Increasing prevalence of mental illnesses/disorders like depression, anxiety, and eating disorders to drive growth of mental wellness market during forecasted period. Fiscal healthcare expenditure with dedicated funds to develop systems focusing on the mental well-being of the population is a positive development for the market. The North American region emerged as the largest market for the global mental wellness market, with a 36.78% share of the market revenue in 2021.
Newark, Oct. 03, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global mental wellness market is expected to grow from USD 145.83 billion in 2021 to USD 280.52 billion by 2030, at a CAGR of 7.54% during the forecast period 2022-2030.
Acute stress, migraines, and occasionally depression are side effects of the modern lifestyle, linked to lack of exercise, bad diets, on-the-go snacking, lack of sleep, and increasing workload. The number of persons seeking mental wellness has increased due to greater knowledge of mental diseases, their impact on the body, and their effects on a person's total well-being.
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The aging population will also influence the rising number of people looking to improve their mental wellness. High-profile public people recognize the serious effects of mental illness and how anybody can develop it by sharing personal experiences. By doing so, they are endorsing mental wellness as a crucial component of general well-being and encouraging others to talk openly about their issues. Open conversations are lessening the stigma associated with mental health. The scientific community is conducting cutting-edge research and development to comprehend the brain in response to the rising demand for mental well-being. Key market participants are pouring large sums of money into developing therapies, medications, medical equipment, systems, and treatments based on research findings to meet the growing demand for mental wellness products. Additionally, government laws aiming at enhancing the healthcare system and increase awareness, organization, and attention to mental health will present profitable prospects for market participants. However, seeking mental well-being with professional help can be expensive, thus hampering the growth of the market. The lack of skilled professionals to help those in need is another factor limiting the market's growth. Also, poor data privacy and personal laws leave patients vulnerable to psychological harm, increasing the uncertainty in the average population about seeking help for their mental wellness. Robust rights to privacy, data protection, and personal laws can help clamp down the challenge mentioned previously in the text.
To enhance their market position in the global Mental wellness market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Sep 2022 - a toll-free number and an app will soon be released to address the mental health concerns of railway workers in India. The All India Railway men’s Federation (AIRF), the main railroad union, named 125 first responders from around the nation to serve as the focal points in each railway zone for workers who wish to discuss mental stress. Among the respondents are members of the International Transport Forum, conveners of AIRF, and representatives from the running staff of the railways.
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Market Growth & Trends
The rising incidence of mental illnesses/disorders, including depression, anxiety, eating disorders, etc., because of the busy lifestyles, bad diets, lack of physical activity, and long work hours in today's population will drive the mental wellness market. The rising number of people with mental problems is also attributed to the aging elderly population. The market will expand due to increased government programs and regulations supporting mental well-being, growing social media influence, and rising awareness of the importance of mental well-being. For instance, The Southeast Asia region of the World Health Organization adopted the Paro Declaration on September 6, 2022, pledging to guarantee universal access to mental healthcare and services. According to a statement from WHO regional director Dr. Poonam Khetrapal Singh, increasing investment in mental health lowers treatment costs and improves productivity, employment, and quality of life. The industry will benefit from rising healthcare spending that includes cash to create systems prioritizing population mental health. The industry will also expand as institutions that provide week-long mindfulness, meditation, brain-boosting, and other mental health therapies and treatments become more and more well-liked. The promotion of these therapies and treatments by well-known celebrities will further spur the development of these organizations and, consequently, the market for mental wellness.
• In 2021, the depression segment dominated the market with the largest market share of 42% and market revenue of 61.24 billion.
The disorder segment is divided into depression, schizophrenia, bipolar disorder, post-traumatic stress disorder, anxiety, substance use disorder, alcohol use disorder, eating disorder, and others. In 2021, the depression segment dominated the market with the largest market share of 42% and market revenue of 61.24 billion.
• The meditation & mindfulness segment is expected to grow at the fastest CAGR of 9.51% over the forecast period.
The type segment is divided into senses, spaces & sleep, self-improvement, brain boosting nutraceuticals & botanicals, and meditation & mindfulness. Over the forecast period, the meditation & mindfulness setting segment is expected to grow at the fastest CAGR of 9.51%.
• In 2021, the adult segment accounted for the largest share of the market, with 49% and a market revenue of 71.45 billion.
The age group segment is divided into teenagers, adults, and geriatrics. In 2021, the adult segment accounted for the largest share of the market, with 49% and a market revenue of 71.45 billion.
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Regional Segment Analysis of the Mental Wellness Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global mental wellness market, with a market share of around 36.78% and 53.63 billion of the market revenue in 2021. The Asia Pacific is expected to witness the fastest growth in the mental wellness market. The mental wellness market in the Asia Pacific has been expanding rapidly. Mainly two broad reasons can be listed as the reason for the growth of the Asia Pacific mental wellness market. Firstly, The increased spending on healthcare infrastructure by the government authorities in the region. Secondly, The growing number of young adults who are under enormous scholastic, professional, social, psychological, and financial stress due to the slowing economy, which produces fewer jobs and higher living expenses.
Key players operating in the global mental wellness market are:
• Acadia Healthcare
• Amare Global
• Ascension Seton
• Behavioral Health Network Inc.
• CVS Health
• Promises Behavioral Health
• Pyramid Healthcare
• Universal Health Services Inc.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global mental wellness market based on the below-mentioned segments:
Global Mental Wellness Market by Disorder:
• Bipolar Disorder
• Post-Traumatic Stress Disorder
• Substance Use Disorder
• Alcohol Use Disorder
• Eating Disorder
Global Mental Wellness Market by Type:
• Senses, Spaces & Sleep
• Brain Boosting Nutraceuticals & Botanicals
• Meditation & Mindfulness
Global Mental Wellness Market by Age Group:
About the report:
The global mental wellness market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.