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Mental Wellness Market: What is the Projected CAGR for 2024-2033?

The market size of mental wellness has seen robust growth in the past few years. The anticipated growth from $160.3 billion in 2023 to $173.03 billion in 2024, equates to a Compound Annual Growth Rate (CAGR) of 7.9%. This historical growth can be largely accounted for by enhanced mental health consciousness, diminishing stigmas, the establishment of corporate wellness programmes, advances in telehealth, as well as various government initiatives.

The market size for mental wellness is predicted to significantly improve in the upcoming years, reaching $235.72 billion by 2028 with an annual growth rate of 8.0%. The surge predicted during the forecast period is credited to the increasing importance of wearable devices, worldwide mental health advocacy, emphasis on preventative mental health, virtual reality therapy, and bespoke mental wellness programs. Other key trends for the same period are the advent of digital mental health platforms, corporate mental health initiatives, the incorporation of artificial intelligence (AI), emphasis on cultural diversity and inclusivity, and comprehensive wellness ecosystems.

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What Are the Primary Drivers Supporting the Growth of the mental wellness Market?

The escalating prevalence of mental health issues is envisaged to stimulate advancement in the mental wellness market. Mental health disorders represent a clinically significant disruption in a person’s cognitive functioning, emotional control, or behavior, typically associated with discomfort or malfunction in crucial areas. The upward trend of such disorders augments the mental wellness industry’s scope as it assists in mitigating and curing them. As an illustration, the Health and Social Care Information Centre, a federal entity in the UK supplying content, data, and digital solutions for specialists, doctors, and managers in the social and healthcare realms, notified in November 2022 that the percentage of 17- to 19-year-olds with a potential mental disorder swelled from 17.4% in 2021 to 25.7% in 2022. Consequently, the progressing prevalence of mental health issues is a significant catalyst for the growth of the mental wellness market.

What Are the Core Segments of the Mental Wellness Market?

1) By Type: Senses Spaces, Sleep, Brain Boosting Nutraceuticals And Botanicals, Self-Improvement, Meditation and Mindfulness

2) By Service: Emergency Mental Health Services, Outpatient Counselling, Home-based Treatment Services, Inpatient Hospital Treatment Services, Other Services

3) By Age: Adult, Geriatric, Teenager

4) By Disorder: Depression, Anxiety, Schizophrenia, Substance use disorder, Bipolar disorder, Alcohol use disorder, Post-traumatic stress disorder, Eating disorder, Other Disorder

What Trends Are Paving the Way for Change in the Mental Wellness Market?

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Which Regions Are Leading the Charge in Mental Wellness Market Development?

North America was the largest region in the mental wellness market in 2023. The regions covered in the mental wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Mental Wellness Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the mental wellness market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Mental Wellness Market Include

1. Mental Wellness Market Executive Summary

2. Mental Wellness Market Segments

3. Mental Wellness Market Size And Template Market Growth Rate

4. Key Mental Wellness Market Trends

5. Major Mental Wellness Market Drivers

……

25. Key Mergers And Acquisitions In The Mental Wellness Market

26. Top Mental Wellness Companies

27. Mental Wellness Market Opportunities And Strategies

28. Mental Wellness Market, Conclusions And Recommendations

29. Appendix

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