Research Strategy

• Our preliminary research indicated that mental wellness, mental health, and mental wellbeing have been interchangeably used in the business market sector. Although there have been many commonalities amongst the three terms, the services offered for mental health and mental wellbeing are relatively different. In fact, according to the Healthy Lifestyle Blog, it has been reported that health experts have considered new terminologies for mental health to develop a clearer difference between mental health and mental illness. The terminologies for mental health which are often used interchangeably include ‘positive mental health’, ‘mental wellbeing’, and ‘subjective wellbeing’.
• Services that ensure positive mental wellbeing include adequate sleep, making time for oneself, being active, managing stress, having a healthy diet, building confidence, having social company, setting realistic goals, and asking for help when needed.
• In this research, we focused on identifying the market size of services/industries that cater to mental wellbeing or mental wellness. The services include coaching/counseling or courses or applications/softwares' which are meant to take people on a journey to clarity, confidence, mindfulness, happiness, and masterful leadership, etc. We excluded statistics related to mental well-being market estimates including healthcare products for mental wellbeing.
• Market sizing statistics pertaining to the mental wellbeing industry have been limited, of which, the most credible sources have been cited in this report. Given that the information was limited, we only cited sources that were associated with mental health services including coaching, courses, applications, tech-based software, and telehealth. Further, to provide context to the mental wellbeing market, we briefly covered market trends and consumer research statistics.

Market Size

• According to PRNewswire Market Research, the Mental Health Apps market accounted for USD 587.9 Million in 2018 and is projected to generate a revenue of USD 3,918.40 Million by 2027, with a growth rate of 23.7% between the forecast period (2019 to 2027).
• The North American region including the United States and Canada holds the majority market share of the mental health apps market in 2018, driven primarily by mainstream awareness related to mental health.
• The Asia Pacific region is expected to grow at the fastest speed during the forecast period (2019-2027) pertaining to the increasing population and growing adoption of Android and iOS platforms.
•  Key players operating in the global mental health apps market space include Addicaid, Aurora Health Care, Calm, MoodTools, NOCD Inc., Recovery Record, Sanvello (Pacifica Labs, Inc.), Happify, Inc., HEADSPACE INC., Mayo Foundation for Medical Education and Research (MFMER), Mindshift Interactive, and others
•  Key driving factors for the mental health apps market include (i) global stigma in the societies related to visiting a psychiatrist for receiving mental health treatment; (ii) convenience; and (iii) growing adoption of Android and iOS platforms.
• The Global Wellness Institute (GWI) conducts detailed market research into different sectors of the wellness industry, which also includes the mental wellbeing market. Outlined below are the four sub-markets of mental wellness. The first two market segments are relevant to this research, the latter two can be segments that have been highlighted for relative comparison within market sub-segments.
•  (I) Self-improvement: The category ranges from self-help tuition delivered by life coaches or organizations (via workshops or retreats to brain training services and online platforms combating loneliness and isolation. Self-improvement therapy is largely delivered via services including self-help gurus & personalities, self-help organizations/institutions , self-help coaching and therapy apps , brain training , anti-loneliness apps and technology. The segment is estimated to have a market size of worth USD 33.6 billion.
•  (II) Meditation and mindfulness: According to the GWI Research, the market segment has been described as the smallest sub-category, which covers studios, centers, teachers, breathwork, retreats, apps, journals, and wearables. The market size is currently estimated at USD 2.9 billion.
•  (III) Sense, spaces, and sleep market: The data indicates sense, spaces, and sleep market is the largest mental wellness sector. The industry provides an array of sleep-optimising solutions with estimated market size of USD 49.5 billion.
•  (IV) Brain-boosting nutraceuticals and botanicals: the category notably includes the rise of plant-based drugs used for mental wellness, such as CBD, functional mushrooms, and psilocybin, which has undergone a rapid acceleration in clinical research, and currently estimated at a market size of USD 34.8 billion

• Other related Mental Wellbeing/Wellness Industry Market Sizes include:
•  Preventative and Personalized Medicine and Public Health Wellness Industry: USD 575 billion.
•  Fitness and Mind-Body Industry: USD 595 billion.
•  Workplace Wellness Industry: USD 48 billion.
•  Traditional and Complementary Medicine: USD 360 billion.

