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Mental Wellness Market Potential Analysis, Key Drivers, Emerging Growth, Trends And Forecast To 2033
Mental Wellness Market Analysis
The Business Research Company offers in-depth market insights through Mental Wellness Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
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
Major Driver - Rising Disorders Drive Expansion In Wellness Market
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.
Competitive Landscape:
Major companies operating in the mental wellness market report are CVS Health Corporation, Ascension Health Alliance, Fitbit Inc., BetterHelp Inc., Vitality Group Holdings Limited, Pyramid Healthcare Inc., Calm.com Inc., Virgin Pulse Inc., Hinge Health Inc., Headspace Inc., CareTech Holdings Inc., Franklin Covey Co, Acadia Healthcare Company Inc., Behavioral Health Network Inc., CuraLinc Healthcare LLC, Promises Behavioral Health LLC, Aduro International LLC, SkillPath, Amare Global LLC, Castlight Health Inc., Happify Health Inc., Wellsource Inc., HealthCheck360 LLC, Sanvello Health Inc., Flow Neuroscience AB, LifeDojo Inc., Prosoma Inc., Clementine Holdings Inc., Sesh Labs Inc.
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Top Trend - Advanced Technologies Reshape Mental Wellness Landscape
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Mental Wellness Market Characteristics
3. Mental Wellness Market Trends And Strategies
4. Mental Wellness Market - Macro Economic Scenario
5. Mental Wellness Market Size And Growth
…..
27. Mental Wellness Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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