Global $100 Bn Mental Wellness Market Outlook to 2028
DUBLIN, Jan. 22, 2023 /PRNewswire/ -- The "Global Mental Wellness Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Disorder, Type, Age Group, Service and Region" report has been added to ResearchAndMarkets.com's offering.
Global Mental Wellness Market was valued at ~US$ 75 billion in 2017. The market for mental wellness will be driven by the increased prevalence of mental illnesses/disorders, such as depression, anxiety, eating disorders, and others, as a result of busy lifestyles, poor diets, a lack of physical activity, and excessive work hours in today's society. The aging of the elderly population is another factor contributing to the increase of people with mental health issues.
It is estimated to be ~US$ 100 billion in 2022 and is expected to reach a market size of ~US$ 150 billion by 2028 growing at a CAGR of ~6% during 2022-2028.
The mental wellness market will develop as a result of more government initiatives and rules supporting mental health, more social media influence, and growing public awareness of the value of mental health.
With bringing about a new era of specialized education and solutions that cater to each individualized well-being through AI, mental wellness has undergone a major shift. Without using a lot of resources, using AI helps increase people's well-being. It can also aid in avoiding several health obstacles by inciting behavioral change after studying personality traits and behaviors.
The market for mental wellness is restricted by a variety of factors, including constrained access to mental health providers, a lack of skilled mental health care professionals, and a shortage of general community awareness of treatment options.
The COVID-19 pandemic and strict regulations imposed by various governments have affected people's pre-existing mental health symptoms and led to relapses everywhere, which is boosting the market's growth along with the rising demand for hospital services brought on by the rising number of patients who require mental health solutions to improve self-care.
Competitive Landscape
The Global Mental Wellness Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Mental Wellness therapies and treatments.
Global players constitute ~15% of competitors, while country niche players represent the largest number of competitors. The major players in the market for mental wellness have shifted the attention to bio-based materials for product manufacturing and are launching significant strategies like mergers and acquisitions and partnerships with national and international businesses to broaden the organization's product portfolios and increase its market share worldwide.
Some of the major players in the market include Acadia Healthcare, Amare Global, Ascension, Behavioral Health Network, Inc., CVS Health, CareTech, Headspace Inc., Promises Behavioral Health, Pyramid Healthcare Inc., Universal Health Services, and others.
Conclusion
The Global Mental Wellness Market is anticipated to grow significantly during 2022-2028 owing to the significance and widespread acceptance of mental health disorders. Instead of simply living a healthy lifestyle that may have a positive impact on 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.
Vendors in the market are creating programs that treat underlying reasons including lack of sleep and challenges at home instead of only tertiary remedies because mental health concerns are underreported owing to the stigma attached to them.
The most recent study is focused on connecting cognitive behavioral therapy with smartphones to solve these challenges. Though the market is competitive with ~500 participants, country-niche players control the dominant share and regional players also hold a significant share.
Key Trends by Market Segment
By Disorder - The Depression segment dominated the market in 2021 since depression is a key factor in the overall global burden of disease and a primary cause of disability worldwide.
By Type - The Senses Spaces & Sleep segment accounted for the highest market share in 2021 as it includes services, items, and designs that emphasize the senses and the mind-body link, raising awareness of how strongly environmental stimuli affect a person's stress levels, mood, and sleep.
By Age Group - The adult segment accounted for the highest market share in 2021 owing to the Adult's experience in multiple phases of development from early adulthood to late adulthood, such as obtaining personal and financial independence, success, recognition, and security.
By Service - The Inpatient Hospital Treatment Services segment accounted for the highest market share in 2021 due to a growth in the prevalence of mental illnesses, a larger patient population, and a large number of patients using mental health interventions to improve self-care.
Recent Developments Related to Major Players
- In January 2022, Headspace Health acquires Sayana, an AI-powered mental health, and wellness company.
- In October 2021, Headspace and Ginger have completed their merger to create a US$3 billion mental health enterprise.
Key Topics Covered in the Report
- Snapshot of Mental Wellness Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Mental Wellness Market
- Historic Growth of the Overall Mental Wellness Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of the Mental Wellness Market Industry
- Overview, Disorder Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Mental Wellness Market
- Future Market Forecast and Growth Rates of the Total Mental Wellness Market and by Segments
- Market Size of Segments with Historical CAGR and Future Forecasts
- Analysis of the Mental Wellness Market in Global Regions
- Major Mental Wellness Type/Supply and Consumption/Demand Hubs in the Region
- Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within the Region
Notable Key Players Mentioned in the Report
- Acadia Healthcare
- Amare Global
- Ascension
- Behavioral Health Network, Inc
- CVS Health
- CareTech
- Headspace Inc
- Promises Behavioral Health
- Pyramid Healthcare Inc
- Universal Health Services
- Wysa
- MindPeers
- Gratitude
- YourDOST
- Jeeva
Scope of the Report
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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
By Age Group
- Adult
- Geriatric
- Teenager
By Service
- Emergency Mental Health Services
- Outpatient Counselling
- Home-based Treatment Services
- Inpatient Hospital Treatment Services
- Others
For more information about this report visit https://www.researchandmarkets.com/r/adolfc
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