According to report published by The Brainy Insights, the global mental wellness market is expected to grow from USD 145.83 billion in 2021 to USD 280.52 billion by 2030, at a CAGR of 7.52% during the forecast period 2022-2030. 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 region 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, bad 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 contributes 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 emerging region.
Leading companies in the industry include Acadia Healthcare, Amare Global, Ascension Seton, Behavioral Health Network Inc., CVS Health, FranklinCovey, Headspace, Promises Behavioral Health, Pyramid Healthcare, and Universal Health Services Inc.
The disorder segment of mental wellness market 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. The rising prevalence of unhealthy diets, no physical exercise, prolonged screen time, busy working hours, and social isolation is increasing the incidence of depression in the population. The type of mental wellness market segment is divided into senses, spaces & sleep, self-improvement, brain boosting nutraceuticals & botanicals, and meditation & mindfulness. Over the forecast period, the meditation & mindfulness segment of mental illness market is expected to grow at the fastest CAGR of 9.51%. 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 age group segment is divided into teenagers, adults, and geriatrics. In 2021, the adult segment dominated the market, accounting for around 49% of global revenue. Adult generation 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. Due to which, 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.
According to the world health organization, approximately 5% of people suffer from some degree of depression in the world. Depression is said to be the number one disability in the world, affecting the population’s day-to-day lives. It is caused by a slew of different factors, including stressful events, loneliness, alcohol, substance abuse, illness, family history, childhood trauma, or giving birth. Around 75% of the population in low- and middle-income countries do not have access to mental health treatments. However, the increasing awareness about mental well-being and the promotion of mental health by governments worldwide will positively affect the market.