The global mental wellness market was valued at USD 145.83 billion in 2021 is growing at a CAGR of 7.54% from 2022 to 2030. The global mental wellness market is expected to reach USD 280.52 billion by 2030. The Asia Pacific is expected to grow the fastest during the forecast period

Mental wellness market growth would be driven by the increasing prevalence of mental illnesses/disorders like depression, anxiety, and eating disorders. The busy lifestyle of the population with an unhealthy diet, no physical exercise, and long working hours leading to stress are some of the primary reasons for the increasing mental disorders globally. The rising awareness about mental wellness with the growing social medial influence and multiple government initiatives and policies promoting mental well-being will contribute to the market's growth. The increasing fiscal healthcare expenditure with dedicated funds to develop systems focusing on the mental well-being of the population is a positive development for the market. The growing geriatric population also holds a significant share of the increasing number of patients with mental disorders. The rising popularity of institutions offering week-long mindfulness, meditation, brain boosting, and other mental wellness therapies and treatments will also develop the market. The endorsements of such medicines and treatments by celebrities will further propel the growth of these institutions and, thereby, the mental wellness market. 

Market Introduction:

Mental well-being or mental wellness can be described as the state of positive emotions or the absence of mental illnesses. Mental illnesses are a score of different conditions: anxiety, depression, PTSD, eating disorders, and bipolar disorders. On the other hand, mental wellness is associated with emotions of happiness, joy, hopefulness, and optimum functioning of the brain. Mental wellness involves emotional, behavioral, and physical well-being. Mental well-being leads to productive work. The ability to cope with daily stress is one of the most deterministic factors of mental wellness. The state of mental health can affect how one thinks, behaves makes choices, and handles relationships. Taking care of the body, having a proper sleep schedule, practicing self-love, and being socially active with family and friends can improve your mental well-being. Eating healthy and exercising regularly also improve mental health.

Recent Development

Sep 2022 - The American Academy of Pediatrics has received USD 2 billion in funding from the U.S. Department of Health and Human Services to establish a National Center of Excellence on social media and Mental Wellness as part of the Biden Administration's Strategy to Address the National Mental Health Crisis. The center's mission is to create and share knowledge, advice, and training about the effects of social media use on kids and teens, including the benefits and drawbacks, particularly the dangers to their mental health.

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Market Dynamics:

Drivers:

Increasing prevalence of mental illness and disorders – Due to the intense competition in the modern world, people are severely stressed. Acute stress, migraines, and depression are side effects of the contemporary lifestyle, linked to lack of exercise, bad diets, on-the-go snacking, lack of sleep, and increasing workload. Mental wellness help reduces stress, improves sleep & can be used in at-home care settings, which will drive the market for global mental wellness. The growing awareness about mental illness and its effects on the body and the individual's overall well-being has increased the number of people seeking mental health. The growing geriatric population will also contribute to the increasing number of mental wellness seekers. High-profile public figures are acknowledging the severe effects of mental illness, and how it can happen to anyone by sharing their stories, they are endorsing mental wellness as an essential part of overall well-being enabling other individuals to open up about their problems. Open discussions about mental well-being are mitigating the social stigma attached to it. Governments, NGOs, corporations, civil society organizations, and HNI promote mental well-being through organizations or by associating with government initiatives/NGOs.  

Restraints:

Expensive mental wellness - The westernization of mental wellness has led to the establishment of institutions offering expensive mental wellness therapies and treatments which is not affordable for an average individual. The costly nature of mental wellness will exclude most of the population from its ambit and hamper the market's growth.

Lack of skilled professionals - The risks associated with mental illnesses can range from severe physical, emotional, and behavioral health problems to death. Improper patient care can lead to the deepening of the trauma, causing more pain & discomfort to the patient. The individuals performing the diagnosis or treatment of the patients be well-qualified and equipped to avoid the previously mentioned risks. The underdeveloped and developing economies do not have the necessary skilled healthcare professionals to cater to the rising number of mental health patients. This disproportion can hinder the growth of the mental wellness market.

Opportunities:

Government initiatives and technological advancements - With the increased demand for mental wellness, the scientific community is conducting advanced research and development to understand the brain. Major market players are investing extensive capital in developing therapies, drugs, medical devices, equipment, systems, and treatments based on research findings to cater to the growing mental wellness market. Furthermore, government regulations aimed at improving healthcare infrastructure and growing acknowledgment, reorganization, and emphasis on mental health will provide lucrative opportunities for the market players.

Challenges:

Data privacy & security concerns - Diagnosing and treating mental illness involves deeply analyzing the individual's life. It is associated with all aspects of the patient's life, including private thoughts and emotions. The lack of preventive authentication measures increases the probability of unauthorized access to patient data at the expense of the patient's physical & mental health. The lack of governing authority or poor state of laws further exacerbates the situation with the technological advancements and promotion of digitization in the healthcare sector without proper rules and regulations governing patient data storage, transfer, and use. 

