New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mental Wellness Global Market Report 2023" - https://www.reportlinker.com/p06479981/?utm_source=GNW
, Universal Health Services Inc., SkillPath, CuraLinc Healthcare, Fitbit, Wellsource Inc., Virgin Pulse, and CareTech.
The global mental wellness market is expected to grow from $148.37 billion in 2022 to $160.3 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mental wellness market is expected to reach $215.8 billion in 2027 at a CAGR of 7.7%.
The mental wellness market includes revenues earned by entities by offering counselling, group therapy, medical supervision, medication, recreational therapies, and complementary therapies like meditation or yoga.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Mental wellness refers to a condition of health that includes a person’s social, emotional, and psychological well-being.It comprises having the capacity to handle stress, uphold wholesome relationships, and make wise decisions.
It is a crucial element of health and well-being that supports both individual and group capacity to decide, form connections, and influence the world.
North America was the largest region in the mental wellness market in 2022. The regions covered in mental wellness report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of mental wellness covered are senses spaces, sleep, brain boosting nutraceuticals and botanicals, self-improvement, and meditation and mindfulness.The Sensory Space is a waiting area and Multi-Sensory Environment (MSE) where students are invited to interact with stimuli that engage the tangible, hearing, sight, and proprioceptive senses at the same time.
The services offered include emergency mental health services, outpatient counselling, home-based treatment services, inpatient hospital treatment services, and others, typically for adult, geriatric, and teenager age groups. Mental illnesses aims to address depression, anxiety, schizophrenia, substance use disorder, bipolar disorder, alcohol use disorder, post-traumatic stress disorder, eating disorder, and others.
The increasing incidence of mental health disorders is expected to propel the growth of the mental wellness market going forward.The mental health disorders is 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.
In March 2023, CVS Health, a US-based healthcare solutions company acquired Signify Health Inc. for approximately $8 billion. Through the acquisition, CVS Health’s value-based care strategy is strengthened by increasing its prominence. The enhanced capabilities are expected to bring businesses closer to the customer while continuing to reimagine how people access and experience care that is more inexpensive, convenient, and connected. Signify Health Inc. is a US-based mental health platform company helping consumers to maintain mental health and well-being.
The countries covered in the mental wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mental wellness software market research report is one of a series of new reports that provides mental wellness software market statistics, including mental wellness software industry global market size, regional shares, competitors with a mental wellness software market share, detailed mental wellness software market segments, market trends and opportunities, and any further data you may need to thrive in the mental wellness software industry. This mental wellness software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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