Mental Health - Sri Lanka

Sri Lanka

Revenue in the Mental Health market is projected to reach US$33.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.06%, resulting in a market volume of US$34.78m by 2029.
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$22.76 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: In Sri Lanka, there is a growing demand for mental health services due to several factors. Firstly, there is an increasing recognition of the importance of mental health and its impact on overall well-being. As people become more aware of the potential consequences of neglecting mental health, they are seeking professional help to address their mental health concerns. Additionally, the stigma surrounding mental health is gradually decreasing, leading to more individuals feeling comfortable seeking treatment.

Trends in the market: One of the key trends in the mental health market in Sri Lanka is the shift towards preventive and holistic approaches. Rather than solely focusing on treating mental health issues, there is a growing emphasis on promoting mental well-being and preventing mental health problems from arising in the first place. This trend is reflected in the increasing popularity of practices such as mindfulness, yoga, and meditation, which are seen as effective tools for maintaining mental health. Another trend in the market is the integration of technology into mental health services. With the widespread use of smartphones and internet connectivity, digital mental health platforms have gained traction in Sri Lanka. These platforms provide convenient and accessible ways for individuals to access mental health support, such as online therapy sessions and mental health apps.

Local special circumstances: Sri Lanka has a unique cultural context that influences the mental health market. Traditional practices such as Ayurveda and meditation have long been a part of Sri Lankan culture, and there is a growing interest in incorporating these practices into modern mental health treatments. This blending of traditional and modern approaches creates a distinctive market landscape in Sri Lanka.

Underlying macroeconomic factors: The growing mental health market in Sri Lanka is also influenced by macroeconomic factors. As the country's economy continues to develop, there is an increase in disposable income and a higher standard of living. This allows individuals to allocate more resources towards their mental health and well-being. Additionally, the government has recognized the importance of mental health and has taken steps to improve access to mental health services. This includes the establishment of mental health clinics and the integration of mental health services into primary healthcare facilities. In conclusion, the Mental Health market in Sri Lanka is experiencing growth due to changing customer preferences, increasing awareness, and the integration of technology into mental health services. The shift towards preventive and holistic approaches, the blending of traditional and modern practices, and the government's efforts to improve access to mental health services are key trends driving the market.

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.