Mental Wellness Market Size, Outlook And Industry Analysis Report 2024 To 2033

The Business Research Company recently released a comprehensive report on the Global Mental Wellness Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

Product innovation is the key trend gaining popularity in the mental wellness market. Major companies operating in the mental wellness market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2022, Swanson Health, a US-based manufacturer of wellness products like vitamins and nutraceuticals launched the innovative Swanson W/I/O (Wellness Inside and Out). Swanson W/I/O (Wellness Inside and Out) is a handpicked range of nutritional supplements for self-care and mental well-being. The product line is developed to assist customers in creating a customized personal kit to connect sleep, anxiety, and cognition, three crucial parts of mental wellness. Swanson W/I/O is committed to elevating mental well-being and ensuring that everyone can afford, acquire, and use high-quality goods.

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Major Key Players of the Market:

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.

Mental Wellness Market 2024 Key Insights:

• 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%.
• Rising Disorders Drive Expansion In Wellness Market
• Innovative Solutions Take Center Stage In Mental Wellness Market
• North America was the largest region in the mental wellness market in 2023

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