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The Global Wellness Institute (GWI) has called mental wellbeing a new $ 121 billion (€ 101.6 billion, £ 91.8 billion) segment of the global wellness economy.
The data was released today (November 9) in the new GWI study, called Definition of the economics of mental wellbeing, claimed to be the first document to define mental well-being as its industry.
The researchers say the industry “includes companies whose primary goal is to develop our internal mental wellbeing resources and help us think, feel, connect and function better.”
The report defines mental well-being as more than just the absence of mental illness. Instead, it is an internal resource that helps us think, feel, connect and function; it is an active process that helps us build resilience, grow and thrive.
The GWI has evaluated and ranked the emerging sector in four main sectors:
– Personal improvement, US $ 33.6 billion (€ 28.2 billion, £ 25.5 billion)
– Meditation and mindfulness, US $ 2.9 billion (€ 2.4 billion, £ 2.2 billion)
– Nutraceuticals and botanicals that stimulate the brain, 34.8 billion US dollars (29.2 billion euros, 26.4 billion pounds)
– Senses, spaces and sleep, US $ 49.6 billion (€ 41.7 billion, £ 37.6 billion)
Due to COVID-19, mental health problems and mental illness are on the rise and are putting a strain on individuals, families and society.
Furthermore, the World Economic Forum has estimated that mental illness and mental illness will cost $ 16.1 trillion (€ 13.5 trillion, £ 12.2 trillion) globally in 2030.
In response, the report argues that mental well-being can provide strategies to increase well-being and be used as a pathway to alleviate the financial burden caused by mental illness and disease – a point that it hopes will incentivize governments and businesses to promote and invest in mental well-being.
“Clearly, the human suffering and economic dislocations caused by the pandemic have increased the demand for pathways and solutions to mental well-being on a global scale,” said co-authors Katherine Johnston and Ophelia Yeung.
“Not enough attention is paid globally to the prevention of mental illness and the promotion of mental well-being.
“Practices that improve our mental well-being not only reduce the symptoms of mental illness, but also reduce the risk of developing mental illness,” they added.
The GWI has now added mental wellbeing as a new industrial bubble to its global wellness economy framework, which defines and measures the size of the $ 4.5 trillion ($ 3.8 trillion) global wellness economy. , £ 4 trillion).
The document was launched today on the first day of the annual Global Wellness Summit (GWS).
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