Mental Health - Ghana

Ghana

Revenue in the Mental Health market is projected to reach US$23.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a market volume of US$25.11m 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$8.71 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Ghana is experiencing significant growth and development in recent years.

Customer preferences: Ghanaians are becoming more aware of the importance of mental health and are seeking professional help to address their mental health issues. There is a growing demand for mental health services, including therapy, counseling, and medication. Ghanaians are also showing a preference for holistic approaches to mental health, such as mindfulness and meditation, in addition to traditional treatment methods.

Trends in the market: One of the key trends in the Mental Health market in Ghana is the increasing number of mental health professionals and facilities. The government and various organizations are investing in training more mental health professionals to meet the growing demand. This has led to an expansion of mental health clinics and hospitals across the country. Additionally, telemedicine and online therapy platforms are gaining popularity, making mental health services more accessible to people in remote areas.Another trend in the market is the integration of mental health services into primary healthcare. The government of Ghana has recognized the importance of addressing mental health issues at an early stage and has implemented policies to integrate mental health services into primary healthcare facilities. This approach aims to reduce stigma and improve access to mental health services for all Ghanaians.

Local special circumstances: Ghana, like many other African countries, faces unique challenges in the mental health sector. Stigma and discrimination surrounding mental health are still prevalent in Ghanaian society, which can discourage individuals from seeking help. The government and various organizations are working to raise awareness and reduce stigma through education campaigns and community outreach programs.

Underlying macroeconomic factors: Ghana's growing economy and increasing middle class have contributed to the development of the mental health market. As people's incomes rise, they are more willing and able to invest in their mental well-being. Additionally, the government's commitment to improving healthcare, including mental health services, has created a favorable environment for the growth of the market.In conclusion, the Mental Health market in Ghana is experiencing significant growth and development due to increasing awareness, the availability of mental health professionals and facilities, integration of mental health services into primary healthcare, and the government's commitment to improving healthcare. Despite the challenges of stigma and discrimination, the market is expected to continue to expand as more Ghanaians prioritize their mental well-being.

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.