders, including mood disorders, anxiety, personality disorders, and substance use disorders. It stands out by offering a holistic and coordinated approach to treatment, emphasizing the significance of community support, and facilitating connections between patients facing similar challenges.
Major companies operating in the residential substance abuse and mental health facilities market include Kaiser Permanente, Universal Health Services Inc., Ohio Department of Mental Health and Addiction Services, NHS England, Acadia Healthcare Company, CareTech Holdings PLC, Pyramid Healthcare, Haven Behavioral Healthcare, American Addiction Centers, Behavioral Health Network Inc. (BHN), Promises Behavioral Health, Aware Recovery Care, The MENTOR Network, Strategic Behavioral Health, Ascension Seton, North Range Behavioral Health, Phoenix House, Caron Treatment Centers, Sierra Tucson, The Meadows, Rogers Behavioral Health, Timberline Knolls Residential Treatment Center, The Ranch, The Recovery Village, Sunspire Health, Summit BHC, The Aviary Recovery Center, The Meadows, The MENTOR Network, The Pavilion.
North America was the largest region in the residential substance abuse and mental health facilities market in 2023. Western Europe was the second largest region in the residential substance abuse and mental health facilities market. The regions covered in the residential substance abuse and mental health facilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the residential substance abuse and mental health facilities market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The residential substance abuse and mental health facilities market includes revenues earned by entities by providing mental health services, substance prevention services, and substance rehabilitation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.