Mental Wellness Market: Mind Over $148 Billion Boom (Highlights the current market size)

Mental Wellness Market

Mental Wellness Market to reach over USD 250.64 billion by the year 2030;
Market Synopsis-

The global Mental Wellness Market is estimated to reach over USD 250.64 billion by 2030, exhibiting a CAGR of 7.53% during the forecast period.

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The modern definition of mental wellness is an enlarged idea that seeks to empower individuals to take charge of their happiness and well-being instead of just leading a healthy lifestyle that may have a good impact on overall wellness. The most current research addressing these issues links smartphones with cognitive behavioural therapy. Additionally, stress impairs workers' capacity to manage their personal and professional lives. Mental health treatment programs are expected to have a significant role in the foreseeable timeframe. A growing number of people are seeking mental health therapies due to their hectic lifestyles, anxiety issues, and drug addiction.

Furthermore, a lot of people support seeking professional help and enhancing mental health. Therefore, the market for mental wellness isexpected to benefit from this. The global demand for mental health therapies is expanding in tandem with the development of mental disorders. Growing societal acceptance and understanding of mental health illnesses are expected to lead to favourable business prospects for providers of mental health services. The development of new and improved methods for psychological and detoxification therapy has resulted from advancements in treatment and medication management.

List of Prominent Players in the Mental Wellness Market:

SkillPath
FranklinCovey
Amare Global
Headspace
CVS Health (Active Health)
CuraLinc Healthcare
Fitbit
Wellsource
Vitality
Virgin Pulse
Aduro
HealthCheck360
Lifestart
Castlight
Acadia Healthcare
Calm
Universal Health Services
Behavioral Health Network
Pyramid Healthcare
Promises Behavioral Health

Market Dynamics:
Drivers

The market is expanding due to a rise in the frequency of mental disorders, a growth in the older population, and an expansion of mental health awareness programmes. The global market for Mental Wellness is also expanding as a result of increased education about mental diseases, advocacy work for more human rights respect, and efforts to reduce stigma.

The Mental Wellness Market is expanding due to online counselling programmes and daycare services. New treatment and programme development, a favourable supply and demand dynamic, and rising mental health spending are some other aspects that are anticipated to support the expansion of the Mental Wellness industry.

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Challenges:

Several factors could limit the demand for mental health services on the global market, including limited access to mental health providers, a lack of trained mental health care providers, low general population awareness of treatment options, and restrictions on primary care services. A lack of widely funded research and studies in the physical and mental health fields has resulted in a lack of data that can be correlated to the precise diagnosis of disorders, despite the fact that health services related to behavioural patterns of individuals have undergone unprecedented change in recent years.

Regional Trends:
North America accounted for a significant portion of the global market for Mental Wellness in 2020 due to increased adoption of cutting-edge technologies and increased awareness of mental health among healthcare professionals and people working in the corporate sector, and it is anticipated to maintain its leadership during the forecast period. Additionally, the expansion of Mental Wellness initiatives in the healthcare industry to create innovative services and the presence of significant competitors operating in the region fuel the market's growth.

People are becoming more involved in mental health initiatives as a result of factors, including the rising use of smartphones and tablets in emerging nations. The United States has high rates of both suicide and drug-related deaths. Additionally, residents in the area seek professional medical care, which increases the Mental Wellness Market revenue. Stress levels among people have also increased as a result of the presence of a fast-paced lifestyle, competitive workplaces, and expensive living. North America is therefore anticipated to dominate the global market for Mental Wellness in terms of value.

Recent Developments:

• In October 2021, Universal Health Services, Inc worked with Valley Children's Healthcare to build a behavioural health facility in Madera. In 2023, the hospital is anticipated to open. A new psychiatric residency programme and telepsychiatry services will be provided through the cooperation between Valley Children's Healthcare and Universal Health Services for services that Valley Children's network of care will cover.

• In January 2021, Talkspace, the industry-leading provider of digital and virtual behavioural healthcare, and Hudson Executive Investment Corp., a particular purpose acquisition company supported by Hudson Executive Capital LP, declared that they had signed a binding merger agreement to expand and enhance behavioural health services.

Segmentation of Mental Wellness Market-
By Disorder

• Depression
• Anxiety
• Schizophrenia
• Substance Use Disorder
• Bipolar Disorder
• Alcohol Use Disorder
• Post-Traumatic Stress Disorder
• Eating Disorder
• Others

By Type
• Senses Spaces, And Sleep
• Brain Boosting Nutraceuticals & Botanicals
• Self-Improvement
• Meditation and Mindfulness

By Age Group
• Adults
• Geriatric
• Teenager

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America


Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.