Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 145.83 billion in 2021 global mental wellness market will reach USD 280.52 billion by 2030. Anxiety and depressive disorders were the most common mental disorders, affecting 970 million people globally, or 1 in every eight. The COVID-19 pandemic significantly increased the number of persons who experienced anxiety and depressive disorders in 2020. According to the World Health Organisation, 5% of people globally suffer from depression. Worldwide, 280 million people have clinical depression. Anxiety is estimated to affect 301 million individuals worldwide, or 4.05 per cent of the global population. These ailments affect people's daily lives. The increased demand for mental wellness programmes results from growing awareness of these diseases, encouraging the market's expansion.
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Key Insight of the Global Mental Wellness Market
North America is expected to rise the fastest during the forecast period.
The rising adoption of cutting-edge healthcare technology pertinent to mental well-being in North America has resulted in the region dominating the mental wellness market. The region's expanding mental wellness market results from the rising prevalence of mental illness, which is caused by the region's unhealthy sedentary lifestyle, which includes long working hours, excessive screen time, a poor diet, no exercise, and social isolation. The market in the area is also being driven by awareness about mental diseases and the advantages of mental wellness. The market is expanding due to MNCs, other corporations, governmental organizations, and private families adopting mental illness more frequently. The region's market for mental wellness will grow thanks to a strong healthcare infrastructure and benevolent reimbursement rules.
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.
In 2021, the meditation and mindfulness segment dominated the market with the largest market share of 34% and market revenue of 49.58 billion.
The type segment is divided into senses, spaces & sleep, self-improvement, brain-boosting nutraceuticals & botanicals, and meditation & mindfulness. In 2021, the meditation and mindfulness segment dominated the market with the largest market share of 34% and market revenue of 49.58 billion.
In 2021, the adult segment dominated the market with the largest market share of 49% and market revenue of 71.45 billion.
The age group segment is divided into teenager, adult, and geriatric. In 2021, the adult segment dominated the market with the largest market share of 49% and market revenue of 71.45 billion.
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Advancement in market
October 2023 - To commemorate a turning point in the Singapore insurance sector, Income Insurance has developed a stand-alone mental wellness insurance plan. The "SNACK Self Care Pack" plan, which gives coverage without limitations such as inpatient hospitalization or post-hospitalization conditions, is offered through a monthly subscription on the SNACK by Income mobile app for SG$9.90. Additionally, it gives customers improved access to psychotherapy and psychiatric consultations. This announcement comes shortly after Income Insurance introduced Star Secure Pro, a different plan to offer supplemental coverage for five mental health conditions: major depressive disorder, obsessive-compulsive disorder, schizophrenia, bipolar disorder, and Tourette's syndrome.
Market Dynamics
Driver: Increased incidence of mental illnesses.
People are extremely stressed out due to the fierce rivalry and bustle of the modern world. Inactivity, poor eating practises, lack of sleep, and a culture of hustle with a growing workload are all associated with the modern lifestyle, which results in acute stress, migraines, and occasionally depression. Because it makes people feel less stressed, sleep better and may be employed in at-home care settings, mental wellness will be the driving force behind the market for global mental wellness. A greater awareness of mental illness, its effects on the body, and how it affects a person's overall welfare has led to an increase in the number of people seeking mental health services.
Restraints: High cost of mental wellness therapies or treatments.
The construction of institutions that provide expensive therapies and treatments for mental wellness that are out of the financial range of the average individual is the result of the commercialization of mental wellness. Due to its high cost, mental health will be out of reach for most people, limiting the market's growth.
Opportunities: favourable Government programmes.
In response to the growing demand for mental well-being, the scientific community is pursuing cutting-edge research and development to understand the brain. Leading market players invest considerable financial resources in creating therapies, drugs, medical equipment, systems, and treatments based on research findings to satisfy the rising demand for mental wellness products. Government legislation that aims to improve the healthcare system and raise awareness of, organization for, and emphasis on mental health will also offer lucrative opportunities for market players.
Challenges: the shortage of qualified professionals.
Risks related to mental diseases can include fatalities and serious issues with physical, emotional, and behavioural health. Inadequate patient care might intensify trauma, increasing the patient's pain and misery. The persons diagnosing or treating the patients must be well-trained and equipped to prevent the hazards. Undeveloped and developing economies lack the requisite competent healthcare workers to care for the growing number of mental health patients. The market for mental well-being may not be able to expand due to this imbalance.
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Some of the major players operating in the global mental wellness market are:
• Acadia Healthcare
• Amare Global
• Ascension Seton
• Behavioral Health Network Inc.
• CVS Health
• FranklinCovey
• Headspace
• Promises Behavioral Health
• Pyramid Healthcare
• Universal Health Services Inc.
Key Segments covered in the market:
By Disorder
• Depression
• Schizophrenia
• Bipolar Disorder
• Post-Traumatic Stress Disorder
• Anxiety
• Substance Use Disorder
• Alcohol Use Disorder
• Eating Disorder
• Others
By Type
• Senses, Spaces & Sleep
• Self-Improvement
• Brain Boosting Nutraceuticals & Botanicals
• Meditation & Mindfulness
By Age Group
• Teenager
• Adult
• Geriatric
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, 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)
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About the report:
The 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 analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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