The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s meditation global market report 2023, the global meditation market size is expected to grow from $5.4 billion in 2022 to $6.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 21%. The global meditation market size is expected to grow to $14.6 billion in 2027 at a CAGR of more than 21%.
The rising prevalence of stress and anxiety is projected to boost the meditation market forward. Any form of change that creates physical, emotional, or mental anguish is referred to be stress. While anxiety is characterised by a sense of tension, anxious thoughts, and bodily changes such as raised blood pressure, meditation produces a sense of calm, tranquillity, and balance, which can improve both emotional and overall health. It is also utilised to relax and lessen anxiety by diverting attention to something comforting. Meditation teaches how to preserve inner balance and stay centred. According to the Centres for Disease Control and Prevention, a federal agency of the United States that works for the Department of Health and Human Services, the percentage of people with recent anxiety or depressive symptoms increased from 36.4% to 41.5% between August 2020 and February 2021. Similarly, the American Institute of Stress reported in April 2022 that making day-to-day decisions (36%), as well as critical life decisions (35%), was more difficult than before. As a result, rising stress and anxiety rates are propelling the meditation market forward.
Major players in the meditation market are Smiling Mind, Inner Explorer Inc., Committee for Children, Stop Breathe and Think PBC, Simple Habit Inc., Calm, Headspace Inc., Insight Network Inc., Waking Up LLC, FeelVeryBien SAS, Meditopia.
The development of mobile or electronic applications is a crucial trend that is gaining traction in the meditation market. Major players in the meditation market are focusing on producing unique solutions to increase their market position. For example, Mobio Interactive, a Singapore-based app developer that produces and publicises a digital theragnostic platform powered by AI that offers clinically validated psychotherapy regimens tailored to each patient, introduced the AmDTx app in May 2022. AmDTx offers a number of psychotherapy options. A considerable emphasis has been placed on medical-grade mindfulness meditation practises, which are available through a variety of channels. Other benefits include stress assessment with a mobile camera, stress self-evaluations, intuitive mood calculation, and free-form writing. It can also be used to complete meditation sessions or other sorts of digitally transmitted psychotherapy by utilising training elements such as self-guided, intent, and others.
North America was the largest region in the meditation market in 2022. The regions covered in the global meditation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global meditation market is segmented by type into open monitoring, focused attention, self-transcending meditation; by meditation type into zen meditation, metta meditation, spiritual meditation or transcendental meditation, progressive relaxation or body scan meditation, mindfulness meditation, breath awareness meditation, kundalini yoga; by age into adult, children; by end-user into meditation centers, home setting, corporates or schools or colleges.
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