The global Behavioral Rehabilitation Market is estimated to be valued at US$ 248530.73 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Behavioral rehabilitation helps in treating behavioral health issues including substance abuse, depression, trauma/abuse, eating disorders, etc. Behavioral rehabilitation programs utilize psychotherapy, counseling, and medication management to change undesirable behaviors and promote mental well-being. These programs are offered through both residential and outpatient facilities. Residential programs provide 24/7 care in a structured environment while outpatient programs offer flexible treatment plans with weekly visits to counselors/therapists. Behavioral rehabilitation is gaining prominence with rising cases of mental health issues, substance abuse disorders, and incarceration rates.
Market key trends:
One of the key trends in the behavioral rehabilitation market is the adoption of medication-assisted treatment (MAT). MAT utilizes FDA-approved medications combined with counseling and behavioral therapies for treating substance use disorders. Main medications used in MAT include buprenorphine, methadone, and naltrexone. MAT programs have demonstrated high treatment retention rates and reductions in drug use. This trend is expected to continue over the forecast period with growing acceptance of MAT.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate as new firms can enter the market easily but will have to develop strong network of therapists, psychologists and counsellors which require high investment.
Bargaining power of buyers: The bargaining power of buyers is moderate since behavioral rehabilitation services are essential for patients suffering from behavioral problems. However, availability of substitute treatment options provides some bargaining power to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as the behavioral rehabilitation market has large number of therapy and counseling service providers.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternative treatment options for behavioral and substance abuse problems. However, online therapy and counseling options are emerging as substitutes.
Competitive rivalry: High due to presence of many regional and global players offering similar services. Players compete based on service quality, innovation, and engagement programs.
Key Takeaways:
The Global Behavioral Rehabilitation Market Share is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing prevalence of behavioral disorders, substance abuse problems, and growing mental health awareness initiatives worldwide.
Regionally, North America dominates the global market and is expected to maintain its lead over the forecast period. This can be attributed to rising healthcare expenditure, availability of advanced treatment options, and favorable reimbursement policies for behavioral rehabilitation in the region. The Asia Pacific market is expected to exhibit the fastest growth owing to improving healthcare infrastructure and increasing focus of global players towards emerging economies in the region.
Key players operating in the behavioral rehabilitation market are Universal Health Services Inc., Springstone Inc., Niznik Behavioral Health, Magellan Health Inc., Behavioral Health Group, AAC Holdings, Acadia Healthcare, Haven Behavioral Healthcare Inc., Promises Behavioral Health, and Aurora Behavioral Health System, among others. Major players are focusing on expanding their service offerings through strategic partnerships and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it