Mental Health - South Korea | Statista Market Forecast

Revenue in the Mental Health market is projected to reach US$562.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.65%, resulting in a market volume of US$610.60m 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$193.90 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 South Korea has been experiencing significant growth in recent years.

Customer preferences: In South Korea, there has been a growing awareness and acceptance of mental health issues. People are becoming more open to seeking help for their mental health concerns and are actively looking for solutions to improve their overall well-being. This shift in customer preferences has led to an increased demand for mental health services and products in the market.

Trends in the market: One of the key trends in the Mental Health market in South Korea is the rise of digital mental health solutions. With the widespread use of smartphones and the internet, more people are turning to mobile applications and online platforms for mental health support. These digital solutions offer convenience and accessibility, allowing individuals to access therapy, counseling, and self-help resources from the comfort of their own homes. This trend is likely to continue as technology continues to advance and the stigma surrounding mental health decreases.Another trend in the market is the integration of traditional Korean medicine with mental health treatments. Traditional Korean medicine, which includes practices such as acupuncture and herbal medicine, has a long history in the country. It is now being recognized for its potential in treating mental health conditions such as anxiety and depression. This integration of traditional and modern approaches to mental health care is appealing to many customers who are seeking holistic and personalized treatments.

Local special circumstances: South Korea has a unique cultural context that influences the Mental Health market. The country has a highly competitive and demanding education system, which puts a lot of pressure on students and contributes to high levels of stress and anxiety. As a result, there is a strong demand for mental health services among students and young adults. Additionally, South Korea has a collectivist culture, where individuals are expected to prioritize the needs of the group over their own. This can lead to feelings of isolation and difficulty in seeking help for mental health issues. However, there is a growing recognition of the importance of mental well-being and a shift towards individualism, which is driving the market growth.

Underlying macroeconomic factors: South Korea has a strong and developed healthcare system, which provides a solid foundation for the Mental Health market. The government has also been actively promoting mental health initiatives and investing in mental health services. This support from the government has created a favorable environment for the growth of the market. Additionally, South Korea has a high smartphone penetration rate and a tech-savvy population, which has contributed to the adoption of digital mental health solutions. The country's strong economy and high disposable income levels also enable individuals to afford mental health services and products. Overall, these underlying macroeconomic factors have played a significant role in the development of the Mental Health market in South Korea.

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.