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Oct 06, 2022, 10:40 ET
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NEW YORK, Oct. 6, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, the mental wellness market has garnered $131.6 billion revenue, and it is projected to generate $226.1 billion in 2030, advancing at a rate of 6.2% from 2021 to 2030. Brain-boosting nutraceuticals & botanicals are significant revenue contributors to the mental wellness industry. Their contribution is projected to reach $59.2 billion in 2030, rising at a rate of 6%.
Natural herbals, botanicals, supplements, functional foods, and drinks developed with the specific objective of improving mental health and wellness are emerging in the industry. They come with claims to enhance the sleep cycle, brain health, memory, as well as vitality.
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Product Demand Driven by Rising Awareness of Stress Management
Growing Prevalence of Depression also Propelling Sales Revenue
Under the disorder segment, depression captures the largest share, of around 27%. It is credited to the increasing cases of depression, suicide, and anxiety, which has resulted in the growing concerns over mental health worldwide.
Moreover, depression is a widespread mental disorder, with 5% of the adult population suffering from it globally. It is identified as persistent sadness and lost interest in pleasure and rewarding activities. It can impact the appetite and sleep, thereby giving rise to the common symptoms of tiredness and poor concentration.
Senses, Spaces, & Sleep Enhancement Services Continue To Be Most Demanded
The senses, spaces, & sleep category contributes extensive revenue to the industry, and it will advance at a rate of 6.5% in the future. It includes products, services, and designs that improve the senses and mind–body link, along with the awareness of the larger impact of environmental stimuli on stress, mood, and sleep of a person.
Numerous products, such as smart beds, trackers, sleep accessories, sleep retreats, sleep applications, and nap cafes, are utilized for inducing sound sleep, optimally functioning senses, and relaxed mood.
Browse detailed report on Global Mental Wellness Market Size, Share and Growth Forecast Report, 2030
Rise in Smartphone Usage Driving Sleep App Downloads
The growing disposable income leads to the rising penetration of smartphones, which contributes to the increasing number of mental wellness mobile application providers. This, along with the rising popularity of mobile health therapies, is making it easier for patients to address their mental health concerns.
Market Strongly Driven by Rising Schizophrenic Population
Schizophrenia will capture the third-significant industry share by the end of this decade, of around 13%. The disorder presents with a wide number of issues in thinking, behavior, and emotion. The growing incidence of schizophrenia is ascribed to the ongoing lifestyle changes, in turn, strengthening people’s focus on their mental health.
Mental Wellness Market Report Coverage
By Age Group
Browse More Reports Published by P&S
Global Anxiety and Depression Treatment Market Size and Share Analysis, 2030
Global Brain Health Supplements Market Size and Share Analysis, 2030
Global Brain Modalities and Software Market Size and Share Analysis, 2030
About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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