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Growing cases of depression is a key factor driving mental wellness market revenue growth
— Emergen Research
VANCOUVER, BC, CANADA, November 16, 2022 /EINPresswire.com/ — 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.
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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. There is typically a paucity of primary care or community health center-based services for mental health diagnosis, treatment, and referral. Many
Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Mental Wellness market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Mental Wellness market and pinpoint the fundamental growth trends.
Key players in the Mental Wellness market 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.
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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.
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.
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
An expected rise in market share
Forecast growth in the overall consumption rate
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
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Key reasons to buy the Global Mental Wellness Market report:
The latest report comprehensively studies the global Mental Wellness market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
Regional Outlook of Mental Wellness Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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