Mental Health and Wellness Market Trends

• The Global Wellness News indicates growing evidence regarding the adoption of self-care practices, such as meditation, light therapy, and circadian science, bolstered by an acceleration of public and private research investment.
• According to the news, the Global Wellness Institute research indicated that mental health and mental wellness tech startups have become a major target for investors. Investment levels reached USD 750 million in 2019, a five-fold increase over 2014, while funding has topped USD 1 billion in the first half of 2020.
•  Notable winners have been meditation and sleep apps including (I) Headspace, which in June 2020 added USD 47.7 million to its earlier USD 93 million raised in February 2020; and (II) Calm, which is targeting investment that would double its valuation to USD 2.2 billion.
• The growing number of telehealth and teletherapy startups, such as California-based Lyra Health, which hit a USD 1.1 billion valuations in August, are helping plug gaps in traditional public healthcare services.

Statistics related to Consumer Market Research:

• The global economy loses about US$ 1 trillion per year in productivity due to depression and anxiety.
• Mental, neurological, and substance use disorders make up 10% of the global burden of disease and 30% of non-fatal disease burden.
• Depression is one of the leading causes of disability, affecting 264 million people.
• About half of the mental disorders begin before the age of 14.
• Almost 800,000 people die by suicide every year; 1 person dies from suicide every 40 seconds. Suicide is the second leading cause of death in individuals aged 15-29 years.

Key Takeaways

• Research works use the terms mental health market and behavioral health market interchangeably.
• According to Precedence Research, behavioral health is always considered in the context of mental health and wellbeing.
• The U.S. is the global leader in terms of the behavioral health care software and services market size.
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•  Tele-mental health helps coordinate patients at distant locations through video conferencing for the convenient provision of mental health services.

Market Size during the Past Five Years

• Based on GMI Research, the global Behavioral Health Market size was USD 133.2 billion in 2018.
• Another research by BioSpace revealed that the global mental wellbeing market size was US$ 196 billion in 2018.
• In 2019, the global mental /behavioral health market size was approximately USD 2509.45 million as per the figures by Facts & Factors.
• A market analysis report by the Grand View Research shows that, in 2020, the global mental health care software and services market size was USD 2.3 billion.
• In 2017, the global behavioral/mental health software market was USD 1.15 billion.

Projected Future Growth

• The global mental wellbeing market is projected to grow to about USD 4.5 billion by 2027, achieving a CAGR of more than 13% during the 2020-2027 projected period.
• According to Precedence Research, the global mental health market is expected to grow at a CAGR of 5.02% during the 2020-2027 period to hit over USD 242 billion by 2027.
• Acumen Research and Consulting’s research report projects that the mental health market size will hit US$ 240 billion by 2026.
• According to marketsandmarkets.com, the behavioral/mental health software market is projected to hit USD 2,306 by 2022, registering a CAGR of 14.8% during the projected period 2017 to 2022.
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  Source
   
• According to Data Bridge Market Research, the mental wellbeing market will reach over USD 5,162.9 million by 2028, growing at a CAGR of 10.64% during the 2021-2028 period.

Research Strategy

Headspace

• Headspace operates a B2B business (Headspace for Work) to offer its mindfulness products and services to more than 1,300 companies, such as Starbucks, Adobe, GE, Hyatt and Unilever. Over 600 of these businesses are paying customers.
• On it's website, Headspace states that their program lessens stress, improves focus and encourages easier teamwork among employees that take on the program.
• Headspace is currently the fourth-highest grossing iOS App in the health and fitness category. Rival Calm is second.
• Headspace along with it's competitor Calm, hold about 70% of the market share of the mindfulness meditation apps market.
• Headspace generated $100 million revenue in 2019.
• As of February 2020, the Headspace app had attained 62 million downloads in around 190 countries, and as of January 2021, it had 66 million members across all platforms.
• Headspace also received recognition by Fast Company for being "one of the World’s Most Innovative Companies, Apple’s Best of 2018, Samsung’s Best of 2019 and one of CB Insights’ top digital health companies, along with being selected for five Webby Awards in health and fitness between 2018 and 2019."

