Mental Health - Baltics

Baltics

Revenue in the Mental Health market is projected to reach US$72.98m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.50%, resulting in a market volume of US$78.62m 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$146.30 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Mental Health market in Baltics is experiencing significant growth and development. Customer preferences are shifting towards a greater focus on mental well-being, leading to an increased demand for mental health services and products. This trend can be attributed to several factors, including changing societal attitudes towards mental health, increased awareness and education about mental health issues, and the impact of the COVID-19 pandemic.

Customer preferences: Customers in the Baltics are increasingly prioritizing their mental well-being and seeking out solutions to manage stress, anxiety, and other mental health issues. There is a growing recognition that mental health is just as important as physical health, leading to a greater willingness to invest in mental health services and products. This shift in customer preferences is driven by a desire for a better quality of life and a proactive approach to maintaining overall well-being.

Trends in the market: One of the key trends in the Mental Health market in the Baltics is the rise of digital mental health solutions. With the increasing use of smartphones and internet connectivity, customers are turning to mobile apps, online therapy platforms, and virtual support groups for convenient and accessible mental health support. This trend has been further accelerated by the COVID-19 pandemic, which has limited in-person interactions and increased the need for remote mental health services.Another trend in the market is the integration of mental health services into primary healthcare settings. Recognizing the importance of early intervention and prevention, healthcare providers in the Baltics are incorporating mental health screenings and consultations into routine medical check-ups. This integrated approach aims to reduce the stigma associated with mental health and ensure that individuals receive timely and comprehensive care.

Local special circumstances: The Baltics have a unique cultural context that influences the development of the Mental Health market. Historically, mental health has been a taboo subject in the region, with limited resources and support available. However, there has been a gradual shift towards a more open and accepting attitude towards mental health in recent years. This change is driven by increased public awareness campaigns, advocacy efforts, and the sharing of personal stories by individuals who have experienced mental health challenges.

Underlying macroeconomic factors: The economic growth and stability in the Baltics have also contributed to the development of the Mental Health market. As the standard of living improves, individuals have more disposable income to spend on mental health services and products. Additionally, the government has recognized the importance of mental health and has allocated resources to support the expansion of mental health services, including the training of healthcare professionals and the establishment of specialized mental health centers.In conclusion, the Mental Health market in the Baltics is experiencing growth and development due to changing customer preferences, the rise of digital solutions, the integration of mental health services into primary healthcare, local cultural shifts, and underlying macroeconomic factors. This market trend is expected to continue as the importance of mental health becomes increasingly recognized and prioritized in the region.

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.