Mental Health - Cambodia

Cambodia

Revenue in the Mental Health market is projected to reach US$19.69m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.57%, resulting in a market volume of US$20.26m 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$16.21 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Cambodia is developing at a steady pace, driven by increasing awareness and recognition of mental health issues in the country.

Customer preferences: In Cambodia, there is a growing demand for mental health services as people become more aware of the importance of mental well-being. Traditional beliefs and stigmas surrounding mental health are gradually being challenged, leading to a greater acceptance of seeking professional help. Customers in Cambodia are increasingly looking for accessible and affordable mental health services that can cater to their specific needs.

Trends in the market: One of the key trends in the mental health market in Cambodia is the rise of teletherapy and online counseling services. These platforms provide a convenient and discreet way for individuals to access mental health support, particularly in areas where there is a shortage of mental health professionals. The COVID-19 pandemic has further accelerated the adoption of teletherapy, as it allows individuals to receive therapy from the comfort of their own homes.Another trend in the market is the integration of traditional healing practices with modern mental health treatments. Cambodia has a rich cultural heritage of traditional healing methods, such as meditation and herbal remedies, which are now being incorporated into mental health treatment plans. This integration allows individuals to benefit from both the ancient wisdom of traditional healing practices and the advancements of modern medicine.

Local special circumstances: Cambodia has a complex history, including the traumatic experiences of the Khmer Rouge regime, which has had a lasting impact on the mental health of the population. The country is still healing from the scars of the past, and there is a need for specialized mental health services to address the unique challenges faced by Cambodians. This includes trauma-focused therapies and programs that promote resilience and healing.

Underlying macroeconomic factors: Cambodia's economy has been experiencing steady growth in recent years, which has contributed to an increase in disposable income. As people have more financial resources, they are able to allocate a portion of their budget towards mental health services. Additionally, the government has recognized the importance of mental health and has been investing in the development of mental health infrastructure and services across the country.In conclusion, the Mental Health market in Cambodia is witnessing growth due to increasing awareness and acceptance of mental health issues. Customers are seeking accessible and affordable services, leading to the rise of teletherapy and the integration of traditional healing practices. The country's unique history and the government's investment in mental health services are also contributing factors to the market's development.

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.