Mental Health - Hungary

Hungary

Revenue in the Mental Health market is projected to reach US$42.19m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.26%, resulting in a market volume of US$41.64m 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$61.23 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Hungary is experiencing significant growth due to changing customer preferences and increasing awareness of mental health issues.

Customer preferences: There is a growing demand for mental health services in Hungary as customers are becoming more aware of the importance of mental well-being. Traditionally, mental health was stigmatized and often overlooked in Hungary, but there has been a shift in customer preferences towards seeking professional help and support. Customers are now more willing to invest in their mental health and are actively seeking out services that can help them improve their well-being.

Trends in the market: One of the key trends in the Mental Health market in Hungary is the increasing popularity of online therapy and counseling services. This trend can be attributed to several factors, including the convenience and accessibility of online platforms, as well as the growing acceptance of telemedicine. Online therapy allows customers to access mental health services from the comfort of their own homes, eliminating the need for travel and reducing the stigma associated with seeking help.Another trend in the market is the integration of technology in mental health services. Mobile applications and wearable devices are being used to track and monitor mental health indicators, providing customers with real-time feedback and personalized recommendations. This trend is driven by the increasing use of smartphones and the growing interest in self-care and self-improvement.

Local special circumstances: Hungary has a high prevalence of mental health disorders, with a significant portion of the population experiencing symptoms of anxiety and depression. This has led to an increased demand for mental health services and a focus on improving access to care. The government has recognized the importance of mental health and has taken steps to address the issue by increasing funding for mental health services and implementing policies to reduce stigma.

Underlying macroeconomic factors: The growing Mental Health market in Hungary can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in increased disposable income and a higher standard of living. As a result, customers have more resources to invest in their mental well-being and are willing to pay for high-quality services.In conclusion, the Mental Health market in Hungary is developing rapidly due to changing customer preferences, increasing awareness of mental health issues, and favorable macroeconomic factors. The growing demand for mental health services, the popularity of online therapy, the integration of technology, and the high prevalence of mental health disorders are all contributing to the growth of the market. With the government's focus on improving access to care and reducing stigma, the market is expected to continue expanding in the coming years.

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.