India Mental Health Market - 2024-2031

Overview

The India mental health market reached US$ 1.45 billion in 2023 and is expected to reach US$ 1.59 million by 2031, growing at a CAGR of 1.2% during the forecast period 2024-2031.

Mental health is a condition of well-being in which people can cope with life's stresses, achieve their potential, learn effectively, work efficiently, and contribute to their communities. The World Health Organization (WHO) defines mental health as emotional, psychological, and social well-being that influences how people think, feel, and act. It is more than just the absence of mental disorders; it occurs on a scale that varies from person to person, with varying degrees of difficulty and distress.

Mental health is essential for proper functioning and quality of life. It influences how people deal with stress, interact with others, and make decisions. Individual factors influencing mental health include genetics and emotional abilities, as well as social (relationships and community support) and structural (economic situations and healthcare access).

Market Dynamics: Drivers & Restraints

Rising prevalence of mental health disorders

The rising prevalence of mental health disorders in India is significantly driving the growth of the India mental health market. In 2021, Deloitte reported that 14 percent of the country's population is estimated to be suffering from mental disorders. With the growing prevalence of mental health disorders the need for treatment is rising creating a demand for mental health services This alarming prevalence creates a substantial demand for mental health services and treatments, propelling the India mental health market size forward.

India has a high frequency of mental health issues such as depression, anxiety, bipolar disorder, schizophrenia, and substance abuse. Mental health disorders place a tremendous burden on individuals, families, and society, resulting in a worse quality of life, diminished functioning, and major economic and societal implications.

The impact of mental health disorders extends beyond individual suffering; it has profound implications for productivity and economic performance. The WHO projects that India will incur an economic loss of $1.03 trillion due to mental health conditions from 2012 to 2030. This significant figure highlights the economic burden of mental health issues, not only on individuals but also on society and the economy as a whole. This economic burden underscores the urgency of addressing mental health concerns, further driving investments in the India mental health market.

As the incidence of mental health disorders rises, there has been an accelerated adoption of digital solutions, such as telehealth and mobile applications for therapy. Moreover, many organizations are recognizing the importance of employee mental well-being and are implementing corporate wellness programs to address workplace stress and related issues. This trend not only supports employees but also contributes to a healthier workforce overall, further driving demand within the India mental health market.

Shortage of mental health healthcare professionals

The shortage of mental health specialists is a major obstacle to the expansion of the Indian mental health market. India has a severe lack of mental health specialists, with approximately 0.75 psychiatrists, 0.07 psychologists, and 0.07 social workers per 100,000 inhabitants. This dramatic contrast with developed countries, where there are around 6.6 psychiatrists per 100,000 inhabitants, indicates that the current workforce is insufficient to fulfill the growing demand for mental health care. As a result, those seeking help frequently face long wait times and poor care, which can exacerbate mental health issues.

Addressing this issue requires a collaborative effort from both the public and private sectors to increase investment in training programs, improve infrastructure, decrease stigma, and raise public understanding about mental health issues. By addressing these issues, India can seek to close the treatment gap and ensure that more people receive the care they require for their mental health.

Segment Analysis

The India mental health market is segmented based on disorder, treatment, age group, and end-user.

Treatment:

The Psychotherapy segment is expected to dominate the India mental health market share

The growing incidence of mental health conditions, such as depression and anxiety, is a significant driver of demand for psychotherapy services. The increasing prominence of the psychotherapy segment within the India mental health market is significantly supported by government initiatives that enhance accessibility, reduce stigma, and raise awareness of mental health issues.

India has only about 0.7 mental health professionals for every one lakh persons when the standard guidelines suggest that there should be at least three psychiatrists per one lakh population. In October 2023, on the occasion of World Mental Health Day, Niti Aayog member (health) Dr V K Paul said that postgraduate medical seats in psychiatry need to be increased to augment the required.

As these initiatives progress, they foster an environment conducive to the growth of psychotherapy as a primary treatment option for mental health disorders in India. This evolution not only reflects a societal shift towards recognizing the importance of mental well-being but also encourages more individuals to seek therapeutic support, ultimately contributing to a more robust and effective mental health care system.

Competitive Landscape

The major players in the India mental health market include Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Lupin, Torrent Pharmaceuticals Ltd, SiNi Pharma Pvt Ltd, Lifegenix, Lifecare Neuro Products Limited, Neurocon Inc., Psychocare Health Private Limited, and Eridanus among others.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-world Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The India mental health market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.