Global Meditation Market 2023-2030 by Medication Type( Progressive Relaxation/Body Scan Meditation, Mindfulness Meditation), Product(Apps, Websites), Type(Open Monitoring, Focused Attention), End-Use(Home Setting, Meditation Centers) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 149 Pages | Published On : Jun 2023
The global market for meditation witnessed a valuation of USD 4471.2 million in 2021 and is projected to grow from USD 5295.07 million in 2022 to USD 20532.44 million by 2030, with a compound annual growth rate (CAGR) of 18.5% during the forecast period of 2023 to 2030.
The growth of the market can be attributed to various factors including the increasing public awareness regarding the mental and physical health benefits of meditation, the expansion of fitness centers, and the availability of learning resources. Additionally, the rising healthcare expenses and advancements in innovation and technology contribute to the market growth.
In the United States, meditation has gained popularity, partly due to the success of apps like Calm and Headspace. To cater to the growing demand, meditation centers and yoga studios have adopted new technologies to make their services more accessible, following the trend observed in other personal service businesses affected by the pandemic.
The market for meditation is expanding as consumers embrace the standards set by the market, driven by the escalating levels of stress, mental discomfort, and decreasing attention spans. The emerging culture of intellectual consciousness has also contributed to the trend of organizations exploring mindfulness research. Furthermore, the increasing prevalence of mental health issues such as mood disorders and stress headaches fuels the overall shift towards the meditation sector.
Global Meditation Market Segmental Analysis
The meditation market is categorized based on various factors including products, meditation types, types, end-use, and regions. In terms of products, the market includes meditation programs & workshops, online courses, websites, apps, books, and yoga centers. The meditation types comprise spiritual meditation/transcendental meditation, metta meditation, breath awareness meditation, zen meditation, progressive relaxation/body scan meditation, mindfulness meditation, and kundalini yoga. End-use categories include home setting, meditation, and corporate/colleges/schools. The market is further segmented by region into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The dominant segment in the global meditation market is apps, and it is expected to maintain its dominance throughout the forecast period. This growth is attributed to the rapid development of electronic apps, including free mobile meditation apps, and the increasing research and development initiatives by developers. However, yoga centers are also expected to hold a significant market share in the future due to their quick expansion and accessibility to the general public.
Within the types of meditation, the open monitoring segment is projected to experience rapid growth during the forecast period. This can be attributed to the increasing popularity of meditation types that offer significant benefits such as eliminating mental biases, enhancing emotional intelligence, and achieving cognitive excellence. Additionally, open monitoring meditation is frequently utilized to reduce tension, stress, and feelings of sadness.
Global Meditation Market Regional Insights
In 2021, the North America region emerged as the dominant force in the meditation market and is projected to maintain its dominance throughout the forecast period. Within the region, the United States holds the highest market share. The region's leadership is attributed to several factors, including a significant population of individuals with mental illnesses, the presence of numerous meditation workshops and activities, and the rapid growth of yoga studios. Moreover, the region's emerging countries are expected to witness an increase in disposable income in the coming years, leading to a rise in spending on mental health development.
Asia-Pacific is expected to experience the fastest growth rate during the forecast period, mainly driven by the growing interest in meditation among its residents. The region has a high prevalence of mental illnesses and flourishing yoga and meditation communities. China, with its expanding middle class, takes the lead in the Asia-Pacific meditation market.
Global Meditation Market Dynamics:
Increasing awareness of mental health among individuals is a key driver for market growth. The recognition of the hidden potential of meditation and its positive impact on overall health is driving individuals and the general population worldwide to embrace meditation as a means to live a healthier life.
Consumers actively rely on meditation solutions, contributing to the growth of the industry. As anxiety, mental stress, and declining concentration levels persist, individuals are turning to the offerings provided by the meditation market.
Organizations are adopting mindfulness meditation, leveraging the emerging trend of intentional awareness. The growing prevalence of mental health issues, such as mood disorders and anxiety, across various age groups, is expected to drive significant traction towards the meditation industry in the forecast period.
Availability of alternative to meditation
The market expansion during the forecast period is expected to be limited by the availability of alternative medications. Body-based therapies and manipulative therapies, such as massage, chiropractic or osteopathic manipulation, reflexology, and cupping, are commonly used complementary therapies that may hinder the growth of the meditation market. Mind-body therapy is another type of therapy that is utilized.
Competitive Landscape of the Global Meditation Market:
Key players in the market include Smiling Mind, Waking Up, LLC, Stop, Inner Explorer Inc., Breathe & Think PBC, Aura Health, Inward Inc., Insight Network Inc., FeelVeryBien, s.a.s., BetterMe, Committee for Children, Sanity & Self, Portal Labs Ltd., Mindfulness Everywhere, MINDSET Brain Gym Yorkville, MOBIO INTERACTIVE, and others.
These major companies employ various strategies to increase their market shares and product lines, such as developing innovative products and technologies and increasing investments in research and development. In May 2021, MOBIO INTERACTIVE announced the introduction of personalized therapy for COVID-19 patients to improve their mental well-being and reduce stress and anxiety levels.
Top Player’s Company Profiles
- Insight Timer
- The Mindfulness App
- Simple Habit
- Stop, Breathe & Think
- 10% Happier
- Smiling Mind
- Chopra Center
- In 2022, Headspace, a meditation and mindfulness company, received $53 million in equity funding as part of its Series C funding round from Times Bridge Company. Times Bridge, a global investments and partnerships firm, aims to assist Headspace in entering and expanding its presence in India, which is the second-largest internet market in the world.
- In 2020, the popular meditation app, Calm, secured additional funding at a valuation of $2 billion. The funding round was expected as it was previously reported that the company was seeking up to $150 million at a valuation of $2.2 billion. This funding comes after a period of strong venture capital performance for companies focusing on mental health.
Key Market Trends in the Global Meditation Market:
- The integration of smart technology and increased awareness of meditation are driving the growth of meditation applications. The demanding and stressful nature of daily activities motivates individuals to explore meditation, leading to an increased demand for meditation applications during the forecast period.
- Recent studies have shown the numerous benefits of meditation, even with just a 10-minute practice. These benefits range from pain management and blood pressure regulation to reducing symptoms of depression. The growing recognition of these benefits and the positive outcomes from regular meditation practice are expected to drive the adoption of meditation as a part of individuals' daily lives.
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