Australia Mental Health Market

Australia Mental Health Market Overview:

The Australia mental health market size reached USD 5.09 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 21.74 Billion by 2032, exhibiting a growth rate (CAGR) of 16.40% during 2024-2032. The market is primarily driven by the growing mental healthcare plans, significant government funding on developing new programs and initiatives that address mental health issues, enhanced service quality and accessibility with a focus on innovative treatments and equitable care distribution.

Australia Mental Health Market Trends:

Increase in Mental Health Care Plans

According to the Australia Institute of Health and Welfare (AIHW), the utilization of Medicare-subsidized mental health services in Australia has seen a notable increase, with more than 2.7 million patients utilizing nearly 13.2 million mental health services. Moreover, psychologists delivered 49% of these services, while general practitioners (GPs) provided 27%, psychiatrists 20%, and other allied health professionals 5%. Additionally, 13% of female patients accessed these services, compared to 8% of male patients. This upward trend indicates a significant shift toward recognizing and addressing mental health issues within the community. As more individuals seek out such subsidized plans, the demand for professional mental health services increases, expanding the depth and scope of the market in mental health services. Besides, the increase in users under mental health care plans owing to the increased public awareness and destigmatization of mental health issues is influencing the market growth. This would also mean more specialists within the health professions and better mental health facilities. Hence, this fosters a strong expansion in the range of services in the mental health service sector, with the facilities expanding and diversifying their services to meet the growing demand.

Increased Government Funding

The Australian government's commitment to mental health is underscored by a significant boost in funding, particularly evident in the 2022-2023 federal budget. According to the Australian Government, Department of Health, the government is dedicated to achieving zero suicides and is allocating $46.7 Million to suicide prevention initiatives and research as part of the second stage of the Mental Health and Suicide Prevention Plan. This funding is an addition to the $2.3 Billion introduced in the initial phase of the plan during the 2021-22 Budget. Besides, the total funding for the plan is approaching $3 Billion, including other mental health and suicide prevention allocations of $648.6 Million in the 2022-2023 budget. Furthermore, since the fiscal year 2012-2013, the government's investment in mental health and suicide prevention through the health portfolio has more than doubled, showing a 106% increase from $3.3 Billion to an anticipated $6.8 Billion in the 2022-2023 Budget. Moreover, the government invests in the improvement of infrastructure to expand outreach and ensure better access to mental health services. Hence, financial support is essential in developing new programs and initiatives that address areas of unmet needs and populations to promote equity in mental health resource distribution.

Australia Mental Health Market News:

• In June 2023, Australia became the first nation globally to allow the clinical use of Methylenedioxymethamphetamine (MDMA), commonly known as ecstasy and psilocybin, the primary psychoactive component in magic mushrooms, for specific mental health conditions. From July 1, approved psychiatrists will have the authority to prescribe MDMA to treat post-traumatic stress disorder (PTSD) and psilocybin for depression that has not responded to other treatments, as stated in a February news release. These substances remain illegal across the country for other uses.
• May 7, 2024: National Mental Health Commission in Australia is leading a project to develop National Guidelines. These will support states and territories to include mental health and wellbeing in early childhood health checks (for children aged 0-5 years). The introduction National Guidelines supports national consistency. The National Guidelines aim to help children early, and to allow families to get timely support and advice.

Australia Mental Health Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on disorder, service, and age group.

Disorder Insights:

• Schizophrenia
• Alcohol Use Disorders
• Bipolar Disorder
• Depression and Anxiety
• Post-traumatic Stress Disorder
• Substance Abuse Disorders
• Eating Disorders
• Others
   

The report has provided a detailed breakup and analysis of the market based on the disorder. This includes schizophrenia, alcohol use disorders, bipolar disorder, depression and anxiety, post-traumatic stress disorder, substance abuse disorders, eating disorders, and others.

Service Insights:

• Emergency Mental Health Services
• Outpatient Counselling
• Home-based Treatment Services
• Inpatient Hospital Treatment Services
• Others
   

A detailed breakup and analysis of the market based on the service have also been provided in the report. This includes emergency mental health services, outpatient counselling, home-based treatment services, inpatient hospital treatment services, and others.

Age Group Insights:

• Pediatric
• Adult
• Geriatric
   

The report has provided a detailed breakup and analysis of the market based on the age group. This includes pediatric, adult, and geriatric.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Mental Health Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia mental health market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia mental health market?
• What is the breakup of the Australia mental health market on the basis of disorder?
• What is the breakup of the Australia mental health market on the basis of service?
• What is the breakup of the Australia mental health market on the basis of age group?
• What are the various stages in the value chain of the Australia mental health market? 
• What are the key driving factors and challenges in the Australia mental health?
• What is the structure of the Australia mental health market and who are the key players?
• What is the degree of competition in the Australia mental health market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia mental health market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia mental health market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia mental health industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.