Mental Health - Bosnia and Herzegovina

Bosnia and Herzegovina

Revenue in the Mental Health market is projected to reach US$18.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.40%, resulting in a market volume of US$19.62m 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$79.12 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Bosnia and Herzegovina is experiencing significant growth and development.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly prioritizing their mental health and well-being. They are seeking out services and products that can help them manage stress, anxiety, and other mental health issues. This shift in customer preferences is driven by a growing awareness of the importance of mental health and a desire for a better quality of life.

Trends in the market: One of the key trends in the Mental Health market in Bosnia and Herzegovina is the increasing demand for therapy and counseling services. More individuals are seeking professional help to address their mental health concerns, leading to a rise in the number of therapists and counselors in the country. This trend is driven by a combination of factors, including a decrease in stigma surrounding mental health, increased awareness of available services, and a growing understanding of the benefits of therapy.Another trend in the market is the popularity of self-help resources and tools. Many individuals in Bosnia and Herzegovina are turning to self-help books, apps, and online resources to manage their mental health. This trend is driven by the convenience and accessibility of these resources, as well as a desire for more control over one's mental health journey.

Local special circumstances: Bosnia and Herzegovina has a unique cultural and historical context that influences the development of the Mental Health market. The country has a complex history of war and political instability, which has had a significant impact on the mental health of its population. As a result, there is a greater need for mental health services and resources to support individuals who have experienced trauma and other psychological challenges.

Underlying macroeconomic factors: The development of the Mental Health market in Bosnia and Herzegovina is also influenced by macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has led to an increase in disposable income. This has allowed individuals to allocate more resources towards their mental health and well-being. Additionally, the government has recognized the importance of mental health and has implemented policies and programs to support its development. These factors have created a favorable environment for the growth of the Mental Health market in Bosnia and Herzegovina.In conclusion, the Mental Health market in Bosnia and Herzegovina is growing and evolving to meet the changing needs and preferences of customers. The increasing demand for therapy and counseling services, as well as the popularity of self-help resources, are key trends driving the market. The country's unique cultural and historical context, along with favorable macroeconomic factors, contribute to the development of the market. Overall, the Mental Health market in Bosnia and Herzegovina is poised for continued growth and expansion 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.