Mental Health - Georgia

Georgia

Revenue in the Mental Health market is projected to reach US$0.83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.95%, resulting in a market volume of US$0.87m 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$3.32 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Georgia has been experiencing significant development in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In line with global trends, customers in Georgia are increasingly recognizing the importance of mental health and seeking professional help for mental health issues. This shift in customer preferences is driven by a growing awareness of the impact of mental health on overall well-being and the destigmatization of mental health issues. As a result, there is a higher demand for mental health services and treatments in the country.

Trends in the market: One of the key trends in the Mental Health market in Georgia is the increasing availability and accessibility of mental health services. This is driven by the expansion of private mental health clinics and the integration of mental health services into primary healthcare settings. Additionally, there is a growing trend towards online mental health services, allowing individuals to access therapy and counseling remotely.Another trend in the market is the adoption of evidence-based practices and therapies. Mental health professionals in Georgia are increasingly relying on evidence-based treatments, such as cognitive-behavioral therapy and mindfulness-based interventions, to address a wide range of mental health conditions. This trend is driven by a growing body of research supporting the effectiveness of these interventions and the desire to provide high-quality care to patients.

Local special circumstances: One of the key special circumstances influencing the development of the Mental Health market in Georgia is the high prevalence of mental health issues in the country. Georgia has a relatively high prevalence of mental health disorders, including depression, anxiety, and post-traumatic stress disorder. This has created a significant need for mental health services and has led to the growth of the market.Additionally, the government of Georgia has recognized the importance of mental health and has made efforts to improve mental health services in the country. This includes the development of national mental health strategies and the allocation of resources to support mental health initiatives. These efforts have contributed to the growth of the Mental Health market in Georgia.

Underlying macroeconomic factors: The development of the Mental Health market in Georgia is also influenced by underlying macroeconomic factors. As the country's economy continues to grow, there is an increase in disposable income and a higher willingness to spend on healthcare services, including mental health. Additionally, the expansion of the private sector in the healthcare industry has led to increased investment in mental health services and infrastructure.In conclusion, the Mental Health market in Georgia is developing due to changing customer preferences, such as a growing awareness of mental health and a higher demand for services. The market is also influenced by local special circumstances, including the high prevalence of mental health issues and government efforts to improve mental health services. Underlying macroeconomic factors, such as economic growth and increased investment, further contribute to the development of the 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.