Mental Health - Singapore

Singapore

Revenue in the Mental Health market is projected to reach US$161.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.54%, resulting in a market volume of US$165.40m by 2028.
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$465.00 are generated in 2024.

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

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Analyst Opinion

The Mental Health market in Singapore has been experiencing significant growth in recent years, driven by changing customer preferences and increasing awareness of mental health issues.

Customer preferences: Customers in Singapore are increasingly seeking out mental health services as they become more aware of the importance of mental well-being. The stigma surrounding mental health has decreased, leading to a greater willingness to seek help and support. Additionally, the younger generation is more open to discussing mental health and is actively seeking out services to address their mental well-being.

Trends in the market: One of the key trends in the Mental Health market in Singapore is the rise of online platforms and mobile applications that provide mental health support. These platforms offer convenience and accessibility, allowing individuals to access resources and services from the comfort of their own homes. This trend has been particularly popular among the younger generation, who are comfortable with using technology for various aspects of their lives.Another trend in the market is the increasing availability of workplace mental health programs. Employers in Singapore are recognizing the importance of mental well-being in the workplace and are implementing initiatives to support their employees. These programs often include mental health workshops, counseling services, and stress management programs. This trend is driven by the understanding that a mentally healthy workforce is more productive and engaged.

Local special circumstances: Singapore has a high-stress work culture, with long working hours and high expectations. This can contribute to mental health issues such as anxiety and burnout. As a result, there is a growing demand for mental health services that can help individuals manage stress and maintain a healthy work-life balance.

Underlying macroeconomic factors: Singapore has a well-developed healthcare system and a high level of healthcare expenditure per capita. The government has also recognized the importance of mental health and has implemented policies and initiatives to improve access to mental health services. This includes increasing the number of mental health professionals and providing subsidies for mental health treatments.Additionally, Singapore has a high level of internet penetration and smartphone usage, which has facilitated the growth of online mental health platforms and mobile applications. The country's strong digital infrastructure has created an environment conducive to the development and adoption of digital mental health solutions.In conclusion, the Mental Health market in Singapore is experiencing growth due to changing customer preferences, increasing awareness of mental health, and the availability of online platforms and workplace programs. The high-stress work culture and government support for mental health services are also contributing factors. As the market continues to evolve, there is a growing need for innovative solutions that can meet the diverse needs of individuals seeking mental health support.

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.