COGNITIVE BEHAVIOURAL THERAPY MARKET IS PROSPERING OWING TO THE PREVALENCE OF MENTAL HEALTH DISORDERS ALL OVER THE WORLD
The global Cognitive Behavioural Therapy Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027). Cognitive Behavioural Therapy (CBT) is a type of psychotherapy for the treatment of different mental health-related problems such as anxiety disorders, mood disorders, substance abuse disorders, personality disorders, and attention deficit disorders.
The demand for Cognitive Behavioural Therapy is mainly increasing on account of the rising incidences of obsessive-compulsive disorder (OCD), increasing cases of depression, Increased awareness regarding mental health & available therapeutic options, and escalating bad behaviors among teen individuals. For instance, as per the World Health Organization 2020, 264 million people are suffering from depression all over the world.
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The rise of the COVID-19 has made a high demand for the Cognitive Behavioural Therapy Market to tackle the rising incidents of mental health disorders during the pandemic. As per the National Health Interview Survey (NHIS), during the COVID-19 pandemic, around 4 in 10 adults in the U.S. have reported symptoms of depressive disorder or anxiety. Also, during the pandemic there is a negative impact on mental health, for instance, as per the KFF Health Tracking Poll from July 2020 many adults are reporting specific negative impacts on their mental health such as difficulty sleeping (36%) or eating (32%), increases in substance use (12%), and worsening chronic conditions (12%).
Based on Type, the market is fragmented into Cognitive Behavioral Therapy, Cognitive Behavioral Play Therapy, System, Desensitization, Aversion Therapy, and Others. Cognitive Behavioral Therapy accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period owing to the rising prevalence of mental health disorders such as anxiety disorders, depression, substance abuse, PTSD (post-traumatic stress disorder). As per the American Psychiatric Association, around 3.5 percent of U.S. adults suffer from PTSD every year. Also, one in 11 people will be diagnosed with PTSD in their lifetime with a high prevalence rate in women in comparison to men.
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Based on Applications, the market is fragmented into anxiety disorders, depression, substance abuse, PTSD (Post-Traumatic Stress Disorder), eating disorders, ADHD (attention deficit hyperactivity disorder), bipolar disorders, and others. The anxiety disorders segment registered the highest CAGR in 2019 while the Substance Abuse Disorders is expected to register the highest CAGR during the upcoming period, owing to an increase in the prevalence of substance abuse of people staying at home during the lockdown, and rise in illegal business of abuse drugs post unemployment. As per the National Survey on Drug Use and Health (NSDUH), 38% of adults were suffering from an illicit drug use disorder in 2017.
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Based on Patient Type, the market is fragmented into Children and Adults. The Adult segment accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period owing to the high prevalence of mental disorders in adults. As per the National Institute of Mental Health nearly one in five U.S. adults live with a mental illness (51.5 million in 2019).
Based on Treatment Settings, the market is fragmented into Hospitals, Outpatient Clinics, Community Health Centers, and Others. The Outpatient Clinics dominated the market in 2019 and is anticipated to register the highest growth in the forecast period.
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For a better understanding of the market adoption of Cognitive Behavioural Therapy, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Cognitive Behavioural Therapy market on account of the rising mental health disorders, rising number of mental health clinics, and high awareness regarding mental health. Some of the major players operating in the market include Allergan, Inc., Novartis AG, Taro Pharmaceutical Industries Ltd., Perrigo Company plc, Zynerba Pharmaceuticals, Apotex Inc., Sandoz AG, Strides Arcolab Ltd., TOLMAR Pharmaceuticals, Inc., Limbix. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Cognitive Behavioural Therapy Market Segmentation
Market Insight, by Type
- Cognitive Behavioral Therapy
- Cognitive-Behavioral Play Therapy
- System Desensitization
- Aversion Therapy
Market Insight, by Application
- Anxiety Disorders
- Substance Abuse
- PTSD (Post-Traumatic Stress Disorder)
- Eating Disorders
- ADHD (attention deficit hyperactivity disorder)
- Bipolar disorders
Market Insight, by Patient Type
Market Insight, by Treatment Settings
- Outpatient Clinics
- Community Health Centers
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Allergan, Inc.
- Novartis AG
- Taro Pharmaceutical Industries Ltd.
- Perrigo Company plc
- Zynerba Pharmaceuticals
- Apotex Inc.
- Sandoz AG
- Strides Arcolab Ltd.
- TOLMAR Pharmaceuticals, Inc.