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Meditation Global Market Exhibit a Remarkable CAGR of 22.7% and is expected to reach $18.21 Billion By 2028
Meditation Global Market
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According to The Business Research Company's, The meditation market size has grown exponentially in recent years. It will grow from $6.61 billion in 2023 to $8.05 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to stress and anxiety management, rising health and wellness trends, cultural and spiritual traditions, scientific validation of benefits, corporate wellness programs.
The meditation market size is expected to see exponential growth in the next few years. It will grow to $18.21 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period can be attributed to focus on mental health, integration into healthcare practices, wellness tourism and retreats, digital meditation platforms, education and workplace integration. Major trends in the forecast period include mindfulness-based stress reduction (MBSR) programs, incorporation of biofeedback and wearable technology, collaborations with wellness and fitness brands, introduction of sleep meditation programs, emphasis on mental health and emotional well-being.
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Market Drivers and Trends:
The increased incidence of stress and anxiety is expected to propel the growth of the meditation market. Stress is defined as any type of change that causes physical, emotional, or mental pain. While anxiety refers to a sensation of tension, concerned thoughts, and bodily changes such as elevated blood pressure, meditation induces a sense of serenity, tranquility, and balance, which can enhance both emotional health and general health. It is also used to reduce anxiety and relax by redirecting attention to something soothing. For instance, according to the Centers for Disease Control and Prevention, a US-based federal agency that works for the Department of Health and Human Services, during the period of August 2020-February 2021, the percentage of people with recent anxiety or depressive symptoms elevated from 36.4% to 41.5%. Similarly, in April 2022, according to the American Institute of Stress, more than one-third reported that making day-to-day decisions (36%), as well as important life decisions (35%), was more difficult than before. Therefore, increased stress and anxiety incidence is driving the growth of the meditation market.
Major companies operating in the meditation market are focused on developing advanced technological solutions, such as mobile or electronic applications, to strengthen their position in the market. A mobile app, or mobile application, is a software application developed specifically for use on wireless computing devices, such as smartphones and tablets, rather than desktop or laptop computers. For instance, in May 2022, Mobio Interactive, a Singapore-based app developer that creates and publicizes a digital theragnostic platform driven by AI offering clinically approved psychotherapy regimens customized to each patient, launched the AmDTx app. AmDTx provides a variety of psychotherapy choices. A strong emphasis has been placed on medical-grade mindfulness meditation activities, which may be accessed via various options. Other perks include evaluating stress levels using a mobile camera, stress self-evaluations, intuitive mood calculation, and free-form writing. It can also be used to finish meditation sessions or other types of digitally transmitted psychotherapy by utilizing a range of training features like self-guided, intent, and others.
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Major Key Players of the Market:
Stop Breathe and Think PBC, Mindfulness Everywhere, Insight Network Inc., BetterMe BUSINESS HOLDINGS Corp, The Meditation Company GmbH, Calm.com Inc., Mindbody Inc, Headspace Inc., Chopra Global LLC, Gaia Inc, Committee for Children, Sattva Inc, Gaiam Brands LLC, Meditopia Inc, Smiling Mind Ltd, Wildflowers Mindfulness Ltd, Sanity and Self Inc, Yoga International LLC, Aura Health Inc, Simple Habit Inc., Portal Labs Ltd., Mobio Interactive Pte Ltd., Unplug Meditation LLC, Happify Inc, Inner Explorer Inc., Waking Up LLC, FeelVeryBien SAS, Ten Percent Happier Inc, Breethe Inc., Omvana Inc, Mindful Communications Inc, Journey Meditation Inc, Prana Breath Ltd, MindTastik LLC, Sanvello Health Inc., Zenify technologies Inc.
Meditation Market 2024 Key Insights:
• The meditation market size is expected to see exponential growth in the next few years. It will grow to $18.21 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%.
• Rising Stress And Anxiety Levels Fueling The Surge In The Meditation Market
• A Spotlight On Mobile Applications For Mindfulness And Mental Well-Being
• North America was the largest region in the meditation market in 2023
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