Mental Health - Eastern Asia

Eastern Asia

Revenue in the Mental Health market is projected to reach US$6.04bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.23%, resulting in a market volume of US$6.42bn 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$71.81 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Mental Health market in Eastern Asia is experiencing significant growth and development. Customers in this region are increasingly prioritizing their mental well-being and seeking out products and services that cater to their mental health needs. This trend is driven by a combination of factors, including changing attitudes towards mental health, increased awareness and education, and the growing availability of mental health services.

Customer preferences: Customers in Eastern Asia are becoming more aware of the importance of mental health and are actively seeking ways to improve their well-being. They are increasingly interested in products and services that promote relaxation, stress reduction, and overall mental well-being. This includes a wide range of offerings, such as meditation apps, therapy services, mindfulness workshops, and stress management programs.

Trends in the market: One of the key trends in the mental health market in Eastern Asia is the growing popularity of mindfulness and meditation practices. Many customers are turning to these practices as a way to reduce stress, improve focus, and enhance overall mental well-being. This has led to a surge in the demand for meditation apps, guided meditation sessions, and mindfulness workshops.Another trend in the market is the increasing availability of online therapy services. Customers in Eastern Asia are now able to access therapy sessions from the comfort of their own homes, making mental health services more convenient and accessible. This trend has been further accelerated by the COVID-19 pandemic, which has increased the demand for remote mental health support.

Local special circumstances: Eastern Asia has a unique cultural context that influences the development of the mental health market. In countries like Japan and South Korea, there is a strong emphasis on work and academic success, which can lead to high levels of stress and burnout. As a result, customers in these countries are particularly interested in products and services that help them manage stress and improve their mental well-being.

Underlying macroeconomic factors: The rapid economic growth in Eastern Asia has also contributed to the development of the mental health market. As people become more affluent, they have more disposable income to spend on products and services that prioritize their mental well-being. Additionally, the growing middle class in countries like China and South Korea has led to an increased demand for mental health services, as these customers have higher expectations for their quality of life.In conclusion, the Mental Health market in Eastern Asia is experiencing significant growth and development due to changing attitudes towards mental health, increased awareness and education, and the growing availability of mental health services. Customers in this region are increasingly prioritizing their mental well-being and seeking out products and services that cater to their mental health needs. The market is characterized by a growing interest in mindfulness and meditation practices, as well as the increasing availability of online therapy services. The unique cultural context of Eastern Asia, with its emphasis on work and academic success, also contributes to the development of the mental health market. Overall, the rapid economic growth in the region and the growing middle class have created a favorable environment for the expansion of the mental health market.

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.