Behavioral Therapy Market size is forecast to reach $187.4 billion by 2025, growing at a CAGR of 8.4% during the forecast period 2020-2025. Behavior therapy or behavioral psychotherapy is a broad term referring to clinical psychotherapy that uses techniques derived from behaviorism. Those who practice behavior therapy tend to look at specific, learned behaviors and how the environment influences those behaviors. Respondent conditioning explanations of behavior influenced early behavior therapy, particularly for the treatment of anxiety. Cognitive behavioral therapy (CBT) is a form of talking therapy which can be used to treat people with a wide range of mental health problems. Applied behavior analysis is yet another form. Growing prevalence of obsessive compulsive disorder owing to depression, rising habits of destructive or unhealthy behaviors among teen individuals, increasing awareness of the available therapeutic options and increased awareness about the mental health are driving the market growth in recent years. In addition, need of Cognitive Behavior Therapy (CBT) to respond to COVID-19 pandemic situation amid lockdown and major market development of key players like Sandoz and Zynerba are other factors driving the growth of the market.
Disorder Type – Segment Analysis
Anxiety Disorders held the largest share in the disorder type segment of Behavioral Therapy Market in 2019 and is estimated to grow at a CAGR of 7.5% during the forecast period 2020-2025. Cognitive behavioral therapy (CBT) is the most widely-used therapy for anxiety disorders. Research has shown it to be effective in the treatment of panic disorder, phobias, social anxiety disorder, and generalized anxiety disorder, among many other conditions. CBT addresses negative patterns and distortions in the way we look at the world and ourselves. As the name suggests, this involves two main components: cognitive therapy examines how negative thoughts, or cognitions, contribute to anxiety, and behavior therapy examines how you behave and react in situations that trigger anxiety. Greater efficiencies and proved success for anxiety disorders have driven the demand of behavioral therapy in this segment in recent years. Mood Disorders held the second largest share in 2019, owing to efficacious in the acute treatment of depression through CBT and as a viable alternative to antidepressant medication (ADM) for even more severely depressed unipolar patients when implemented in a competent fashion. Substance Abuse Disorders is set to be the fastest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025, owing to rise in prevalence of substance abuse of people staying at home during lockdown, increase in illegal business of abuse drugs post unemployment and increasing mental disorder.
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Application – Segment Analysis
Outpatient segment held the major share in the application segment of Behavioral Therapy Market in 2019. The flexibility of outpatient care allows patients to attend treatment services during the day and return home to be with family or friends in the evenings. Unlike inpatient care, individuals in outpatient programs do not have a secure environment to isolate them from negative or triggering factors. Therefore, patients in treatment for substance abuse disorders must voluntarily abstain from drug or alcohol use when they return home each day. The freedom and flexibility involved in outpatient programs makes them best suited to individuals in the early stages of addiction or who experience mild symptoms of mental illness, as well as those transitioning from inpatient care. This has driven the demand of this segment. Outpatient segment are forecast to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to inclusion of long-term outpatient treatment plans in the behavioral therapy plans of major hospitals and clinics.
Geography – Segment Analysis
North America dominates the geography segment of Behavioral Therapy Market with a share of more than 40.16% in 2019, followed by Europe. Presence of well reformed mental health schemes, growing cases of mental disorders among the teen population, increasing numbers of psychiatric clinics in local areas and presence of key players in the region have helped in the growth of Behavioral Therapy Market infrastructure in this region. Europe held the second place in the geography segment share of the market, owing to increasing awareness about mental disorders, increasing cases of suicides and presence of well-developed healthcare infrastructure in this region.
However, Asia-Pacific is estimated to grow at the fastest rate at a higher CAGR during the forecast period 2020-2025. This is owing to rapidly increasing budget of healthcare funds, growing awareness about mental health and disorders, and increasing disposable income of the population.
Drivers – Behavioral Therapy Market
Growing prevalence of obsessive compulsive disorder
Obsessive-compulsive disorder (OCD) among adults in the U.S. has an estimated 12-month prevalence of 1.2 percent and an estimated lifetime prevalence of 2.3 percent. Females are affected at a slightly higher rate than males in adulthood, although males are more commonly affected in childhood. This has drawn the attention of government for the purpose of improving mental health of the population. This is set to drive the market growth in the forecast years 2020-2025.
Increased awareness about the mental health
Raising awareness and increasing the understanding of mental health can change the way society views and responds to this complex issue. The federal government promotes positive mental health through school and community-based approaches involving youth, families, school, health care providers, and other stakeholders. As a result, the key companies are set to invest more in Behavioral Therapies, and this is projected to drive the Behavioral Therapy growth during the forecast period 2020-2025.
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Challenges – Behavioral Therapy Market
Lack of awareness about mental health in less developed countries
Lack of knowledge about the mental illnesses poses a challenge to the mental health care delivery system. Research has highlighted the role of community-based systems in low-income countries and has also shown the challenges it puts on mental treatments. This acts as a constraint and is anticipated to cause lesser demand in treatments owing to less diagnosis. Thus, it is anticipated to hamper the market growth during the forecast period 2020-2025.
Behavioral Therapy Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Behavioral Therapy Market. In 2019, Behavioral Therapy Market share is consolidated by the top players present in the market. Behavioral Therapy Market top 10 companies are Allergan, Inc., Novartis AG, Taro Pharmaceutical Industries Ltd., Perrigo Company plc, Zynerba Pharmaceuticals, Apotex Inc., Sandoz AG, Strides Arcolab Ltd., TOLMAR Pharmaceuticals, Inc. and Limbix among others.
In November 2018, Sandoz and Pear Therapeutics announced the launch of reSET for treatment of patients with Substance Use Disorder.
In May 2020, Zynerba Pharmaceuticals announced positive top line results from Exploratory Open Label Phase 2 BRIGHT Trial of Zygel in Autism Spectrum Disorder (ASD).
In May 2020, Limbix scored $9 million in Series A funding to develop a digital therapeutic for teens with depression.
North America dominated the Behavioral Therapy Market in the year 2019 owing to growing cases of mental disorders among the teen population, increasing numbers of psychiatric clinics in local areas and presence of key players in the region. The Behavioral Therapy Market scope for different regions will be provided in the final report.
Growing prevalence of obsessive compulsive disorder owing to depression, rising habits of destructive or unhealthy behaviors among teen individuals and increased awareness about the mental health have helped in significant growth of Behavioral Therapy Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Behavioral Therapy Market report.
Lack of awareness about health disorders and therapies in less developed countries is anticipated to hamper the market growth of the Behavioral Therapy Industry.
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