The market size of the Global Mental Wellness Market in the year 2021 is valued at 132.71 billion and is predicted to reach 250.64 billion by the year 2031 at an 7.53% CAGR during the projected period.
The enlarged definition of mental wellbeing in the modern-day strives to give people a sense of control over their health and happiness instead of just encouraging good lifestyle choices that may have a positive impact on overall wellness. The most recent investigation being conducted to solve these issues applies CBT to smartphones. Stress also has a negative impact on an employee's capacity to balance their personal and professional lives. During the foreseeable period, mental health treatment programs are expected to be crucial. Worldwide, the prevalence of mental health diseases is currently rising. This is one of the main causes supporting the market's growth, along with a person's lifestyle, usage of illicit substances, past trauma or abuse, and biological variables like genes or brain chemistry. In addition, the coronavirus illness (COVID-19) outbreak and lockdown limitations imposed by governing bodies of various nations have harmed people's pre-existing mental health symptoms and brought on relapses everywhere. This is helping the industry expand, along with the rising need for hospital services brought on by the growing number of patients who need mental health solutions to encourage self-care.
The demand for mental health services may be constrained by a number of issues, such as limited access to mental health providers, a shortage of educated mental health care professionals, poor general community awareness of treatment alternatives, and limitations on primary care services. In spite of the fact that health services relating to people's behavioral patterns have undergone a phenomenal change in recent years, there is a lack of widely funded research and studies in the fields of physical and mental health, which has led to a lack of data that can be correlated for the precise diagnosis of disorders.
The Mental Wellness Market is segmented on the basis of Disorder, Type, and Age Group. Based on Disorder, the market is segmented as Depression, Anxiety, Schizophrenia, Substance Use Disorder, Bipolar Disorder, Alcohol Use Disorder, Post-Traumatic Stress Disorder, Eating Disorder, and Others. Based on Type, the market is segmented as Senses Spaces, Sleep, Brain Boosting Nutraceuticals & Botanicals, Self-Improvement, and Meditation and Mindfulness, Based on Age Group, the market is segmented as Adults, Geriatric, and Teenager.
Based on Disorder, the anxiety segment is accounted as a major contributor to the Mental Wellness Market.
In several nations around the world, anxiety disorders are the most common. This is a result of pressure from work and personal relationships, academic stress, and socioeconomic strain. Additionally, rising living expenses are exacerbating people's concerns. As a result, many are shifting to mental health specialists for the treatment of anxiety disorders. Further, during the forecast period, the market expansion is anticipated to be accelerated by cooperative efforts between pharmaceutical firms, NGOs, mental health organizations, and government programs to raise public awareness. The high success rates of treatments and drugs and the availability of proper reimbursement systems in developed nations are expected to fuel expansion over the projected period.
Based on the product, the mindfulness and meditation segment is accounted as a significant contributor to the Mental Wellness Market.
The fastest growth rate is also anticipated for mindfulness and meditation. A mind-body activity known as meditation has a long history of use for strengthening mental and physical wellbeing, increasing tranquillity and physical relaxation, balancing the mind and body, dealing with illness, and enhancing general health. To improve patients' mental health, the healthcare systems require apps and programs that are incredibly successful. The big market participants are therefore placing a lot of emphasis on app launches and product approvals. The demand for meditation apps has increased as a result of advanced research and development spending and raising public awareness of meditation. The market is expanding as a result of both the increased incidence of mental diseases and their corresponding surge in prevalence.
In the region, the North America Mental Wellness Market holds a significant revenue share.
In terms of revenue, North America dominated the global market for mental wellness. Additionally, it is anticipated to increase at the fastest rate during the projection period. The population has become more involved in mental health initiatives as a result of factors including the increased use of smartphones and tablets in emerging nations. In the US, 88.56 percent of income in 2021 was attributable to the need for mental wellbeing. The market in the area is being driven by several reasons, including an increase in smartphone penetration, advancements in coverage networks, and an increase in the occurrence of health issues that influence mental wellness. As a result of the adoption of supportive federal and state policies, mental health services are expanding at an exceptional rate in the region.
The key players in the Mental Wellness Market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and through partnerships with regional and international companies to expand their product offerings and expand their global market presence. Some of the major key players in the Mental Wellness Market are SkillPath, FranklinCovey, Amare Global, Headspace, CVS Health (Active Health), CuraLinc Healthcare, Fitbit, Wellsource, Vitality, Virgin Pulse, Aduro, HealthCheck360, Lifestart, Castlight, Acadia Healthcare, Calm, Universal Health Services, Behavioral Health Network, Pyramid Healthcare, and Promises Behavioral Health.