Mental Wellness Market

Market Overview

The global mental wellness market size was valued at USD 147.07 billion in 2022. It is estimated to reach USD 251.65 billion by 2031, growing at a CAGR of 6.15% during the forecast period (2023–2031). The growing prevalence of smartphones facilitates more accessibility to mental wellness programs for a larger consumer base, hence stimulating the expansion of the mental wellness market.

Mental wellness is a condition of positive mental health. When a person is mentally well, their mind is in order and functions in their best interest. It helps people to be optimistic, confident, and content. It exceeds the absence of mental illness. It extends beyond the absence of mental illness. On one level, mental wellness involves prevention, coping with life's adversities, and resilience in the face of stress, anxiety, loneliness, anger, and sorrow.

On a deeper level, mental wellness propels us toward a deeper, richer, and more meaningful human experience, commonly called flourishing. The meaning of flourishing is subjective and individual, influenced by an individual's values, culture, religion, and beliefs. Attaining one's goals in life and operating at one's highest potential can mean different things to different people.

Market Dynamics

Global Mental Wellness Market Drivers

Increasing Usage of Smartphones

Factors like the increased adoption of smartphones and tablets in developing nations have led to the flourishing engagement of the population in mental wellness programs. In addition, rising disposable income enables the population to purchase smartphones rather than traditional mobile devices, resulting in a rise in mental wellness program providers, which drives the market. Android and iOS are increasing adoption across various countries, especially in Africa.

As mobile phone usage is pervasive, and mobile apps directed at mental health are flooding the app market, mobile health (mHealth) interventions, which use technologies and mobile devices for mental health challenges, are gaining popularity. The rise in the number of smartphones sold and increased familiarity are the primary drivers for the rise in the operators of mental wellness programs. The increasing penetration of smartphones enables more consumers to access mental wellness programs easily, thus driving the mental wellness market.

Increasing Awareness of Stress Management

Nowadays, people are more conscious about their health and increasingly adopting stress management programs. People have increased awareness of stress and its management as it reduces the ability to function effectively, think clearly, and enjoy life. The growing recognition is thus expected to drive the market during the forecast period.

Incorporation of effective stress management helps in breaking the hold stress has on one's life. Today's ultimate aim is a balanced life, with time for work, relaxation, and relationships. Therefore, the increased consciousness and awareness of stress and its management drives the mental wellness market.

Global Mental Wellness Market Restraint

Shortage of Mental Health Workforce Professionals 

The lack of mental health professionals is a global and domestic issue intensified by misallocation and unequal access to services and impacts all income levels people. As per the World Health Organization's Mental Health Atlas 2020, the median number of global mental health workers per 100,000 population was 13.

Roughly 50% of the worldwide populace resides in a nation where the ratio of psychiatrists to individuals is less than one per 100,000. In low- and middle-income nations, the ratio of mental health workers to population is typically one per country. In contrast, in high-income countries, this ratio is approximately one mental health worker per 2,000 individuals. Such factors restrict market growth.

Global Mental Wellness Market Opportunities

Data Analytics Increasingly Powering Wellness 

In light of the increasing importance of data-driven decision-making, mental wellness is being reevaluated. The healthcare business has experienced a shift in its priorities, moving away from solely assessing healthcare costs and promoting healthy habits. This transition has resulted in an increased reliance on data analytics and technology within the industry. Several investments in technologies and expansion of their ability to use big data to measure their initiatives.

Massive data can provide health professionals with insights into difficult-to-detect patterns. It intends to improve clinical outcomes by facilitating preventative care, early diagnosis, and personalized and consumer-centered approaches. Data analytics techniques can unlock clinically significant information hidden in the huge amount of data, which can help clinical decision-making. Data from several sources like customer data from pharmacies, hospitals, cellphones, patient history, and internet searches provide an enormous pool of data that can be used for clinical purposes, including diagnosis, detection, and treatment for mental disorders, providing better opportunities for mental wellness market growth.

Regional Analysis

North America Dominates the Global Market

Based on region, the global mental wellness is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global mental wellness market shareholder and is anticipated to exhibit a CAGR of 6.99% during the forecast period. Several factors, like developments in coverage networks, growth in the adoption of smartphones, and the prevalence of health conditions impacting mental wellness, are fueling the market in the region. In addition, the demand for technological solutions in terms of applications and software has surged the adoption of mental health-based apps by healthcare providers and others. Moreover, rising stress and other health conditions affecting mental health are yet another factor driving the market. The US and Canada are the major countries in this region. North America has been amongst the leaders in innovation and research. In order to maintain its competitive edge, the United States is planning to allocate resources towards research and development (R&D), with the aim of accelerating growth in the mental wellness industry.

Asia-Pacific is estimated to exhibit a CAGR of 4.83% over the forecast period. The primary factors contributing to the development of the mental wellness market in Asia-Pacific include the increased prevalence of mental disorders and rising expenditure on healthcare. In Asia-Pacific, the COVID-19 pandemic has had a great influence on the well-being of people. The growing demands for a healthy lifestyle and COVID-19 have increased pressure, with 48% of people in China, 45% in India, and 40% in Japan stating that stress is the greatest threat to wellness. Therefore, more action is required regarding mental health. There is more potential for regional firms to enhance their mental wellness programs since customers believe that companies like MindFi, which provides mindfulness and mental health training, can make a difference.

In Europe, the market for mental wellness is predicted to advance steadily over the forecast period. The region's development is primarily attributable to the surging demand for technologically advanced systems and automation in wellness industry R&D activities. Several factors influence mental health, including socioeconomic status, genetic predisposition, adverse childhood experiences, chronic medical conditions, and substance misuse. The development in the healthcare infrastructure in countries like Germany and France also adds to the progress of the target market.

