Mental Health - LATAM | Statista Market Forecast

Revenue in the Mental Health market is projected to reach US$2.64bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.07%, resulting in a market volume of US$2.50bn by 2029.
In global comparison, most revenue will be generated United States (US$11.73bn in 2024).
In relation to total population figures, per person revenues of US$43.31 are generated in 2024.

Mental health disorders are common illnesses found among people all over the world. These disorders are caused by a variety of genetic and environmental factors that cause imbalances in a person's physical and emotional behavior. Most mental health disorders can be treated with behavioral and psychotherapies. In some cases, however, medication is prescribed along with these treatments. The Mental Health market represents the market for the drugs that are used to treat various mild to serious mental health disorders. The market is divided into three markets that have been based on the disorders that are being treated. This includes depressive disorders, anxiety and related sleeping disorders, and different types of psychotic disorders.

Market values represent the revenues generated by manufacturers and are based on retail prices for each drug category including all drugs, regardless of whether they are reimbursed or not.

Company examples: Pfizer, Bristol-Myers Squibb, Johnson & Johnson, AbbVie, and Sumitomo pharma

Anxiolytic drugs
Antidepressant drugs
Antipsychotic drugs

Eating disorders
Trauma-related disorders
Substance abuse
Various types of therapy treatments

The Mental Health market in LATAM is witnessing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Mental Health market in LATAM are shifting towards a greater focus on mental well-being and self-care. As individuals become more aware of the importance of mental health, they are seeking out products and services that cater to their specific needs. This includes a demand for personalized mental health solutions, such as therapy apps and online counseling services. Additionally, there is a growing interest in alternative therapies and holistic approaches to mental wellness, such as meditation and mindfulness practices. Trends in the Mental Health market in LATAM reflect the global movement towards destigmatizing mental health issues and promoting mental well-being. Governments and organizations in the region are increasingly investing in mental health initiatives and programs, which has led to an expansion of mental health services and resources. This includes the establishment of mental health clinics, the hiring of more mental health professionals, and the development of educational campaigns to raise awareness about mental health. Moreover, there is a growing integration of technology in the mental health sector, with the rise of telemedicine and digital platforms that provide mental health support.Local special circumstances in LATAM contribute to the development of the Mental Health market. The region has a diverse population with varying cultural beliefs and practices surrounding mental health. This diversity has led to the emergence of unique approaches to mental wellness, such as traditional healing practices and indigenous therapies. Additionally, the high levels of stress and anxiety associated with urbanization and modern lifestyles in some LATAM countries have created a demand for mental health services and products. Underlying macroeconomic factors also play a role in the development of the Mental Health market in LATAM. Economic growth and rising disposable incomes have allowed individuals to prioritize their mental well-being and invest in mental health services. Furthermore, the COVID-19 pandemic has highlighted the importance of mental health, leading to increased awareness and demand for mental health support in the region.Overall, the Mental Health market in LATAM is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As individuals in the region prioritize their mental well-being and seek out personalized solutions, the market is expected to continue expanding and evolving to meet their needs.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Despite what some may think, mental health problems are common in the United States and around the world. Mental health issues, much like other health issues, can be mild, but can also be life altering, affecting the emotional, social, and psychological well-being of the person. Common types of mental illness include mood disorders, anxiety disorders, eating disorders, and personality disorders. Although symptoms of mental illness differ depending on the type of illness and seriousness of the problem, common symptoms of mental health issues include changes in sleeping and eating habits, social withdrawal, feelings of hopelessness, anger, and prolonged sadness, suicidal thoughts, and substance abuse. In 2022, it was estimated that around 36 percent of those in the U.S. aged 18 to 25 years and 29 percent of those aged 26 to 49 years suffered from some form of mental illness in the past year.