Worked out: Private health insurance will become more affordable, spurring industry demand

The nature of the Psychologists, Social Workers and Marriage Counselors industry enables it to thrive even when economic conditions are poor. As a result, revenue for the industry is expected to grow. Wider public awareness of mental health issues has helped increase the number of overall industry patients. Additionally, businesses have begun to recognize the benefits of hiring industrial psychologists. Federal funding for Medicare and Medicaid is expected to continue expanding in the five years to 2021 because of the PPACA, driving demand for industry services. Additional stipulations in health reform, combined with improving economic conditions, will likely increase the number of privately insured individuals, further boosting demand for mental health counseling...read more.

Industry Statistics & Market Size
Revenue
$15bn
Annual Growth 11-16
4.7%
Forecast Growth 16-21
Profit
Employment
244,057
Businesses
143,873
Market Share of Companies
There are no companies with a dominant market share in this industry
What Our Customers Say

Industry Threats & Opportunities

  • Wider public awareness of mental health issues has helped increase the number of overall industry patients
  • Disposable incomes began to rise and more Americans gained access to private health insurance
  • The number of people with health insurance is forecast to increase considerably
  • Industry Report - Industry Locations Chapter

    The geographic spread of industry establishments largely reflects the distribution of the population. The number of psychologists, social workers and marriage counselors per capita tends to be high in large metropolitan cities compared with other areas, particularly rural areas. Other factors that affect the geographical distribution of operators include the age distribution of the population, birth rates and household incomes. The regions in this industry with the highest establishment numbers are the regions with the highest population numbers: The Southeast has 23.7% of industry establishments and 25.6% of the population; the West region has 19.7% of industry establishments and 17.2% of the population, the Mid-Atlantic region has 14.5% of industry establishments and 15.3% o...purchase to read more.

    Additional Insights for the Psychologists, Social Workers & Marriage Counselors Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Psychologists, Social Workers & Marriage Counselors Industry are

  • Specialization
  • Proximity to key markets
  • Understanding government policies and their implications
  • IBISWorld analysts also discuss how external factors such as Federal funding for Medicare and Medicaid and Number of people with private health insurance in the Psychologists, Social Workers & Marriage Counselors industry impact industry performance..

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    What is the Psychologists, Social Workers & Marriage Counselors Industry?

    This industry is composed of mental health practitioners who diagnose and treat mental, emotional and behavioral disorders brought about by mental illness, substance abuse or physical and emotional trauma. These practitioners include psychologists, social workers and marriage counselors. The industry excludes mental health professionals who have a Doctor of Medicine (MD) degree or a Doctor of Osteopathy (DO) degree; they are classified under IBISWorld reports 62111a and 62111b.

    Industry Products
  • Clinical psychology
  • Industrial-organizational psychology
  • All other psychology
  • Mental health social work
  • Marriage and family therapy
  • Child, family and school social workers
  • Industry Activities
  • Clinical psychology
  • Industry-organizational psychology
  • Mental health therapy
  • Marriage and family counseling
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Federal funding for Medicare and Medicaid
  • Number of people with private health insurance
  • Divorce rate
  • Number of K-12 students
  • Per capita disposable income

  • Current Performance
  • Conflicting trends
  • The industry continues to grow
  • Progress is still necessary
  • Chart: Revenue Growth

  • Industry Outlook
  • Healthcare reforms
  • Mental health awareness on the rise
  • Medicare reimbursement to improve
  • Table: Psychologists, Social Workers & Marriage Counselors Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Psychologists, Social Workers & Marriage Counselors Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Health & Medical Insurance
  • Health & Welfare Funds
  • Human Resources & Benefits Administration
  • Educational Services
  • Consumers

  • Key Selling Industries
  • Correctional Facilities
  • Mental Health & Substance Abuse Clinics
  • Primary Care Doctors
  • Specialist Doctors

  • Products & Services
  • Child, family and school social workers
  • Clinical psychology
  • Mental health social work
  • Marriage and family therapy
  • All other psychology
  • Industrial-organizational psychology
  • Chart: Psychologists, Social Workers & Marriage Counselors Industry Products and Services Segmentation

  • Demand Determinants
  • Economic woes boost demand
  • Mounting awareness

  • Major Markets
  • Private health insurers
  • Patients paying out of pocket
  • All other sources
  • Medicare
  • Other government payers
  • Medicaid
  • Chart: Major Market Segmentation for the Psychologists, Social Workers & Marriage Counselors Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesRent and utilitiesDepreciationAdministrative expensesOther expenses
  • Chart: Cost Structure Benchmarking – Sector vs Psychologists, Social Workers & Marriage Counselors

  • Basis of Competition
    External competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Psychologists, Social Workers & Marriage Counselors Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Psychologists, Social Workers & Marriage Counselors Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Psychologists, Social Workers & Marriage Counselors Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Federal funding for medicare and medicaid (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Industrial And Organizational (I-O) Psychology
  • Psychology applied to organizations and workplaces. An I-O psychologist identifies how behaviors can be improved through hiring practices, training programs and feedback systems.
  • Medicaid
  • A jointly funded cooperative venture between the federal and state governments to assist states in the provision of medical care to eligible needy persons.
  • Medicare
  • A nationwide health insurance program for people 65 years and older who are entitled to Social Security disability payments for at least two years with limited exceptions.
  • Serious Psychological Distress
  • A value of 13 or more on the Kessler 6 (K6) scale that asks six psychological distress questions.
  • Why buy this report?

    IBISWorld’s industry research report on Psychologists, Social Workers & Marriage Counselors contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

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    This report on Psychologists, Social Workers & Marriage Counselors:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Psychologists, Social Workers & Marriage Counselors market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Psychologists, Social Workers & Marriage Counselors, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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