Psychiatric Hospitals in the US
Expansion of Medicare and Medicaid have had a significant effect on the Psychiatric Hospitals industry. In addition, wider acceptance and prevalence of mental illness has also supported demand for behavioral health treatment. The 2014 (latest available data) National Survey of Drug Use and Health from the Substance Abuse and Mental Health Services Administration indicates that there are about 9.8 million adults (aged 18 years of age and older) in the United States who have a serious mental illness. Psychiatric hospitals also often admit patients after they have been recommended by mental health clinics or private therapists, so growth in these industries supports the industry. Over the next five years, the sustained influx of patients resulting from expanded public and private healthcare coverage and prevalence of mental illness is projected to cause revenue to increase. Industry merger and acquisition activity has increased in the past five years, largely as psychiatric healthcare providers have looked to maintain their bargaining power with increasingly consolidated managed-care organizations. This trend will likely continue over the five years to 2021.
This industry includes establishments licensed to provide diagnostic and medical treatment, as well as monitoring services for inpatients suffering from mental illness or substance abuse disorders. These establishments maintain inpatient beds and a staff of physicians. Facilities that emphasize counseling for mental health and substance abuse rather than medical treatment are not included in the industry (see IBISWorld report 62322, Mental Health and Substance Abuse Centers).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook