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Mental Wellness Market Was Estimated at USD 551.66 Billion in 2030 | Historical Data and Growth Factors Analysis

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Mental Wellness Market Was Estimated at USD 551.66 Billion in 2030 | Historical Data and Growth Factors Analysis

September 14
00:10 2022
Mental Wellness Market Was Estimated at USD 551.66 Billion in 2030 | Historical Data and Growth Factors Analysis
Mental Wellness Market | Emergen Research
Growing cases of depression is a key factor driving mental wellness market revenue growth

The Global Mental Wellness Market size reached USD 401.31 Billion in 2021 and is expected to register a revenue CAGR of 3.5% during the forecast period, according to latest analysis by Emergen Research. Rising awareness about mental disorders through education and advocacy for more respect for human rights and less stigma is the key factor driving market revenue growth.

The increasing incidences of post-pandemic trauma after COVID-19 is driving mental wellness market revenue growth. Those who have poor mental health face various issues, such as higher rates of Post-Traumatic Stress Disorder (PTSD) and stress eating, owing to COVID-19. Furthermore, research indicates that in individuals with a history of mental illness, COVID-19 is likely to increase pre-existing symptoms or cause a relapse. Anxiety, sleeplessness, and Obsessive-Compulsive (OC) symptoms were also often reported by COVID-19 survivors. Since the pandemic began, there has been an increase in the prescription of antidepressants, intimate relationship violence, and suicidal thoughts as a result there is a rising demand for mental wellness which is expected to drive revenue growth of the market.

Key companies profiled in the report include:

Acadia Healthcare, Sevita, Universal Health Services, Inc., Behavioral Health Network, Inc., CareTech, Pyramid Healthcare Inc., Promises Behavioral Health, Evernorth Health, Inc., Ascension, and SkillPath., Others

However, low awareness in growing economies and a shortage of mental health workforce professionals are expected to restrain the market revenue growth. Most people who require mental health treatment don’t have access to high-quality mental health services globally. The existing gap in mental health care is a result of stigma, a lack of human resources, fragmented service delivery methods, and a lack of research capacity for implementation and policy reform. The majority of integrating treatment of common mental disorders in primary care and low-resource regions within high-income countries (HICs) have traditionally relied on centralized psychiatric hospitals or clinics for the diagnosis and treatment of mental diseases.

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There is typically a paucity of primary care or community health center-based services for mental health diagnosis, treatment, and referral. Many countries have made substantial progress toward deinstitutionalization and reforming their legal systems to address mental health issues. However, community mental health services have not been ready to handle the ensuing mental health care requirements. Lack of infrastructure, a lack of human resources, a lack of community awareness of mental health, poverty and social deprivation, high rates of comorbidity with physical health issues, stigma and discrimination against those with mental illnesses, and various explanatory models for mental health conditions are obstacles to integrating mental health care into primary health care in Low and Low Middle-Income Countries (LMIC).

Some Key Highlights From the Report

Depression segment accounted for the largest revenue share in 2021. Depression is a common mental illness. according to World Health Organization (WHO), an estimated 3.8% of the world’s population suffers from depression, including 5.0% of adults and 5.7% of persons over the age of 60. Around 280 million individuals worldwide suffer from depression concerns about mental health have grown globally owing to an increase in the number of cases involving depression, anxiety, and even suicide. According to World Health Organization (WHO), every year, around 700,000 individuals die by suicide. For people aged 15 to 29, suicide is the fourth most common cause of death. Depression is a complicated mental disorder and major medical conditions can cause depression. A family history of depression can also increase the risk and owing to these reasons there is a rising prevalence of depression worldwide which is expected to drive revenue growth of the segment.

Inpatient hospital treatment services segment accounted for the largest revenue share in 2021. An increase in the prevalence of mental illnesses, an increasing number of patients, and a vast number of patients using mental health interventions to improve self-care are driving the revenue growth of the segment. There is a rising demand for inpatient hospital treatment services owing to various advantages, such as the mental units within ordinary hospitals as well as private psychiatric hospitals offering round-the-clock treatment. Psychiatric nurses and group therapists administer care while psychiatrists serve as the primary caregivers.

Adult segment accounted for the largest revenue share in 2021. Various factors can increase the risk of developing a mental illness in adults. For instance, conditions in life that are stressful, such as money issues, losing a loved one, or getting divorced, a prolonged (chronic) illness, such as diabetes, traumatic brain injury causes brain damage after a catastrophic accident, such as a concussion, and use of alcohol or illicit substances is the key factor for various mental illness in adults which is driving revenue growth of the segment.

Market in North America accounted for the largest revenue share in 2021 owing to rising initiatives by federal organizations to improve mental healthcare infrastructure which is driving the market revenue growth. For instance, on March 9, 2022, The Substance Abuse and Mental Health Services Administration (SAMHSA) and the Office of Minority Health (OMH) of the Department of Health and Human Services (HHS) announced nearly USD 35 million in funding opportunities to improve and broaden community mental health services and programs that prevent suicide for children and young people in America.

On 2 August 2022, A curated line of mental health and self-care nutraceuticals was introduced by Swanson Health. The product line was developed to assist customers in building their own “personal kit” to connect stress, sleep, and cognition—three critical facets of mental wellness. Swanson W/I/O is committed to putting mental well-being first and providing high-quality services available cheap, and accessible to everyone as a consequence.

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Emergen Research has segmented the global mental wellness market on the basis of disorder, service, age group, and region:

Disorder Outlook (Revenue, USD Billion; 2019–2030)

Depression

Anxiety

Schizophrenia

Substance use disorder

Bipolar disorder

Alcohol use disorder

Post-traumatic stress disorder

Eating disorder

Others

Service Outlook (Revenue, USD Billion; 2019–2030)

Emergency Mental Health Services

Outpatient Counselling

Home-based Treatment Services

Inpatient Hospital Treatment Services

Other Services

Age Group Outlook (Revenue, USD Billion; 2019–2030)

Adult

Geriatric

Teenager

Regional Outlook (Revenue, USD Billion; 2019–2030)

North America

U.S.

Canada

Europe

Germany

U.K.

France

Spain

Rest of Europe

Asia Pacific

China

India

Japan

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

UAE

South Africa

Saudi Arabia

Rest of MEA

Key Questions Answered in the Report:

What will be the estimated growth rate of the Mental Wellness market by 2030?

Who are the prominent distributors, vendors, and manufacturers of the market?

What are the driving and restraining factors of the growth of the Mental Wellness market throughout the forecast period?

What are the current and future market trends of the Mental Wellness market?

What are the sales and price analysis of the product by types, applications, and regions?

What are the expected opportunities for the companies and new entrants in the coming years?

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The report demonstrates the progress and advancement achieved by the global Mental Wellness market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals. The report provides an accurate estimation by applying SWOT analysis and Porter’s Five Forces analysis. The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market.

Thank you for reading our report. Please get in touch with us for further queries about the report and our team will assist you according to your needs.

About Emergen Research

Emergen Research is a Marketresearch and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Marketintelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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