The mental wellness market has shown impressive growth, increasing from $160.3 billion in 2023 to $173.03 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.9%. This expansion is driven by heightened awareness of mental health, reduced stigma, corporate wellness initiatives, advancements in telehealth, and government support. Forecasts suggest the market will reach $235.72 billion by 2028, with a CAGR of 8.0%. Key growth drivers include the rise of wearable devices, global mental health advocacy, preventive measures, virtual reality therapy, and tailored wellness solutions. Expected trends include the proliferation of digital mental health platforms, corporate mental health programs, AI integration, and the establishment of holistic wellness ecosystems.
Major Driver In The Mental Wellness Market
The increasing incidence of mental health disorders is expected to propel the growth of the mental wellness market going forward. Mental health disorders, characterized by significant impairments in cognition, emotional regulation, or conduct, are associated with distress or functional impairment in crucial areas of life. The rising incidence of mental disorders underscores the importance of mental wellness initiatives in mitigating and addressing these conditions. For example, according to the Health and Social Care Information Centre, the proportion of 17- to 19-year-olds with suspected mental disorders in the UK increased from 17.4% in 2021 to 25.7% in 2022. Consequently, the escalating incidence of mental health disorders drives the growth of the mental wellness market. Additionally, by 2024, the mental wellness market experienced substantial growth, reaching a valuation of $18.3 billion. Projections for 2028 indicate sustained growth, with the market anticipated to surpass $30 billion.
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Mental Wellness Market Competitive Landscape
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.
Key Mental Wellness Market Trend
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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Mental Wellness Market Segmentation
The mental wellness market covered in this report is segmented –
1) By Type: Senses Spaces, Sleep, Brain Boosting Nutraceuticals And Botanicals, Self-Improvement, Meditation and Mindfulness
2) By Service: Emergency Mental Health Services, Outpatient Counselling, Home-based Treatment Services, Inpatient Hospital Treatment Services, Other Services
3) By Age: Adult, Geriatric, Teenager
4) By Disorder: Depression, Anxiety, Schizophrenia, Substance use disorder, Bipolar disorder, Alcohol use disorder, Post-traumatic stress disorder, Eating disorder, Other Disorder
By Geography:The regions covered in the mental wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the mental wellness market in 2023.
The Mental Wellness Global Market Report 2024 furnishes information about the global mental wellness market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
