1、SPECIAL REPORTUS Child and Adolescent Behavioral Health:An Attractive but Overlooked Market for Investment2 L.E.K.ConsultingSPECIAL REPORTContentsAbout L.E.K.ConsultingWere L.E.K.Consulting,a global strategy consultancy working with business leaders to seize competitive advantage and amplify growth.

2、Our insights are catalysts that reshape the trajectory of our clients businesses,uncovering opportunities and empowering them to master their moments of truth.Since 1983,our worldwide practice spanning the Americas,Asia-Pacific and Europe has guided leaders across all industries from global corporat

3、ions to emerging entrepreneurial businesses and private equity investors.Looking for more?Visit .L.E.K.Consulting is a registered trademark of L.E.K.Consulting LLC.All other products and brands mentioned in this document are properties of their respective owners.2024 L.E.K.Consulting LLCIntroduction

4、.3Overview of market dynamics.5However,investment activity remains low.11But these challenges can be addressed.15Conclusion.17SPECIAL REPORTIntroductionThe behavioral health market in the U.S.has seen significant deal activity since 2018 investors have partnered with clinics,systems,payers and platf

5、orms to innovate,grow and better serve patient populations(see Figure 1).The behavioral health market covers therapeutic and pharmacological interventions for mental health disorders1(e.g.,major depressive disorder,bipolar disorder,attention-deficit/hyperactivity disorder)and substance use disorders

6、/SUD2(e.g.,opioid use disorder,alcohol use disorder).Notable deals include LifeStance,which was acquired by TPG in 20203 and went public in 2021;4 CARE Counseling,which was acquired by Optum in 2024 and builds on Optums 2022 acquisition of Refresh Mental Health;5 and the formation of PAX Health thro