In Germany, establishments are capitalizing a significant amount of their revenue shares on developing R&D competencies across multiple application sectors, including mental health, drug discovery, and clinical research. In the UK, the flourishing life expectancy has resulted in a significant increment in its aging population, which has higher demands for healthcare services. The mental wellness market, sequentially, obtains benefits owing to such demands, thus turning the UK market into one of the fastest-growing in the region. These factors are certainly persuading the growth of mental wellness across the country.

Latin America is one of the rapidly growing markets for mental wellness owing to the increasing incidence of disease-related mental health, the rise in home healthcare, and various government initiatives. The market is growing because of the surging prevalence of mental disorders like anxiety and depression in various patient groups and the increasing incidence of chronic conditions like schizophrenia. Improving healthcare facilities and developing employee wellness trends are also fueling the market. The organizations are playing a major role by arranging awareness programs and pushing the use of mental wellness programs.

In the Middle East and Africa, low access to healthcare facilities, inadequacy in the number of specialized health professionals, and the lack of awareness of depression and anxiety disorders associated with various chronic conditions and their treatment options are the key reasons for the low market penetration of mental wellness despite the high market potential. However, this scenario will likely improve in the coming years due to the government's growing focus on treating mental disorders in both adult and teenage patient groups in the Middle East.

In addition, depression is one of the major public health problems in most countries in the Middle East. The main aspects driving the market growth are the presence of a large patient population that needs mental wellness programs support through increased government initiatives and funding for healthcare and improvements in healthcare infrastructure.

Segmental Analysis

The global mental wellness market is segmented by disorder, type, and age group. 

Based on the disorder, the global mental wellness market is divided into depression, anxiety, schizophrenia, substance use disorder, bipolar disorder, alcohol use disorder, post-traumatic stress disorder, eating disorder, and others. 

The depression segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 7.77% over the forecast period. Globally, depression is a prominent cause of disability and a substantial contributor to the global disease burden. Depression is a psychological disorder that involves persistent sadness and loss of interest. It differs from mood fluctuations that people regularly experience as a part of life. It is a common mental health disorder, and according to WHO, it is the prominent cause of disability worldwide and is a key contributor to the overall global disease burden. In addition, depression is a state of mind that can disrupt appetite and sleep. The prevalence of diminished focus and fatigue is widespread. The influence of depression can be recurrent or prolonged and can significantly impact a person's ability to function and live a rewarding life.

Anxiety is a mental health condition that varies from normal feelings of anxiety and includes extreme fear or anxiety. Anxiety disorders are the most prominent mental disorders and affect almost 30% of adults at some point in their lives. However, anxiety disorders are treatable, with several effective treatments. In addition, anxiety disorders are a set of related conditions, each involving distinctive symptoms. All these anxiety disorders have one thing in common: constant, intense, and excessive worry or fear in circumstances that are not threatening. Anxiety implies anticipation of a future concern and is related to avoidance behavior and muscle tension.

Based on type, the global mental wellness market is divided into senses, spaces, and sleep; brain-boosting nutraceuticals and botanicals; self-improvement; and meditation and mindfulness. 

The senses, spaces, and sleep segment dominates the global market and is predicted to exhibit a CAGR of 7.14% over the forecast period. The senses, spaces, and sleep segment consists of products, services, and designs that focus on senses and the mind-body connection, with increasing awareness that environmental stimuli have a major impact on a person's mood, stress levels, and sleep. Sleep is the largest sub-segment, with an extensive range of sleep-and sleep-environment-optimizing solutions involving sleep accessories and smart bedding, wearables and trackers, sleep apps, and sleep retreats and nap cafés. Sleep is a focus of this segment, and increasing consumer spending on an exploding range of sleep and relaxation products and gadgets will propel the segment's growth during the forecast period.

The self-improvement segment includes a range of activities generally related to personal development and self-help, including self-help books; self-help organizations and mutual support groups; cognitive development and brain training products and services; self-help gurus, institutes, and organizations that provide a variety of classes, seminars, workshops, and retreats; personal and life coaches; an extensive range of self-help apps and online platforms; and anti-loneliness efforts. Growing consciousness regarding self-recognition and the pursuit of happiness is estimated to propel the demand for self-improvement programs during the forecast period. In addition, people are increasingly looking for ways to achieve physical and mental fitness. Market expansion is expected throughout the projection period due to millennials' rising acceptance of technology-enabled self-improvement platforms.

Based on age group, the global mental wellness market is bifurcated into adults, geriatrics, and teenagers. 

The adult segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 6.82% over the forecast period. Mental health issues affect up to 25% of adolescents annually. Signs of psychological disorder and distress in young adults include extreme fear or anxiety, extreme sadness or emotional numbness, extreme mood changes, avoidance of friends and socializing, substance abuse, changes in eating habits, difficulty concentrating, changes in sleeping patterns, and suicidal ideation.

People aged 60 or above contribute significantly to society as family members and active workforce participants. Though most people in this group have good mental health, several geriatrics are at risk of creating mental disorders, substance use problems, neurological disorders, and other health conditions such as hearing loss, diabetes, and osteoarthritis. Moreover, as people age, they are more prone to suffer various conditions simultaneously.

Recent Developments

• May 2023: Pinnacle Fertility, the leading fertility care platform, announced the introduction of its Patient Support & Wellness program, highlighting its unwavering commitment to its patients' mental health and wellness.

• August 2023: United We Care, a world leader in scientifically validated behavioral health programs, courses, and self-help content, introduced its mental health and wellness coaching program in the United States. The online and mobile app-based coaching program is accessible to health systems seeking to improve their behavioral health and wellness services and corporate employee assistance programs (EAPs).