Increasing prevalence of mental illnesses/disorders like depression, anxiety, and eating disorders to drive growth of mental wellness market during forecasted period. Fiscal healthcare expenditure with dedicated funds to develop systems focusing on the mental well-being of the population is a positive development for the market. The North American region emerged as the largest market for the global mental wellness market, with a 36.78% share of the market revenue in 2021.
Newark, Oct. 03, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global mental wellness market is expected to grow from USD 145.83 billion in 2021 to USD 280.52 billion by 2030, at a CAGR of 7.54% during the forecast period 2022-2030.
Acute stress, migraines, and occasionally depression are side effects of the modern lifestyle, linked to lack of exercise, bad diets, on-the-go snacking, lack of sleep, and increasing workload. The number of persons seeking mental wellness has increased due to greater knowledge of mental diseases, their impact on the body, and their effects on a person’s total well-being.
Get more insights from the 230-page market research report @ https://www.thebrainyinsights.com/enquiry/sample-request/12932
The aging population will also influence the rising number of people looking to improve their mental wellness. High-profile public people recognize the serious effects of mental illness and how anybody can develop it by sharing personal experiences. By doing so, they are endorsing mental wellness as a crucial component of general well-being and encouraging others to talk openly about their issues. Open conversations are lessening the stigma associated with mental health. The scientific community is conducting cutting-edge research and development to comprehend the brain in response to the rising demand for mental well-being. Key market participants are pouring large sums of money into developing therapies, medications, medical equipment, systems, and treatments based on research findings to meet the growing demand for mental wellness products. Additionally, government laws aiming at enhancing the healthcare system and increase awareness, organization, and attention to mental health will present profitable prospects for market participants. However, seeking mental well-being with professional help can be expensive, thus hampering the growth of the market. The lack of skilled professionals to help those in need is another factor limiting the market’s growth. Also, poor data privacy and personal laws leave patients vulnerable to psychological harm, increasing the uncertainty in the average population about seeking help for their mental wellness. Robust rights to privacy, data protection, and personal laws can help clamp down the challenge mentioned previously in the text.
Competitive Strategy
To enhance their market position in the global Mental wellness market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Sep 2022 – a toll-free number and an app will soon be released to address the mental health concerns of railway workers in India. The All India Railway men’s Federation (AIRF), the main railroad union, named 125 first responders from around the nation to serve as the focal points in each railway zone for workers who wish to discuss mental stress. Among the respondents are members of the International Transport Forum, conveners of AIRF, and representatives from the running staff of the railways.
Custom Requirements can be requested for this report @ https://www.thebrainyinsights.com/enquiry/request-customization/12932
Market Growth & Trends
The rising incidence of mental illnesses/disorders, including depression, anxiety, eating disorders, etc., because of the busy lifestyles, bad diets, lack of physical activity, and long work hours in today’s population will drive the mental wellness market. The rising number of people with mental problems is also attributed to the aging elderly population. The market will expand due to increased government programs and regulations supporting mental well-being, growing social media influence, and rising awareness of the importance of mental well-being. For instance, The Southeast Asia region of the World Health Organization adopted the Paro Declaration on September 6, 2022, pledging to guarantee universal access to mental healthcare and services. According to a statement from WHO regional director Dr. Poonam Khetrapal Singh, increasing investment in mental health lowers treatment costs and improves productivity, employment, and quality of life. The industry will benefit from rising healthcare spending that includes cash to create systems prioritizing population mental health. The industry will also expand as institutions that provide week-long mindfulness, meditation, brain-boosting, and other mental health therapies and treatments become more and more well-liked. The promotion of these therapies and treatments by well-known celebrities will further spur the development of these organizations and, consequently, the market for mental wellness.
Key Findings
• In 2021, the depression segment dominated the market with the largest market share of 42% and market revenue of 61.24 billion.
The disorder segment is divided into depression, schizophrenia, bipolar disorder, post-traumatic stress disorder, anxiety, substance use disorder, alcohol use disorder, eating disorder, and others. In 2021, the depression segment dominated the market with the largest market share of 42% and market revenue of 61.24 billion.
• The meditation & mindfulness segment is expected to grow at the fastest CAGR of 9.51% over the forecast period.
The type segment is divided into senses, spaces & sleep, self-improvement, brain boosting nutraceuticals & botanicals, and meditation & mindfulness. Over the forecast period, the meditation & mindfulness setting segment is expected to grow at the fastest CAGR of 9.51%.
• In 2021, the adult segment accounted for the largest share of the market, with 49% and a market revenue of 71.45 billion.
The age group segment is divided into teenagers, adults, and geriatrics. In 2021, the adult segment accounted for the largest share of the market, with 49% and a market revenue of 71.45 billion.
Have a question? Speak to Research Analyst @ https://www.thebrainyinsights.com/enquiry/speak-to-analyst/12932
Regional Segment Analysis of the Mental Wellness Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global mental wellness market, with a market share of around 36.78% and 53.63 billion of the market revenue in 2021. The Asia Pacific is expected to witness the fastest growth in the mental wellness market. The mental wellness market in the Asia Pacific has been expanding rapidly. Mainly two broad reasons can be listed as the reason for the growth of the Asia Pacific mental wellness market. Firstly, The increased spending on healthcare infrastructure by the government authorities in the region. Secondly, The growing number of young adults who are under enormous scholastic, professional, social, psychological, and financial stress due to the slowing economy, which produces fewer jobs and higher living expenses.
Key players operating in the global mental wellness market are:
• Acadia Healthcare
• Amare Global
• Ascension Seton
• Behavioral Health Network Inc.
• CVS Health
• FranklinCovey
• Headspace
• Promises Behavioral Health
• Pyramid Healthcare
• Universal Health Services Inc.
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global mental wellness market based on the below-mentioned segments:
Global Mental Wellness Market by Disorder:
• Depression
• Schizophrenia
• Bipolar Disorder
• Post-Traumatic Stress Disorder
• Anxiety
• Substance Use Disorder
• Alcohol Use Disorder
• Eating Disorder
• Others
Global Mental Wellness Market by Type:
• Senses, Spaces & Sleep
• Self-Improvement
• Brain Boosting Nutraceuticals & Botanicals
• Meditation & Mindfulness
Global Mental Wellness Market by Age Group:
• Teenager
• Adult
• Geriatric
About the report:
The global mental wellness market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected]
Web: http://www.thebrainyinsights.com
Fewer still earn multiple regulatory approvals. Bluebird Bio is one of the lucky exceptions after earning FDA approval for Zynteglo and Skysona in the third quarter. An exodus of executives, a precariously low cash position, and a fierce competitive landscape suggest the gene therapy pioneer still may not live up to expectations.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the "Company" or "MindMed"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today announced the initiation of a Phase 1 investigator-initiated trial led by MindMed collaborator Prof. Dr. Matthias Liechti at University Hospital Basel (UHB). The study aims to compare acute responses to R-MDMA, S-MDMA, and MDMA in healthy subjects.
The orthodontic treatment market has experienced substantial recovery, primarily owing to the easing of restrictions and mass opening up of the economy in 2022.
Regeneron Pharmaceuticals (NASDAQ: REGN), Vertex Pharmaceuticals (NASDAQ: VRTX), and Biogen (NASDAQ: BIIB) are developing remarkable therapies that, instead of merely treating disorders, have the potential to cure them or at least make an impact that no other drug has to date. The reason that's not a big cause for alarm is that the company's second-quarter revenue of $2.86 billion would be up 20% over the same period in 2021 if its COVID-19 therapy, REGEN-COV, was excluded from total revenue. The company's sales of the treatment ended late last year when government contracts for the therapy ended.
Apellis and Belite Bio were among the worst-performing biotech stocks Monday after presenting test results in two eye diseases.
KalVista Pharmaceuticals Inc. shares tumbled 47% in premarket trade Tuesday, after the company said it's halting a Phase 2 trial of a treatment for hereditary angioedema, after multiple patients showed liver enzyme elevations. No patients had concomitant elevation of bilirubin levels and all were asymptomatic, the company said in a statement. "We made the difficult decision to terminate KOMPLETE because we concluded that the emerging safety profile of the current formulation will not meet our re
Eli Lilly (NYSE: LLY) was already having a great year in the stock market, but on Sept. 28, the company's shares jumped by about 7%. The move happened after biotech giant Biogen and its partner Esai reported positive top-line results from a phase 3 clinical trial for an Alzheimer's disease (AD) therapy candidate, lecanemab. Eli Lilly is working on its own AD treatment, donanemab, and the market counted Biogen's win as Eli Lilly's too.
