Gurugram, India, June 21, 2023 (GLOBE NEWSWIRE) -- The Rising Incidence of Mental Illnesses/Disorders Such as Depression, Anxiety, And Eating Disorders Will Serve as the Primary Driver of the Expansion of the Global Mental Wellness Market, which is forecasted to Cross ~US$ 150 Bn by 2028 says Ken Research Study.
- Mental Wellness Market Growth Is Fueled By The Growing Shift In Stress Management Awareness
Both a person's physical health and mental stability are negatively impacted by stress. Stress management is growing more popular since it affects people's ability to function well, think clearly, and enjoy life. The majority of people deal with stress on a daily basis, even at work. Workplace stress that is too much has a severe effect on employees' efficiency, productivity, and mental and physical health. As a result, stress management at work has gained significance in the healthcare industry which is boosting the growth of the mental wellness market.
According to Ken Research estimates, the Global Mental Wellness Market – valued at nearly ~US$ 100 billion in 2022 – is further expected to grow to around ~US$ 150 billion opportunity by 2028.
- Growing Rates Of Mental Illness And Disorders Are Propelling Market Expansion
People are very stressed out as a result of the heated competition in today's environment. Acute stress, migraines, and depression are unfavorable outcomes of the modern lifestyle, which are connected to improper eating habits, inactivity, on-the-go snacking, sleep deprivation, and an increase in workload. The market for global mental wellness will be driven by mental wellness since it helps people feel less stressed, sleep better, and can be used in at-home care settings. The number of persons seeking mental health services has increased as a result of the rising understanding of the mental disease, its impact on the body, and how it affects a person's entire well-being. The rising number of people looking to improve their mental wellness will also be influenced by the aging population.
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For instance, according to the World Health Organization (WHO) reported in March 2022 that the prevalence of anxiety and despair increased significantly by 25% worldwide in the first year of the COVID-19 pandemic. 90% of the countries polled had previously incorporated mental health and psychosocial support into their COVID-19 response plans due to worries about potential increases in mental health issues, but there are still significant gaps and worries.
According to the World Health Organization (WHO) reported in September 2021 that an estimated 3.8% of the world's population suffers from depression, with 5.0% of adults and 5.7% of persons over 60 years old being affected. Around 280 million individuals worldwide suffer from depression.
- Market Expansion Is Constrained by High Therapy and Treatment Costs
The western influence on mental wellness had resulted in the construction of institutions that offer expensive therapies and treatments for mental health that are out of the reach of the normal citizen. The high expense of mental health will constrain its acceptability to the majority of people and hinder the expansion of the industry. For Instance, within USA, depending on the diagnosis and treatment for Mental Wellness the Traditional treatment cost per session ranges from $100 to $200 and most virtual treatment sessions cost between US$ 60 and US $90 per session.
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Market Taxonomy
By Disorder
- Depression
- Anxiety
- Schizophrenia
- Substance Use Disorder
- Bipolar Disorder
- Alcohol Use Disorder
- Post-Traumatic Stress Disorder
- Eating Disorder
- Others
By Type
- Senses Spaces & Sleep
- Brain Boosting Nutraceuticals & Botanicals
- Self-Improvement
- Meditation and Mindfulness
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By Age Group
- Adult
- Geriatric
- Teenager
By Service
- Emergency Mental Health Services
- Outpatient Counselling
- Home-based Treatment Services
- Inpatient Hospital Treatment Services
- Others
By Geography
- North America (USA, Canada, and Mexico)
- Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, and Africa)
Key Players
- Acadia Healthcare
- Amare Global
- Ascension
- Behavioral Health Network, Inc.
- CVS Health
- CareTech
- Headspace Inc.
- Promises Behavioral Health
- Pyramid Healthcare Inc.
- Universal Health Services
For more insights on market intelligence, refer to the link below: –
Global Mental Wellness Market
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