Mental Health - Hong Kong

Hong Kong

Revenue in the Mental Health market is projected to reach US$188.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.13%, resulting in a market volume of US$189.40m 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$0.49k are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Hong Kong is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Hong Kong are increasingly recognizing the importance of mental health and are seeking professional help and support. There is a growing awareness of mental health issues and a shift in societal attitudes towards seeking treatment. This change in customer preferences is driving the demand for mental health services in Hong Kong.

Trends in the market: One major trend in the Mental Health market in Hong Kong is the increasing demand for online therapy and telemedicine services. This trend has been accelerated by the COVID-19 pandemic, which has limited in-person consultations and increased the need for remote mental health support. Online therapy provides convenience, accessibility, and privacy for individuals seeking mental health services.Another trend in the market is the rise of workplace mental health programs. Hong Kong has a highly competitive work environment, which can lead to high levels of stress and burnout. As a result, employers are recognizing the importance of supporting the mental well-being of their employees. Workplace mental health programs, such as stress management workshops and counseling services, are becoming more common in Hong Kong.

Local special circumstances: Hong Kong has a unique cultural and social context that influences the development of the Mental Health market. The fast-paced lifestyle, high levels of stress, and stigma surrounding mental health issues have historically deterred individuals from seeking help. However, there has been a gradual shift in societal attitudes, with more open discussions about mental health and increased acceptance of seeking professional support.

Underlying macroeconomic factors: The economic development and prosperity of Hong Kong play a significant role in the growth of the Mental Health market. As the city continues to experience economic growth, individuals have more disposable income to spend on mental health services. Additionally, the government has recognized the importance of mental health and has increased funding for mental health services, further driving market growth.In conclusion, the Mental Health market in Hong Kong is developing due to changing customer preferences, including an increased awareness of mental health and a willingness to seek professional help. The market is also influenced by trends such as the demand for online therapy and workplace mental health programs. The unique cultural and social context of Hong Kong, along with the city's economic development and government support, contribute to the growth 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.