Social Acceptance And Increasing Geriatric Populations Will Lead To Increased Demand For Psychiatrists
The global psychiatrists’ market is expected to grow from $197 billion in 2019 to nearly $257 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. Fast growth in the forecast period can be attributed to the increasing social acceptance, rise in geriatric populations, increasing prevalence of mental health and substance use disorders, and unemployment factors.
As the prevalence of mental health issues rise, including conditions from across the spectrum such as dementia, depression and addiction, so too does the general public’s awareness of the psychiatric help available to sufferers. As the profile of both mental health and psychiatrists increases, public acceptance of these conditions and services follows. Historically, in many countries, mental health issues have been viewed in a derogatory fashion, with sufferers reluctant to seek the diagnoses or treatment they may need for fear of the attached social stigma. Society, however, is slowly progressing, with increased public acceptance of conditions, which will gradually work to increase demand for psychiatrists.
The ageing population across countries is increasing the prevalence of geriatric-associated conditions including Alzheimer’s, which leads to depression. The number of older people with Alzheimer’s dementia is rapidly increasing with the increase of number of geriatric populations. According to Alzheimer’s Association, in the USA, 5.6 million people in the age group 65 and above were suffering from Alzheimer’s and one in 10 people in that age group have Alzheimer’s dementia. Moreover, the number of people of age 65 and above with Alzheimer’s dementia is expected to reach to 13.8 million by 2050. Also, according to World Population Prospects, the number of persons aged 80 years or more is estimated to become thrice the current old-age population by 2050. Developing countries are expected to have more increase in the number of dementia patients than developed countries, due to the fast-growing elderly population. This increase in the aged population with Alzheimer’s disease that increases the prevalence of depression eventually increases the demand for psychiatrists, thus contributing to the growth of the global psychiatrists’ market.
Rising unemployment rates across the world affects mental health, causing conditions such as depression and scarring. A research conducted by Andrea Zechmann on 1,143 unemployed individuals in Germany, revealed that an unemployed individual experiences decrease in psychological distress and financial strain after being employed. Also, according to the Here To Help organization in Canada, 70% - 90% people with severe mental illnesses are unemployed. According to a Canadian study, a 10% rise in unemployment leads to 4% more people getting admitted to psychiatric hospitals. Rise in unemployment increases mental disorders among individuals and increases demand for psychiatrists (public or private), thereby positively influencing the market growth.