The mental wellness market size will advance at a CAGR of 6.2% during 2021–2030, to reach $226.1 billion by 2030. This may be attributed to the increasing smartphone penetration, advancements in network coverage, and rising prevalence of health issues affecting mental wellbeing.
The depression category, the highest revenue generator in the market, will account for $66.2 billion size in 2030, growing at a CAGR of around 6.9% during the forecast period. This is owing to the fact that the incidence of depression is rapidly growing, as is the number of cases of anxiety and suicide, which has increased the global concerns about mental health.
Furthermore, anxiety disorders are the most-common mental illnesses, affecting about 30% of the individuals at some point in their lives. This is due to the hectic lives, overthinking, and medical factors, such as heart disease, diabetes, thyroid issues, respiratory illnesses, and chronic pain. These factors raise the likelihood of an anxiety disorder, such as psychological trauma and illness-related stress.
The meditation and mindfulness category will witness the fastest mental wellness market growth, with a CAGR of 6.8%, during the forecast period. This is due to an increase in the prevalence of mental diseases, such as stress, anxiety, and depression, which will propel the demand for meditation and mindfulness in the future, as these practices help improve self-regulation and self-awareness.
Furthermore, the depression category will account for the largest share in 2030, of nearly 29.3%, on segmentation by disorder. This is owing to an increase in the number of cases of despair, anxiety, and suicide, which has increased the global awareness about mental health. Depression is caused by complicated interactions among psychological, social, and biological variables, thereby driving the demand for solutions for depression management.
North America is the highest revenue generator in the market, and it will account for $102.6 billion revenue in 2030, witnessing a CAGR of around 6.5% during the forecast period. The region also accounted for the largest portion of the global market for mental wellness in 2021, owing to the increasing adoption of cutting-edge technologies and rising awareness of mental health in the healthcare and corporate sectors.
Furthermore, the APAC region will showcase substantial growth during the forecast period. A growth in health awareness, advancements in healthcare infrastructure, and an abundance of hospitals equipped with sophisticated medical equipment have resulted in an increase in the number of people getting diagnosed with and treated for mental disorders.
Some of the major players operating in the mental wellness market are SkillPath, Franklin Covey, Amare Global, Headspace Inc., CVS HEALTH (Active Health), CuraLinc Healthcare, Fitbit, Wellsource, Inc., and Virgin Pulse.