Segmentation analysis:

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the largest market for the global mental wellness market, with a 36.78% share of the market revenue in 2021.

North America currently dominates the mental wellness market due to the increased adoption of advanced healthcare technologies relevant to mental wellness. The increasing prevalence of mental illness, given the unhealthy sedentary lifestyle with long working hours, prolonged screen time, lousy diet, no exercise, and social isolation, is responsible for the growing mental wellness market in the region. The awareness about mental illnesses and the benefits of mental wellness is also driving the market in the region. The rising adoption of mental illness by MNCs, other commercial businesses, governmental institutions, and individual households is also contributing to the market’s growth. The well-established healthcare infrastructure with favorable reimbursement policies will propel the development of the mental wellness market in the region. The endorsement of mental wellness by Hollywood celebrities, sports players, social media influencers, and other public figures has contributed to the market's growth. The growing presence of multiple wellness centers offering mental wellness therapies and treatments will propel the development of the market. At the same time, Asia-Pacific is expected to rise in the forecast period due to increased government expenditure on healthcare infrastructure. The rising young adult population faces severe academic, professional, social, personal, and financial stress with the decelerating state of the economy, with fewer jobs and the rising cost of living.

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Disorder segment analysis

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. The depression segment dominated the market with a market share of around 42% in 2021. Depression can be described as the persistent feeling of sadness, despair, loss of joy, and interest in life. Depression can be caused by various reasons, including childhood experiences, other traumatic life events, physical health problems, genetic inheritance, sleep, diet, medication, recreational drugs, and alcohol. Depression can lead to loss of appetite, headaches, constant fatigue, erratic sleep habits, and muscle aches. It can also change a person's outlook towards life, filled with hopelessness, low self-esteem, growing intolerance, and irritability towards others. The changing lifestyles of an unhealthy diet, no exercise, longer screen time, busy working hours, and social isolation are increasing the prevalence of depression in the population. Furthermore, the rising awareness about mental health, including depression and anxiety, is contributing to more people coming forward with their mental health problems, providing the necessary boost to the segment. The government's gradual mitigation of social stigma attached to mental illness by the help of NGOs, civil society organizations, and pressure groups is driving the segment's growth as more people accept diagnosis and treatments with an open mind. Depression is among the most discussed mental illness disorder in the world; sports celebrities, film stars, social media influencers, and the clinical community are openly talking about it and providing help to those who seek it in their way. Therefore, the growing prevalence of depression, rising awareness about it, and available treatments in the market will drive the development of the segment.

Type segment analysis

The type segment is divided into senses, spaces & sleep, self-improvement, brain boosting nutraceuticals & botanicals, and meditation & mindfulness. Over the forecast period, the meditation & mindfulness segment is expected to grow at the fastest CAGR of 9.51%. Meditation & mindfulness is a technique that involves being aware of the emotions one is feeling without any interpretation. The idea is to feel the emotions as they are and not understand why they are happening, judge them or think about what needs to be done not to feel this way. It was originally designed for stress management wherein breathing exercises, mindful eating, guided imagery, and object meditation, among others, are used to calm the body and mind. With more research and studies, meditation and mindfulness are now being used to treat depression, anxiety, and chronic pain, and improved self-control, tolerance, flexibility, concentration, emotional intelligence, and mental clarity are also achieved in the process. The growing popularity of meditation and mindfulness can be attributed to the open endorsement of this by high-profile celebrities in show business. Furthermore, it is supported by the scientific community, which has registered the changes in the brain's wiring associated with meditation and mindfulness. The rising awareness about meditation and mindfulness, with several organizations offering week-long programs in the west, will drive the development of the segment in the market.

Age group segment analysis

The age group segment is divided into teenager, adult, and geriatric. In 2021, the adult segment dominated the market, accounting for around 49% of global revenue. Adults have to deal with academic stress, work stress, family, and other personal stress at various stages in their life or simultaneously at a single point in time. Adults have to deal with more responsibilities than teenagers or the geriatric population. The supply of jobs is not at par with the world's increasing population, leading to growing competition in academics and work. The rising inflation costs with fewer jobs in the market are causing financial stress to young adults globally. Lack of uncertainty about the future fuels anxiety in adults. Therefore, the increasing population has increased competition at every stage of life, promoting a range of mental illnesses in young adults who focus on the growing academic, professional, personal, social, and financial competition. On the other hand, the rising young adult population worldwide is also more aware of mental illness and seeks help with an open mind. Young adults are growing mindful about having mental stability, a work-life balance, and inner peace to function properly. They understand the long-term effects of mental illnesses and prioritize their health above everything else. To conclude, the prevalence of mental illnesses in adults is growing, as is the growing acceptance of treatments by young adults in the market.

Some of the Key Market Players:

• Acadia Healthcare
• Amare Global
• Ascension Seton
• Behavioral Health Network Inc.
• CVS Health
• FranklinCovey
• Headspace
• Promises Behavioral Health
• Pyramid Healthcare
• Universal Health Services Inc.