The Mental Wellness Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mental Wellness Global Market Report 2024, The mental wellness market size has grown strongly in recent years. It will grow from $160.3 billion in 2023 to $173.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increasing mental health awareness, stigma reduction, corporate wellness programs, advancements in telehealth, government initiatives.
The mental wellness market size is expected to see strong growth in the next few years. It will grow to $235.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to expanding role of wearable devices, global mental health advocacy, focus on preventive mental health, virtual reality therapy, tailored mental wellness solution. Major trends in the forecast period include digital mental health platforms, corporate mental health programs, integration of artificial intelligence (AI), cultural diversity and inclusivity, holistic wellness ecosystems.
The increasing incidence of mental health disorders is expected to propel the growth of the mental wellness market going forward. The mental health disorders are a clinically substantial impairment in a person's cognition, emotional regulation, or conduct. It is usually linked to distress or functional impairment in key areas. The rising incidence of mental disorders expands the mental wellness as it aids in minimizing mental disorders and cures them. For instance, in November 2022, according to the Health and Social Care Information Centre, a UK-based federal body that offers content, data, and computer systems for experts, physicians, and controllers in the social and healthcare sectors, the proportion of 17- to 19-year-olds with a suspected mental disorder grew from 17.4% in 2021 to 25.7% in 2022. Therefore, the increasing incidence of mental health disorders is driving the mental wellness market.
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The mental wellness market covered in this report is segmented –
1) By Type: Senses Spaces, Sleep, Brain Boosting Nutraceuticals And Botanicals, Self-Improvement, Meditation and Mindfulness
2) By Service: Emergency Mental Health Services, Outpatient Counselling, Home-based Treatment Services, Inpatient Hospital Treatment Services, Other Services
3) By Age: Adult, Geriatric, Teenager
4) By Disorder: Depression, Anxiety, Schizophrenia, Substance use disorder, Bipolar disorder, Alcohol use disorder, Post-traumatic stress disorder, Eating disorder, Other Disorder
Top Major Players
CVS Health Corporation
Ascension Health Alliance
Fitbit Inc.
BetterHelp Inc.
Vitality Group Holdings Limited
Major companies operating in the mental wellness market are developing innovative products with advanced technologies, such as self-guided applications, to provide reliable services to customers. A self-guided app provides an experience where users navigate and explore on their own, independent of a physical guide or pre-recorded audio commentary. For instance, in April 2022, Talkspace, a US-based virtual behavioral health service provider, introduced Talkspace Self-Guided, a comprehensive set of offerings for employers designed to help executives, managers, and teams priorities and build emotional intelligence (EQ) and mental wellness. This innovative app provides over 70 clinically supported programmes and weekly, therapist-led live classes that address anxiety, burnout, depression, relationship and parenting challenges, and more.
The mental wellness market report table of contents includes:
1. Executive Summary
2. Mental Wellness Market Characteristics
3. Mental Wellness Market Trends And Strategies
4. Mental Wellness Market - Macro Economic Scenario
5. Global Mental Wellness Market Size and Growth
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32. Global Mental Wellness Market Competitive Benchmarking
33. Global Mental Wellness Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Mental Wellness Market
35. Mental Wellness Market Future Outlook and Potential Analysis
36. Appendix
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