Mental Wellness Industry Share, Growth and Forecast Report, 2030

In 2023, the global mental wellness market generated USD 147.9 billion in revenue, and it is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030, reaching USD 229.8 billion by 2030. This growth is attributed to continuous smartphone usage, the development of network coverage, and the prevalence of health issues affecting mental health. The increasing awareness of stress management and personalized healthcare, coupled with escalating stress levels, positively impacts the market.

Rising disposable incomes empower users to purchase smartphones, leading to an increase in mental wellness mobile application providers. As mobile phone usage grows, so does the number of mental health apps, making mobile health (mHealth) therapies, which use digital technologies and mobile devices to address mental health problems, more prominent.

The increase in mental wellness program operators is driven by rising smartphone sales and improved understanding of these technologies. The widespread use of smartphones enables more users to conveniently access mental wellness services.

Globally, the mental well-being market is also expanding due to the growing social recognition of mental illnesses and campaigns to uphold human rights and reduce stigma. Online counseling programs and daycare services are significant motivators as well.

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Key Insights:

• In 2023, the depression category held the largest market share at approximately 25%, driven by the increasing cases of depression, anxiety, and suicide worldwide. Depression affects about 5% of adults globally, characterized by persistent sadness, loss of interest, disrupted appetite and sleep, poor concentration, and fatigue. It is a leading cause of disability, significantly impacting daily functioning and fulfillment.

• Schizophrenia is projected to hold the third-largest revenue share in 2030, with its prevalence increasing due to lifestyle changes and a higher rate among injection drug users (opioids, alcohol).

• Healthcare infrastructure plays a crucial role in the market's growth. Bipolar disorder is second in clinical significance, with rising infection rates and advancements leading to potential new treatments.

• Government programs, information campaigns, and caregiver support are prioritized.

• The senses, spaces, and sleep category held the largest industry share in recent years and is projected to witness a significant CAGR of 6.9% over the forecast period. This category includes services, products, and designs focused on the senses and mind-body connection.

• The meditation and mindfulness category is the fastest-growing, expected to achieve a CAGR of 7% during the forecast period due to the increasing occurrence of mental illnesses and the benefits of practices that aid in self-regulation and awareness.

• Brain-boosting nutraceuticals and botanicals are the second-highest revenue generators, projected to hold a 40% share in 2030, growing at a CAGR of around 6.9%.

• In 2023, the adult category held the largest market share (45%), while the geriatric category is experiencing significant growth due to increased emotional stress, especially in assisted-care facilities.

• North America dominated the market with a 55% share in 2023, fueled by emerging technologies and growing mental health awareness. The presence of influential companies and the expansion of mental well-being services contribute to market growth.

• From 2024 to 2030, the Asia-Pacific (APAC) region is expected to grow the fastest, with a CAGR of 7.2%, driven by efforts to improve community health through increased health awareness and advanced healthcare infrastructure. Government investments related to mental health also support this growth.