Jersey City, NJ, April 25, 2023 (GLOBE NEWSWIRE) -- The global Mental Wellness Market is estimated to reach over USD 250.64 billion by 2031, exhibiting a CAGR of 7.53% during the forecast period.
Instead of simply living a healthy lifestyle that may positively impact overall wellness, the expanded concept of mental wellness in the current day aims to give people a sense of control over their health and happiness. The most recent study addressing these concerns relates cognitive behavioural therapy to smartphones. Also, stress negatively affects employees' ability to balance work and personal lives.
Programs for treating mental health are anticipated to be extremely important during the predicted period. The demand for mental health therapies has been driven by fast-paced lives, anxiety problems, and substance addiction. In addition, many people advocate for improving mental health and getting professional assistance. This is then anticipated to have a beneficial impact on the market for Mental Wellness.
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The prevalence of mental diseases is rising along with the demand for mental health treatments, which is increasing global demand. Positive market prospects for mental health service providers are anticipated as a result of rising social acceptance and knowledge of mental health disorders. New and improved approaches for psychological and detoxification therapies have been produced as a result of clinical developments in treatment and drug management.
Recent Developments:
- In October 2021, Universal Health Services, Inc worked with Valley Children's Healthcare to build a behavioural health facility in Madera. In 2023, the hospital is anticipated to open. A new psychiatric residency programme and telepsychiatry services will be provided through the cooperation between Valley Children's Healthcare and Universal Health Services for services that Valley Children's network of care will cover.
- In January 2021, Talkspace, the industry-leading provider of digital and virtual behavioural healthcare, and Hudson Executive Investment Corp., a particular purpose acquisition company supported by Hudson Executive Capital LP, declared that they had signed a binding merger agreement to expand and enhance behavioural health services.
List of Prominent Players in the Mental Wellness Market:
- 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
- Promises Behavioral Health
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Mental Wellness Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 140.20 Billion |
| Revenue Forecast In 2031 | USD 240.90 Billion |
| Growth Rate CAGR | CAGR of 8.0 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Disorder, Type, Age Group, Distribution Platform |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers
The market is expanding due to a rise in the frequency of mental disorders, a growth in the older population, and an expansion of mental health awareness programmes. The global market for Mental Wellness is also expanding as a result of increased education about mental diseases, advocacy work for more human rights respect, and efforts to reduce stigma. The Mental Wellness Market is expanding due to online counselling programmes and daycare services. New treatment and programme development, a favourable supply and demand dynamic, and rising mental health spending are some other aspects that are anticipated to support the expansion of the Mental Wellness industry.
Challenges:
Several factors could limit the demand for mental health services on the global market, including limited access to mental health providers, a lack of trained mental health care providers, low general population awareness of treatment options, and restrictions on primary care services. A lack of widely funded research and studies in the physical and mental health fields has resulted in a lack of data that can be correlated to the precise diagnosis of disorders, despite the fact that health services related to behavioural patterns of individuals have undergone unprecedented change in recent years.
Regional Trends:
North America accounted for a significant portion of the global market for Mental Wellness in 2020 due to increased adoption of cutting-edge technologies and increased awareness of mental health among healthcare professionals and people working in the corporate sector, and it is anticipated to maintain its leadership during the forecast period. Additionally, the expansion of Mental Wellness initiatives in the healthcare industry to create innovative services and the presence of significant competitors operating in the region fuel the market's growth.
People are becoming more involved in mental health initiatives as a result of factors, including the rising use of smartphones and tablets in emerging nations. The United States has high rates of both suicide and drug-related deaths. Additionally, residents in the area seek professional medical care, which increases the Mental Wellness Market revenue. Stress levels among people have also increased as a result of the presence of a fast-paced lifestyle, competitive workplaces, and expensive living. North America is therefore anticipated to dominate the global market for Mental Wellness in terms of value.
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Segmentation of Mental Wellness Market-
By Disorder
- Depression
- Anxiety
- Schizophrenia
- Substance Use Disorder
- Bipolar Disorder
- Alcohol Use Disorder
- Post-Traumatic Stress Disorder
- Eating Disorder
- Others
By Type
- Senses Spaces, And Sleep
- Brain Boosting Nutraceuticals & Botanicals
- Self-Improvement
- Meditation and Mindfulness
By Age Group
- Adults
- Geriatric
- Teenager
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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