Mental Health - Singapore | Statista Market Forecast

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 2024-2029) of 0.49%, resulting in a market volume of US$165.90m 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$465.00 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 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.

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.