Vir Biotechnology inked a deal Tuesday worth up to $1 billion for its experimental flu treatment, leading Vir stock to surge.
SIGA Technologies (NASDAQ: SIGA), a pharmaceutical company that specializes in health security countermeasures against biological, chemical, radiological, and nuclear attacks, along with vaccines and therapies to treat emerging infectious diseases, saw its shares fall 31.7% in September, according to data from S&P Global Intelligence. The company manufactures TPOXX (tecovirimat), a vaccine against monkeypox. On Sept. 19, the Food and Drug Administration (FDA) said that the vaccine, initially developed to prevent smallpox, should be restricted to only those patients with severe monkeypox disease or at high risk of severe cases of monkeypox, including people with weakened immune systems or skin conditions, such as eczema or HIV that is not virally suppressed.
Quest Diagnostics in its latest media report notes that demand for COVID-19 molecular diagnostic testing declined in August compared to the prior month.
Novo Nordisk A/S (NYSE: NVO) has completed posting topline results across its six Phase 3a clinical trials in the ONWARDS program of once-weekly insulin icodec in people with diabetes. In ONWARDS 5 study, once-weekly insulin icodec was found to be non-inferior to once-daily basal insulin in reducing HbA1c. With that, the 52-week open-label trial met its primary endpoint at the end of the study. Novo’s icodec led to a reduction of -1.68% points on HbA1c, compared to -1.31% for the once-daily cont
Is Pfizer stock a sell on an expected decline for Covid vaccine sales in the third quarter? Is PFE stock now a sell?
Shares of Vir Biotechnology Inc. were up 10.2% in premarket trading on Tuesday after the company said it received a contract from the U.S. government that is worth up $1 billion to develop treatments for the flu and other "infectious disease threats." As part of the agreement, the Biomedical Advanced Research and Development Authority is investing $55 million into the development of a prophylactic monoclonal antibody against seasonal and pandemic flu. Vir's stock is down 52.3% this year, while t
With an agreement for a strategic collaboration finalized, Burlington-based Labcorp will now manage the hospital-based laboratories of Ascension, one of the nation's largest health systems, in 10 states. Labcorp has also acquired select related assets of Ascension's outreach laboratory business.
On Sept. 19, Novartis (NYSE: NVS) shared positive news with investors regarding the clinical trial results for its biosimilar drug candidate to Amgen's (NASDAQ: AMGN) osteoporosis medicine Prolia. With Prolia set to lose exclusivity in the U.S. in 2025, Novartis could be close to booking some revenue from its biosimilar drug. Let's go over the outcome of the clinical trial and the U.S. osteoporosis market to figure this out.
AbbVie's (ABBV) new drugs, Skyrizi and Rinvoq, are faring well, bolstered by approval in new indications. They are expected to drive revenues once Humira loses U.S. exclusivity in 2023.
BioCardia Inc (NASDAQ: BCDA) announced data from its CardiAMP Cell Therapy for Heart Failure pivotal trial. "The two-year outcomes for patients with heart failure receiving the investigational CardiAMP Cell Therapy in the roll-in cohort showed clinical improvement with 100% survival over two years. These outcomes surpassed our expectations in terms of patient benefit across prespecified primary and secondary endpoints," said Peter Altman, BioCardia's President & CEO. "While this smaller cohort i
Regeneron's (REGN) top line is affected by negligible sales from REGEN-COV while lead drug Eylea faces stiff competition.
KPIX 5's Ryan Yamamoto chats with Dr. Neha Narula from Stanford Health Care about a new experimental drug showing promising results in slowing the fatal disease that impacts more than 6 million Americans.
Reata Pharmaceuticals (RETA) is yet to generate product revenues due to the lack of marketed drugs in its portfolio. However, two of its pipeline candidates are close to potential FDA approval.
