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Residential Substance Abuse & Mental Health Facilities Market Sees Growth As Mental Health Issues Rise

Residential Substance Abuse And Mental Health Facilities Market Report

Residential Substance Abuse And Mental Health Facilities Global Market Report 2020-30: COVID-19 Implications And Growth

The Business Research Company’s Residential Substance Abuse And Mental Health Facilities Global Market Analysis 2020-30: COVID-19 Implications And Growth

LONDON, GREATER LONDON, UK, June 23, 2020 /EINPresswire.com/ -- The global residential substance abuse and mental health facilities market is expected to grow from $77.3 billion in 2019 to $86.4 billion in 2020 at a compound annual growth rate (CAGR) of 11.9%. The growth can be attributed to the continued services being provided by residential substance abuse and mental health facilities during the COVID-19 outbreak. The impact of COVID-19 has caused stress, anxiety, and depression in many patients. The mental health condition of patients with preexisting mental health issues has also worsened due to coronavirus’ impact. Therefore, people with substance abuse and mental health are advised to continue their treatment during Covid-19, and the service providers are permitted to continue providing their services following the recommendations and guidelines issued by health authorities. The global residential substance abuse and mental health facilities market is then expected to grow at a CAGR of 6% from 2021 and reach $101.8 billion in 2023.

The residential substance abuse and mental health facility services market consists of sales of residential substance abuse and mental health facility services and related goods by entities (organizations, sole traders and partnerships) that provide residential substance abuse and mental health facility services. This industry includes establishments that provide residential mental health & intellectual disability facility services and substance abuse centers that offer treatment to drug addicted patients, counseling, and other support services to mentally challenged patients.

The residential substance abuse and mental health facility services market is segmented by type into residential mental health & intellectual disability facilities, and substance abuse centers. By end user, the market is segmented by genders: male and female. By type of expenditure, the market is segmented into public, and private. The subsegments covered are residential intellectual and developmental disability facilities, residential mental health facilities, illicit drugs addiction treatment, alcohol addiction treatment, and tobacco addiction treatment.

Online tools and telehealth consultations are offering easy access to mental health experts and individuals dealing with mental illnesses. It is also an ideal tool for individuals who prefer anonymity. A recent study published by the Journal of Substance Abuse Treatment found that live Internet-based chemical dependency treatment performed well compared to traditional face-to-face counseling. California-based CRC Health Group is one of the leading providers of online treatment in this field.

Other key players in the global residential substance abuse and mental health facilities market include National Health Service, Universal Health Services, Acadia Healthcare Company Inc, Kindred Healthcare Inc., and Genesis Healthcare.

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