The total revenue of the mental wellness market in the past was USD 131.6 billion and it will power at a rate of 6.2% in the years to come to reach USD 226.1 billion by 2030, as per a report by P&S Intelligence.
The largest share was accounted for by the depression category with 27% in 2021. This was due to the fact that, there was a rise in the case count of depression, anxiety and suicide, raising the concerns pertaining to global health.
The senses, spaces, and sleep category dominated the industry, and it will grow considerably at a rate of 6.5% in the years to come.
This category comprises of the services, designs and products having an impact on the senses, and the link between the mind and body, increasing consciousness about the fact that environmental stimuli impacts the mood of a person, and also sleep.
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Schizophrenia dominated the mental wellness market with a share of about 13% in the recent past. This ailment brings about a lot of issues with thinking, behavior, and emotions. The increasing number of people suffering from this ailment because of the changes in lifestyle is driving the demand for schizophrenia treatment.
The rise in the number of people, suffering from mental disorders across the globe is one of the main factors powering the industry.
Due to the increasing number of attempts made by the governments to increase the consciousness about mental disorders, and the need for pharmaceuticals and dedicated therapies for treating them, are powering the industry.
Bipolar diseases also have a considerable share in the industry. The principal reasons for the growth of the treatment for this ailment is the rising cases of the same, tech advancements, and increasing activities by the government agencies for promoting awareness.
North America will dominate the industry, with a revenue of USD 102.6 billion by the end of this decade, with at a CAGR of 6.5% Because of the increasing acceptance of advanced technologies, and the growing awareness pertaining to mental health amongst healthcare pros and also the corporate professionals.
The suicide and drug related fatalities are rather high in the U.S. Moreover, people in North America look for medical treatment for these issues, thus increasing the demand for mental wellness treatments.
The increasing incidence of chronic diseases due to increasing elderly population and rather lethargic lifestyle in India, and all over the world, initiatives of the government such as, Make in India, and the worldwide demand for economical and high-quality mental wellness therapy has brought about an increase in the demand for mental wellness treatments.
Because of the increasing incidence of metal disorders, all over the world, the demand for mental wellness treatments will rise in the near future.