Calm

• Calm exclusively revealed that as at 2019, it had 300 paying business clients.
• The Calm app offers features such as guided meditation, "sleep stories," and music.
• As at 2019, Calm planned to offer additional premium products to business clients, such as custom audio segments and standalone quiet booths, which can be used for listening to Calm's meditation suite, as well as just for stepping away from office chaos.
• On its website, Calm states on their Calm for Business page that they improve employee well-being through the promotion of better sleep, reduction of stress and anxiety, and development of more mindfulness. This then builds a more resilient organization.
• Calm together with its biggest rival Headspace, have a market share of about 70% of the mindfulness meditation apps market.
• Calm earned revenue of about $150 million in 2019. It's currently the second-highest grossing iOS App in the health and fitness category.
• Over four million users are subscribed to Calm.
• The Calm app which has been valued at $2 billion in its latest funding round, has been downloaded by about 100 million people.
• The app's "monumental popularity" is attributed majorly to its design simplicity of the app cleverly built with the help of sleep psychologists.

RESEARCH STRATEGY

B2B Mental Well-being Market

• The personal development market was valued at $38.28 billion, globally, in 2019.
• It is estimated that this market will grow at a CAGR of 5.1% from 2020 to 2027.

• According to a report by Grand View Research, the personal development market encompasses services such as mental health, motivation and inspiration, physical health , self-awareness and skill set enhancement.
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• These aforementioned categories align with the definition, as provided, of the mental well-being market, save for the physical health category, and media used in this market include books, e-platforms, personal coaching/training and workshops and seminars.

• The market is fragmented, with consolidation occurring regularly.
• North America constitutes 35% of the global market, followed by Europe at $10.96 billion in 2019.
• Growth in this industry is attributed to a rise in popularity of technology driven platforms among younger generations as well as the impact of the current global economic climate on indivuals' well-being.

 

Source

Key Competitors

 Dale Carnegie and Associates, Inc. 

• Through in-person, live online or via their digital platform, Dale Carnegie provides training and courses in personal development to corporate clients.
• Subjects covered by Dale Carnegie range from leadership training for managers to helping employees manage stress and burnout.
• Dale Carnegie and Associates is estimated to have an annual revenue of $175 million.

 Franklin Covey Co. 

• Franklin Covey offers leadership, individual effectiveness, and business execution training.
• Through live online, live in-person or via their on-demand platform, the company offers various resources to corporate clients in the mental well-being space.
• Franklin Covey reported an annual revenue of $198 million in 2019.

 Skillpath 

• Skillpath offers various services related to mental well-being including virtual seminars, webinars and on-demand training.
• Skillpath also offers products related to the training it provides. The products range in genre from leadership training to personal development and communication.
• According to Dun&Bradstreet, Skillpath generates an estimated annual revenue of $14.49 million.

Research Strategy

Amare Global

Service Segment

• Amare Global's services cover the following segments: mental fitness, stress resilience, confidence, weight, gut health, essential nutrition, and financial wellness.

Competitive Advantage

• Amare Global is a leader in the global mental wellness segment and has been recognized for its proprietary and innovative products and services by experts.
• Amare Global boasts of over 71,000 views on YouTube, over 180 followers on YouTube, and a YouTube subscriber ranking of 358. Amare Global has over 21,000 likes and 22,000 followers on Facebook.
• In 2019, Amare Global launched a new site on mental health. The site helps readers learn about Amare Global's novel approach relative to promoting mental health. The website leverages discoveries made by Amare Global on the link between the brain and gut of humans, commonly known as the gut-brain axis.
• In 2021, Amare Global partnered with "Feed the Children" to help families challenged by the COVID-19 pandemic. In June 2021, Amare's contributed 81,216 meals for children across the United States. Amare recently decided to commit itself to provide a second contribution that will exceed its prior contribution.

