PUBLISHER: The Business Research Company | PRODUCT CODE: 1695917
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695917
Mental wellness encompasses a range of products, services and activities designed to improve and sustain mental health, emotional well-being and psychological resilience. Mental Wellness addresses a wide spectrum of needs, from alleviating mental health disorders to enhancing overall emotional balance, stress management and cognitive functioning.
The mental wellness market consists of sales, by entities (organizations, sole traders and partnerships), of mental wellness which refers to a state of well-being in which individuals can effectively manage stress, maintain healthy relationships, and make sound decisions. Mental wellness is increasingly recognized as an integral component of overall health and is sought by individuals across diverse demographics and geographies. It caters to individuals facing mental health challenges, those pursuing self-improvement, and others aiming to maintain optimal mental well-being.
The global mental wellness market was valued at $118,270.00 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of mor than 8.00%.
Increasing Awareness Of Stress Management
The increasing awareness of stress management supported the growth of the mental wellness market during the historic period. Consumers are increasingly seeking solutions to effectively manage stress, including meditation apps, stress-relief supplements, aromatherapy products and wearable devices designed to monitor stress levels. Products such as weighted blankets, essential oils and herbal teas are prominently marketed for stress reduction, contributing to their widespread appeal. Recognizing the critical link between mental health and employee productivity, organizations are prioritizing workplace wellness initiatives. As a result, services like stress management workshops, mindfulness training and employee assistance programs have seen significant growth in adoption. For instance, in December 2022, according to the American Psychiatric Association, a US-based professional organization of psychiatrists and trainee psychiatrists, more than one in four (26%) Americans reported they anticipated experiencing more stress at the start of 2023, up from one in five (20%) from 2022. Therefore, the increasing awareness of stress management drove the growth of the mental wellness market.
Innovative Contributions Of Digital Health Startups To Mental Wellness
Companies in the mental wellness market are prioritizing the development of cutting-edge solutions, including wellness monitoring systems, to track and analyze key mental health indicators effectively. Health wellness monitoring solutions are technologies designed to track and assess various aspects of an individual's physical and mental well-being. For instance, in October 2024, Zomato, an India-based restaurant discovery platform, launched Continue, a health and mental wellness startup. The startup is positioned as "The Ultimate Health Tracker," though specific features are still in development. It is expected to offer functionalities such as nutrition tracking, sleep monitoring and preventive healthcare solutions. The startup focuses on addressing mental wellness alongside physical health, acknowledging the increasing significance of mental health in overall well-being. This reflects a broader industry trend toward integrating mental health solutions into comprehensive wellness platforms. Additionally, in October 2023, TalkThru, a UK-based digital health company, launched an AI therapist designed to provide mental health support for individuals and organizations. The AI-powered platform offers on-demand counseling, guided mental health exercises, and personalized support tools to address a wide range of emotional and psychological concerns. It uses advanced algorithms to simulate human-like interactions, providing real-time responses and mental health insights. The platform allows employers to track employee engagement and mental wellness trends, helping improve overall workforce well-being. TalkThru's AI therapist aims to make mental health support more accessible and scalable, with the goal of enhancing productivity, reducing stress, and lowering healthcare costs.
The global mental wellness market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 5.01% of the total market in 2023.
Mental Wellness Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global mental wellness market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for mental wellness? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The mental wellness market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider mental wellness market; and compares it with other markets.