Global Music Therapy Market was valued at US$ 2.4 billion in 2021, and it is expected to reach a value of US$ 4.42 billion by 2028, at a CAGR of 9.1% over the forecast period (2022–2028)
Westford,USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Music therapy has been shown to be a promising treatment for a wide range of mental health issues, including depression, anxiety, post-traumatic stress disorder (PTSD), and substance abuse. In recent years, Music Therapy Market has been gaining in popularity as an effective treatment for a variety of psychological conditions.
According to the American Association for Music Therapy, the demand for music therapy market in the United States has doubled in just last 5 years. The benefits of music therapy are manifold. Music can serve as a tool for self-expression and can help individuals connect with positive emotions. In addition, music therapy has been shown to improve physical health and mood regulation. Some studies have even found that music therapy can be helpful in treating conditions such as autism and dementia. Consequently, there is growing evidence that music therapy is an effective treatment option for a variety of mental health issues.
One of the fastest-growing professions in across the globe today is music therapy. With its alleged therapeutic properties, this field has seen a surge in interest and demand over the last decade. According to the Bureau of Labor Statistics (BLS), there was a 17% increase in job openings for music therapists between 2018 and 2022, which predicts even more growth in the coming years. SkyQuest study on global music therapy market projects that by 2024 there will be a shortage of 185,000 music therapists across the globe. The reason for this shortage is obvious-the demand for music therapy is growing faster than the number of qualified providers.
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Key trend in the music therapy market is the increasing use of acoustic guitars in sessions. Acoustic guitars are an affordable and accessible format that can better replicate the sound of instruments like drums and pianos. In addition, acoustic guitars have a more soothing sound than electric guitars which can help patients with anxiety or PTSD.
The main challenges in the market include inadequate awareness of its therapeutic benefits and limitations on access to care. This lack of awareness is partially due to the fact that music therapy is not widely taught in introductory psychology classes or in medical schools.
SkyQuest released a new report on the music therapy market. The report provides an overview of the challenges, opportunities and trends in the music therapy market, as well as profiles of key players and a competitive landscape analysis.
SkyQuest Study Reveals More than 50% Business in Music Therapy market are Less than 5 Years
As the industries of health care and technology continue to merge, so too do the fields of music therapy and business. SkyQuest has released its latest study on providers and business owners in global market, which sheds light on the current state of both industries.
One-third of music therapists operate their own businesses full-time, while one in five works for an organization as a consultant or employee.
The vast majority (89%) of businesses are small, with an average size of just over $10,000 in annual revenues.
The most popular services offered are group therapy (35%), individual therapy (28%), and school counseling (14%).
The key challenges facing businesses in the music therapy market include finding qualified therapists (50%of businesses say this is a challenge) and attracting new patients (41%).
94% reported using digital tools and resources to increase their business. Out of those surveyed, 56% of music therapy providers use social media to promote their services and 36% use online advertising.
In addition, 83% of respondents in the music therapy market said they have implemented some form of customer relationship management (CRM) software, such as Salesforce or Oracle’s CRM Customer Relationship Management (CRM) Cloud. Over half of these respondents said they increased sales within their businesses as a result of CRM implementation. 63% said they reduced expenses due to better data management.
In terms of growth opportunities, cost-effective methods to deliver sessions online or via telephone are seen as key priorities by 43% of businesses.
Most music therapy services are delivered in outpatient settings (93%). The majority (78%) of providers report seeing an increase in patients during the past year.
Interestingly, over 50% of all music therapy businesses are still new and have only been operational for between 2 and 5 years.
With the increasing demand for music therapy, it's no wonder that more and more providers are opening up their own businesses. According to a study by SkyQuest, around 44% of providers surveyed operate their business independently, while another 33% work for an organization other than their clinical practice.
SkyQuest's survey analysis shows that the music therapy market is poised for continued growth in the coming years. With the increasing popularity of music therapy, more therapists will be needed to meet demand. This growth presents a fantastic opportunity for those considering a career in music therapy. We have done a detailed analysis and surveyed over 1,200 business across the globe to get a clearer picture of the global market.
Browse summary of the report and Complete Table of Contents (ToC):
Opportunity, Challenges and Trends in Music Therapy Market
Music Therapy market is booming. There is growing demand for music therapy services both among businesses and individuals. Between 2017 and 2021, the number of music therapy businesses in North America increased by 142%. The average revenue per business also grew by 38%. In Europe, the growth has been even more dramatic, with a 235% increase in businesses between 2017 and 2021. The number of individual clients serviced by music therapists also doubled during this time period.
Achievements and challenges associated with providing services in the global music therapy market are highlighted in this year's survey. Major achievements include increasing access to care; provider vitality, innovation, and scale; and growth in patient populations.
Challenges include insufficient reimbursement from payers, limited availability of clinically qualified therapists, and struggles with securing fiduciary responsibility among service providers.
SkyQuest's report is an essential guide for anyone interested in the music therapy market. It provides detailed insights into the latest developments in the market and is sure to help you make informed decisions about your business.
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Top Players in Global Music Therapy Market
American Music Therapy Association (AMTA)
Boise Music Therapy Company
The Music Therapy Centre of California
Heart and Harmony Music Therapy
Coast Music Therapy
WB Music Therapy
NeuroRhythm Music Therapy Services, LLC.
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