Chicago, April 26, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Arizton, the mental wellness market will grow at a CAGR of 6.3% during 2022-2027. North America & Asia Pacific are the key revenue-generating regions in the market. In recent years, people are more conscious about their health and increasingly adopting stress management programs. There is an increase in awareness among people of stress and its management as it reduces the ability to function effectively, think clearly, and enjoy life. The growing recognition is thus expected to drive the stress management market during the forecast period.
Mental Wellness Market Report Scope
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE (2027) | $200 Billion | |
| CAGR (2022-2027) | 6.35% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Disorder, Wellness Type, and Age Group | |
| GEOGRAPHICAL ANALYSIS | North America, APAC, Europe, Latin America, and Middle East & Africa | |
| REGION COVERED | US, Canada, China, Japan, South Korea, Australia, India, Germany, UK, Italy, France, Spain, Brazil, Mexico, South Africa, and Saudi Arabia | |
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Increasing Usage of Smartphones
The rising disposable income is enabling consumers to purchase smartphones over traditional mobile devices, which is leading to an increasing number of mental wellness program operators. As mobile phone usage is pervasive, and mobile apps directed at mental health are flooding the app market, mobile health (mHealth) interventions, which use technologies and mobile devices for mental health challenges, are gaining popularity. The rise in the number of smartphones sold and increased familiarity are the primary drivers for the rise in the operators of mental wellness programs. The increasing penetration of smartphones enables a larger number of consumers to access mental wellness programs easily, thus driving the mental wellness market.
Key Insights
- The demand for mental wellness solutions is influenced by people who are increasingly seeking activities, products, and services that help in coping the mental health disorders. The market has witnessed growth during the pandemic period as the onset of the pandemic and associated restrictions increased the stress level amongst people across the world
- The depression segment holds the highest revenue share in the market; it is also expected to grow at the highest growth rate at a CAGR of 7.97 % during 2022-2027, due to the increasing prevalence of depression and its associated effects across the world.
- The senses spaces and sleep segment hold the highest revenue share in the market, while meditation and mindfulness are also expected to grow at the highest growth rate at a CAGR of 8.73 % during 2022-2027.
- The growing usage of data analytics, use of technology to create outcomes, and increasing usage of artificial intelligence have created new opportunities in the market.
- The North American region was the biggest revenue contributor in the global mental wellness market. It is also expected to witness the highest growth rate during the forecast period.
- Factors such as the increased adoption of smartphones and tablets in developing countries have led to the increasing engagement of the population in mental wellness programs.
- The global mental wellness market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There are a significant number of global and domestic vendors across the geographies.
- Global players such as Skillpath, FranklinCovey, Amare Global, and Headspace are trying to expand their markets through profitable partnerships, whereas the domestic vendors are capitalizing with the product and services portfolio that best suits the domestic needs and wants
- Vendors compete in terms of service delivery, brand value, customization ability, price, skilled workforce, and technological capability as well. Most of the vendors offer mental wellness services and wellness portals. Vendors also tend to tie up with technology companies to develop mental wellness programs.
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Competitive Landscape
Over the last couple of years, the mental wellness market has witnessed the entry of a lot of external players, such as in-house services by large businesses and other entities in the health and fitness space that offer membership discounts to drive their market share. Mergers and acquisitions are common in the industry as players look to expand and become more comprehensive in terms of their offerings. Companies are launching new and advanced products to strengthen their portfolios and cater to the requirements of the market.
About the Report
Glance through the Mental Wellness Market report of more than 220 pages comprising 92 tables and 88 exhibits to develop a deep understanding of the market.
The mental wellness market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per Disorder, Type, Age Group, and Geography for the years considered. The strength and strategies undertaken by the players have also been mentioned. The report provides a holistic approach to the global mental health market to enable customers to analyze the market efficiently.
For further information and clarification on the market, an analyst discussion can also be arranged at the feasibility of the client.
Explore our health & wellness profile to know more about the industry.
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About Arizton:
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