The Mental Wellness Global Market Report 2023 by The Business Research Company, provides mental wellness market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Mental Wellness Global Market Report 2023, the global mental wellness market size 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 global mental wellness market size is expected to reach $215.8 billion in 2027 at a CAGR of 7.7%.
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.
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The mental wellness market 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
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.
The mental wellness market report table of contents includes:
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