The mental wellness industry will reach USD 226.1 billion, propelling at a 6.2% compound annual growth rate, by 2030.
The growth of the industry is credited to the surging usage of smartphones, increasing incidence of health problems affecting mental health, and enhancements in network coverage.
The depression category, based on disorder, held the largest share of the industry in recent years, and it will remain the largest, advancing at a rate of approximately 6.9%, to touch USD 66.2 billion, by the end of this decade. This can be because of the mounting number of incidences of suicide, depression, and anxiety, which has elevated the worries regarding mental well-being all across the globe.
In the past few years, the senses, spaces, & sleep category, based on type, accounted for the largest mental wellness market share, and it is likely to advance significantly at 6.5% compound annual growth rate, in the years to come. This category comprises the products, designs, and services that highlight the mind–body and the senses link, raising consciousness on the fact that environmental stimuli have a significant influence on an individual's mood, sleep, and stress.
Various products of sleep environment optimization, for instance, smart beds, trackers, sleep accessories, sleep applications, wearables, nap cafes, and sleep retreats, are utilized for guaranteeing a relaxed mood, optimally functioning senses, and sound sleep.
The meditation and mindfulness category is expected to observe the fastest growth, advancing at a 6.8% compound annual growth rate, in the years to come. This is primarily because of the surging incidence of mental illnesses, for instance, anxiety, depression, and stress, which will boost the requirement for meditation and mindfulness in the years to come.
North America dominated the mental wellness industry in recent years, and it will remain dominating, advancing at a 6.5% compound annual growth rate, to touch USD 102.6 billion, in the years to come. This can be attributed to the surging acceptance of advanced technologies, as well as the increasing consciousness of mental well-being among individuals working in the corporate sector and healthcare professionals in the region.
The APAC mental wellness industry is expected to advance at a substantial rate in the years to come. The improvements in healthcare infrastructure, increasing number of hospitals equipped with advanced medical equipment, and enhancement in health awareness in the region have led to a surge in the count of individuals getting diagnosed with and treated for mental illnesses.
With the mounting prevalence of mental illnesses, growing consciousness regarding mental well-being, and the surging elderly population, the mental wellness industry will continue to advance significantly in the years to come.
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