Meditation Apps Market to Hit USD 6.89 Billion by 2028, at a CAGR of 42.34% from 2022-2028, owing to Growing Use of Digital Platforms for Health Solutions
The latest research report by SkyQuest on the meditation apps market is based on data gathering, in-depth assessment, and interpretation of statistics from experts and highly authentic sources. The research report's main objectives are forecasting popular trends for the upcoming years and determining the growth potential of important regions and market segments. Furthermore, to assess the level of competition, the market report also includes qualitative and quantitative data for each crucial regional market.
Westford, USA, Feb. 03, 2023 (GLOBE NEWSWIRE) -- North America is set to dominate the meditation apps market due to major technological revolutions and increasing spending on healthcare. In addition, the market is expected to grow due to several factors, including the rising incidence of mood disorders among people of all ages and the increasing purchasing power of the populace in many developing and developed countries. To address issues faced by target end users and create the designs and content of their apps, a large number of businesses competing in the market for mindfulness meditation apps are increasing their research efforts.
SkyQuest projects that by 2025, meditation apps will make up more than 43% of the most subscribed categories of healthcare applications in the U.S. region. With such a rising trend, market participants will likely witness lucrative growth opportunities.
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Tables - 89
Figures - 67
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The mental exercise of calming the mind and letting go of unhelpful thoughts is known as meditation. A meditation app is an application program that can be downloaded and run on smartphones and tablets and instructs users in deep breathing, relaxation of the body and muscles, and mental imagery. Similarly, companies that create applications distribute different drives worldwide so that each teacher and student can approach their meditation applications.
Prominent Players in Meditation Apps Market
MoodMission Pty Ltd.
Flow and Youper, Inc.
ShutEye: Sleep Tracker
Android Segment to Register Higher Sales owing to Huge Rise in Android Smartphone Users Globally
The Android segment showed higher growth, registering 57% market share in 2022, and is predicted to maintain its dominance throughout the forecast period. A rise in consumer interest in Android systems due to their easy-to-use functionality and regular updates is driving the segment's growth. In addition, the newest developments favoring the market growth are the technological advancements in the working frameworks, such as the integration of mobile devices with sensitive reflection apps, expansion in the representation, and the sound nature of the functional frameworks.
North America is leading in the meditation apps market in terms of regional growth. To maximize the therapeutic benefits of meditation, people are looking for mindfulness apps for their smartphones as it steadily becomes a part of Americans' daily life. In addition, people realize that mindfulness and meditation are the best methods for reducing stress and unwinding.
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Free Application Segment Emerge as the Promising Service Category due to Increasing Subscriptions Count
Most of the meditation apps market share is attributed to the free application service segment. Such growth is driven by the customers' strong infiltration of free services. In addition, many developers of apps for meditation provide both free and paid (in-app purchasing) membership services. Similarly, only 3–4 customers out of 50 desire to purchase premium services. This trend is expected to change as more consumers gravitate toward premium applications as their disposable income and product awareness increase.
The meditation apps market in Asia Pacific is witnessing higher traction owing to a huge rise in smartphone users and increasing health awareness among the population. The therapy's origin in the region and its increasing use to reduce daily stress are factors driving the growth of the market for meditation apps in the Asia Pacific. India will continue to be a goldmine of opportunities waiting to be mined by market players. Yoga and meditation are two widely embraced methods for the nation's revival overall.
The research report's competitive outlook section includes insights into the leading company's operations, business divisions, regional dynamics, and recent. In addition, a thorough analysis of the meditation apps market, including regional assessments and competitive studies on a global, regional, and domestic level, will help market participants devise their future roadmap.
Key Developments in Meditation Apps Market
Headspace Health, a digital mental health startup, revealed that it would start providing clinical care services to businesses with headquarters outside of the United States. The digital mental health startup said it would begin providing behavioral health counseling and employee assistance services to businesses in the U.K. in addition to its offerings for meditation and mindfulness. This year, it wants to enter more foreign markets.
Former NFL star Brandon Marshall's wellness company House of Athletes (HOA), and Hyperice, a global high-performance wellness brand, have partnered to deliver guided meditation content using Core, Hyperice's data-driven product for meditation, breathwork, and mental skill development. The announcement was made when the United States was experiencing an unprecedented mental health crisis, with over 50% of adults with mental illnesses not receiving treatment and 19% of Americans living with mental health issues.
Equa Health, a mindfulness training software developed by Carnegie Mellon University, has announced a pre-seed investment and cooperation with Los Angeles-based TRIPP, combining immersive technology with psychedelic visuals to improve mental wellness. The two will create three sessions concentrating on the three primary mindfulness skills of focused power, serenity, and sensory clarity as the first clinically validated experiences for mindfulness training on the extended reality (X.R.) platform.
Shine, a wellness app, was acquired by digital mental health and wellness company Headspace Health. The latter app provides self-guided content like daily meditations, self-care courses, and individualized support to over 45,000 subscribers. The number of people using meditation apps will stay up for a while. The adult population in the U.S. are interested in adopting applications for use cases involving mental health.
Total Brain, a mental health management software, has been purchased by SonderMind, a digital behavioral health business, for an unknown sum. With the acquisition, SonderMind can offer tools for tracking one's mental health and providing individualized care for oneself. Therapists can then use these data points to track clinical measurement-based results and develop individualized care programs.
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Key Questions Answered in Meditation Apps Market Report
What are the major driving force and hurdles for the global market?
Who are the highly active players in the meditation apps market?
Which segments are anticipated to emerge as the major revenue contributor?
Which region is set to offer lucrative business opportunities during the forecast period?
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