Mental Health - Guatemala

Guatemala

Revenue in the Mental Health market is projected to reach US$39.04m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.88%, resulting in a market volume of US$42.84m 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$26.31 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Guatemalans are increasingly recognizing the importance of mental health and seeking professional help for their mental well-being. There is a growing awareness of the impact of mental health on overall health and quality of life, leading to an increased demand for mental health services. Additionally, there is a shift in societal attitudes towards mental health, with reduced stigma surrounding mental illness. This change in attitudes has made it more socially acceptable for individuals to seek help for their mental health concerns.

Trends in the market: One of the key trends in the Mental Health market in Guatemala is the adoption of telehealth services. This trend has been accelerated by the COVID-19 pandemic, which has limited in-person visits to healthcare providers. Telehealth allows individuals to access mental health services remotely, providing convenience and accessibility. It also helps to overcome barriers such as transportation and time constraints. The use of telehealth services is expected to continue to grow in the coming years, as it offers a cost-effective and efficient way to deliver mental health services.Another trend in the Mental Health market in Guatemala is the integration of traditional healing practices with Western medicine. Guatemala has a rich cultural heritage, and traditional healing practices, such as Mayan medicine, are still widely practiced. Many individuals prefer to combine traditional healing practices with Western medicine, believing that this holistic approach provides a more comprehensive treatment for mental health issues. This trend presents opportunities for collaboration between traditional healers and mental health professionals, leading to a more culturally sensitive and effective approach to mental healthcare.

Local special circumstances: Guatemala has a high prevalence of mental health disorders, including depression, anxiety, and post-traumatic stress disorder (PTSD). This can be attributed to various factors, such as poverty, violence, and social inequality. The country has a history of civil unrest and armed conflict, which has had a lasting impact on the mental well-being of its population. Additionally, Guatemala is prone to natural disasters, such as earthquakes and hurricanes, which further contribute to the mental health challenges faced by its residents.

Underlying macroeconomic factors: Guatemala is experiencing economic growth, which has led to an increase in disposable income. This has allowed more individuals to afford mental health services and seek professional help. Additionally, the government of Guatemala has recognized the importance of mental health and has taken steps to improve access to mental health services. This includes the implementation of mental health policies and the allocation of resources to support mental health initiatives.In conclusion, the Mental Health market in Guatemala is developing due to changing customer preferences, the adoption of telehealth services, the integration of traditional healing practices, the high prevalence of mental health disorders, and underlying macroeconomic factors. These factors contribute to the growth and expansion of the Mental Health market in Guatemala, providing opportunities for professionals in the mental health industry to meet the increasing demand for services.

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.