$31.3bn
$X.Xbn
416k
262k
$XX.Xbn
The escalating prominence of mental healthcare, coupled with anti-stigma campaigns and recent health challenges posed by the pandemic, has led to a surge in individuals and families seeking mental health services. However, staffing shortages across the country have necessitated technological interventions. Mental health practitioners adapted swiftly and offered teletherapy via apps and other online platforms, making mental health services more accessible. Because of increased government support during the pandemic, the industry witnessed a spike in revenue in 2020 and 2021, with projections showing a CAGR of 6.5% to $31.3 billion through 2024, despite an expected one-year momentary dip in revenue of 0.2%.
Industry revenue has grown at a CAGR of 6.5 % over the past five years, to reach an estimated $31.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Magellan Health, inc. | 1,470.7 | 57.5 | 3.9 | |
FHC Health Systems Inc. | 370.4 | 37.9 | 10.2 | |
New Directions Behavioral Health, LLC | 116.8 | 12.0 | 10.2 |
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Industry revenue is measured across several distinct product and services lines, including Clinical psychologists, Industrial-organizational psychologists and All other psychology. Clinical psychologists is the largest segment of the Psychologists, Social Workers & Marriage Counselors in the US.
Funding and remote tools help to boost services by child, family and schcool social workers
This industry comprises mental health practitioners who diagnose and treat mental, emotional and behavioral disorders brought about by mental illness, substance abuse, physical and emotional trauma or stress. These practitioners include psychologists, social workers and marriage counselors.
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NAICS 62133 - Psychologists, Social Workers & Marriage Counselors in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Rising economic instability and inflation have increased demand for counseling services. Economic downturns correlate with higher divorce rates and mortgage foreclosures, spr...
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Due to the pandemic's prolonged effects, there is a strong demand for child, family and school social workers. Lockdowns and heightened family stressors have amplified the ne...
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Densely populated areas have the highest concentration of industry professionals. These regions offer a large client base and robust support systems, facilitating rapid expan...
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Practitioners' extensive education and certification make their services hard to replicate. This high level of specialization ensures low competition within the field, keepin...
Learn about the performance of the top companies in the industry.
This industry is highly segmented, which limits market share growth for individual corporations. Magellan Health has the highest market share at a negligible 1.0%.
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Licensing and certification requirements differ by state. Most practitioners must be licensed and possess at least a bachelor's degree from an accredited institution. This en...
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Wages are the primary expense for these professionals. The growing demand for expertise has led to higher salaries, significantly impacting overall costs.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Psychologists, Social Workers & Marriage Counselors in the US industry in United States is $31.3bn in 2024.
There are 262k businesses in the Psychologists, Social Workers & Marriage Counselors in the US industry in United States, which has grown at a CAGR of 7.7 % between 2019 and 2024.
The market size of the Psychologists, Social Workers & Marriage Counselors in the US industry in United States has been growing at a CAGR of 6.5 % between 2019 and 2024.
Over the next five years, the Psychologists, Social Workers & Marriage Counselors in the US industry in United States is expected to grow.
The biggest companies operating in the Psychologists, Social Workers & Marriage Counselors market in United States are Magellan Health, inc., FHC Health Systems Inc. and New Directions Behavioral Health, LLC
Clinical psychology and Industrial-organizational psychologists are part of the Psychologists, Social Workers & Marriage Counselors in the US industry.
The company holding the most market share in United States is Magellan Health, inc..
The level of competition is moderate and steady in the Psychologists, Social Workers & Marriage Counselors in the US industry in United States.