Mental Health - Senegal | Statista Market Forecast

Revenue in the Mental Health market is projected to reach US$14.87m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.99%, resulting in a market volume of US$16.41m 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$11.49 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 Senegal is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Senegal have shifted towards a greater focus on mental health and well-being. As awareness about mental health issues increases, individuals are seeking more accessible and affordable mental health services. This has led to a rise in demand for a wide range of mental health services, including counseling, therapy, and psychiatric care.Trends in the market indicate a growing emphasis on holistic approaches to mental health. Senegal is witnessing an increase in the adoption of alternative therapies such as yoga, mindfulness, and meditation. These practices are seen as complementary to traditional mental health treatments and are gaining popularity among individuals seeking a more holistic approach to mental well-being.Another trend in the market is the integration of technology in mental health services. Telemedicine and online counseling platforms have emerged as convenient and cost-effective alternatives to traditional in-person therapy. This trend is particularly beneficial in a country like Senegal, where access to mental health services in rural areas is limited. The use of technology allows individuals to connect with mental health professionals regardless of their geographical location.Local special circumstances in Senegal also contribute to the development of the Mental Health market. The country has a young population, with a significant portion of the population being under the age of 25. This demographic group is more open to seeking mental health support and is driving the demand for mental health services.Furthermore, Senegal has a growing middle class, which has increased disposable income and the ability to afford mental health services. This has created a favorable market environment for mental health providers, as individuals are willing to invest in their mental well-being.Underlying macroeconomic factors, such as economic growth and government initiatives, have also played a role in the development of the Mental Health market in Senegal. The country has experienced steady economic growth in recent years, which has led to an increase in healthcare spending. The government has recognized the importance of mental health and has implemented policies to improve access to mental health services and promote mental health awareness.In conclusion, the Mental Health market in Senegal is growing and developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As awareness about mental health increases and individuals prioritize their well-being, the demand for mental health services is expected to continue to rise. The integration of technology and the adoption of holistic approaches further contribute to the market's growth. With a young population, a growing middle class, and government support, the Mental Health market in Senegal is poised for further expansion in the coming years.

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.