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.
The ability to manage life’s stressors, recognize one’s potential, do well in school and at work, and give back to one’s society are all qualities of mental health. It is a crucial element of health and well-being that supports the individual and group’s capacity to decide, form connections, and influence world individual and group capacity to decide, form connections, and influence world humans live in.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. 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 around ~US$ 75 billion in 2017 and estimated to reach nearly ~US$ 100 billion in 2022 – is further expected to grow to around ~US$ 150 billion opportunity by 2028.
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2. 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.
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.
3. 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.
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
Notable Emerging Companies Mentioned in the Report
Wysa
MindPeers
Gratitude
YourDOST
Jeeva
Key Target Audience – Organizations and Entities Who Can be benefited by Subscribing This Report
Manufacturers and Suppliers of Brain Health Supplements
Consultants for Brain Health Supplements
Distributors of Supplements for Brain Health
Brain Health Supplements Companies
Mental Wellness Service Providers
Wellness Solutions Companies
Wellness Products Nutritional Supplement Industries
Wellness Product Manufacturers and Raw Material Suppliers
Suppliers of Raw Materials for Nutritional Supplements
Health Supplements Organizations, Forums, Alliances, and Associations
Mental Wellness Research Organizations, and Consulting Companies
Health Regulatory Organizations and Government Agencies
Government Ministries and Departments of Healthcare
PE and VC Firms focused on Wellness Industry
Startups and Potential Entrants into Wellness Industry
Time Period Captured in the Report
Historical Period: 2017-2021
Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below: –
Global Mental Wellness Service Market Analysis
