Description
India Emotional Wellness Market Research Report Forecast to 2027
Market Overview
Emotional wellness is described as the ability to recognize and accept a variety of emotions in yourself and others. It includes your emotions, thoughts, and ability to deal with life’s challenges.
The growth of the India emotional wellness market is attributed to the rise in competition in the workplace and an increase in awareness of stress management. Also, the increasing focus on employee health and wellbeing provides lucrative opportunities for players operating in the India emotional wellness market.
The increase in the prevalence of mental health issues is one of the major drivers for the emotional wellness market in India. According to a report by the Economic Times in October 2019, an alarming portion of about 42.5% of employees working in the private sector in India suffers from anxiety, depression, or some type of mental disorder.
Additionally, according to the WHO, India is going to suffer a loss of around USD 1.03 trillion due to mental health conditions from 2012 to 2030. The scope of the India emotional wellness market study includes market size analysis and a detailed analysis of the manufacturer’s products and strategies. The market has been segmented based on service type, and sector.
The growth of the India emotional wellness market is expected to be driven by the high prevalence of mental health issues among employees, an increase in investments in mental health start-ups in the country, and high demand for emotional wellness programs among employees.
Additionally, the COVID-19 pandemic and impacted positively on the market which has further supplemented the market growth. However, factors like lack of awareness and stigma around mental health, along with the lack of qualified mental health professionals in the country, hamper the growth potential of the market.
On the other hand, technological advancements in emotional health services and the untapped Indian market form lucrative opportunities for players operating in India’s emotional wellness market.
Market Segmentation
The India emotional wellness market is segmented based on service type into Emotional Wellness (Stress) Management, Employee Assistance Programs, Content Moderation, and Other Services. Other services involve behavioral change programs, health and wellness programs, and psychometric testing.
The employee assistance programs segment held the largest market share of 40.46% in 2020, and content moderation is projected to be the fastest-growing segment during the forecast period at a CAGR of 9.03%.
Based on sector, the India emotional wellness market is bifurcated into manufacturing, consumer goods, banking, IT, global captive sector, and others. Other sectors involve BPO/KPO, oil & gas, and pharmaceuticals. IT (Information Technology) sector segment held the largest market share of 27.07% in 2020 and is projected to be the fastest-growing segment during the forecast period at a CAGR of 9.22%.
Major Players
The major market players of India Emotional wellness market are 1to1help.net, Optum Health & Technology (India) Private Limited, Workplace Options India Private Limited, Truworth Health Technologies Pvt. Ltd., and Compsych Corporation.
COVID 19 Impacts
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries.
Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
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