Revenue

• Amare Global has an estimated annual revenue of $88.8 million per year.

Target Market

• The target market of Amare Global includes school children and communities of passionate people looking for an extraordinary lifestyle.

Organika Health Products Inc.

• Service SegmentOrganika Health Products Inc.'s services cover segments like effective natural health. They include providing superior customer service that ensures a happier, healthier living for individuals desiring to experience natural solutions.

Competitive Advantage

• Organika Health Products is a proudly Canadian company that has positively impacted the health of people across the world for up to 29 years. The brand has created a progressive, "science-based line of on-trend, natural Health Products" that suit the choice of savvy customers looking for high quality and innovation.
• Organika has evolved to become a globally recognized brand and has continued to lead the way with over 600 premium superior customer services and innovative products.
• Organika Health Products boasts of over 12,000 likes, and 13,000 followers on Facebook. Organika Health Products has over 2500 views and 11 subscribers on YouTube.

Revenue

• The annual revenue of Organika Health Products Inc is $66.32 million.

Target Market

• The target market of Organika Health Products Inc includes savvy customers seeking high quality and innovation.

Neurohacker Collective

Service Segment

• Neurohacker Collective services cover segments like cognition, mind essentials, immunity, sleep, longevity, energy, and other segments.

Competitive Advantage

• In 2021, Neurohacker Collective was identified as one of the fastest-growing companies in San Diego. Neurohacker Collective is popular for its rapidly growing biohacking community and cutting-edge science podcast.
• Neurohacker Collective boasts of 3,154 posts and 270,000 followers on Instagram.
• Neurohacker Collective is currently developing advanced formulations to solve challenges relative to pain, skin health, mood, blue-light protection, fitness performance, cardiovascular health, and hormone balancing.
• Neurohacker Collective leverages the best delivery mechanisms, the best customer service, and the highest quality information when delivering its services. Neurohacker Collective employs top scientists for complex-systems modeling, neurobiology, and organic chemistry. It also employs Ph.D. and MD advisors.
• Neurohacker Collective's operation is 100% transparent. The company leverages the most powerful (yet free) neuro hacks to improve concentration, manage stress, develop optimal health, and guide spiritual advancement.
• Neurohacker Collective recently appeared on the list of top 10% among companies ranked by the "Inc. 5000 List of America's Fastest-Growing Private Companies."

Revenue

• The revenue of Neurohacker Collective for the financial year ending December 2019 was $8.2 million.

Target Market

• Neurohacker Collective's target market covers individuals patronizing Forbes, Inc, HuffPost, and Wall Street Journal (WSJ)
• Neurohacker Collective's target market includes individuals that have "issues with sleep," students seeking to make their studies more efficient, and individuals seeking mental clarity or focus,

Metabolic Response Modifiers

Service Segment

Metabolic Response Modifiers offer services that aim at improving life. Its services also relate to human passion and other therapies.

Competitive Advantage

• Metabolic Response Modifiers maintains a strategic partnership with established brands like Amazon, iHerb, Frazier Farms, among other brands for widespread recognition.
• Metabolic Response Modifiers operates a blog through which it promotes its goods and services. The blog contains useful information on bone health, mindfulness, brain activities, and other topics.
• Metabolic Response Modifiers (MRM) is well represented on social media. It boasts of over 18,000 followers on Facebook, 21,000 followers, and 52,200 monthly views on Pinterest. The organization has 24,300 followers on Instagram.
• To boost patronage of its products and services, MRM has a loyalty program.

Revenue

• The annual revenue of Metabolic Response Modifiers is $34.20 million.

Target Market

• The target market of MRM includes sportsmen (those seeking sports nutrition products and services).
• The target market of MRM also includes consumers using e-commerce platforms like Amazon.