Mindfulness Meditation Apps Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Mindfulness Meditation Apps Market is expected to reach the market valuation of USD 6,478.5 million by 2027 expanding at a reasonable CAGR of 48.2% during the forecast period (2021-2027) from USD 401.1 million in 2020. Mindfulness meditation app is an application that helps the end-users to meditate, calm down, and attain mental peace, to improve their mental health. Mindfulness meditation applications help the consumers to understand their behaviors, emotions and assist them in enhancing their self-awareness and self-regulation.

Nowadays, with an increased workload, environmental stress, and family problems, mental health disorder issues such as anxiety, mood disorders, and mental stress are growing among various age groups. For instance, according to Perkbox, 79% of the employed adults in 2020 were suffering from work-related stress. This value was 20% higher compared to 59% in 2018. Owing to this a massive population is shifting towards mindfulness meditation apps to practice meditation in their daily hustle. In 2019, end-users worldwide spent around USD 195 million on mindfulness meditation applications.

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The increased workload, increased competition in academics among students, and other environmental factors such as pollution, climate change; etc. are the reason for increasing mental health issues among the population worldwide. Further, some other factors responsible for mental health-related problems among individuals are changes in lifestyle, ailments, or any other family problems. According to Gallup 2019 global emotional report, Greece ranked highest in stress level with 59% followed by the Philippines and Tanzania with 58% and 57% respectively. Moreover, U.S. was also present in the top 10 most stressed countries with 55% of the population claiming to be stressed.

Most Stressed Countries Worldwide

As per a survey by Harris poll in 2017, it was found that stress was mainly caused by money and work in the United States. The major cause of health complaints is workplace stress followed by financial and family problems. For instance, 80% of the working people in the U.S. were stressed because of their work, and 8 out of 10, Americans were affected by stress. Furthermore, in the United Kingdom, 526,000 working individuals are affected by workplace stress, depression, and anxiety. Owing to these various reasons end-users are adopting the use of mindfulness meditation apps to achieve peace and relieve stress. According to Sensor Tower’s latest report  2019, the key meditation applications achieved revenue of around USD 195 million owing to the increased awareness regarding the mindfulness meditation apps and their provided benefits.

Some of the major players operating in the market include Calm, Headspace, Breethe, Insight Timer, Waking Up, Meditopia, BetterMe, Simple Habit, Aura Health, Moov, etc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst Operating System, Android segment holds the major share”

Based on the operating system, the market is fragmented into android, iOS, and others. The android segment generated revenue of USD XX million in 2020, owing to the increasing demand for android systems across the globe. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F.

“Amongst Service Type, Paid segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on the service type, the market is fragmented into paid and free. Owing to the strong penetration of free services among consumers, the free segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX%. However, in the coming future with the rise in disposable income of the consumers and increased awareness about the premium services, it is expected that the consumers will tend to grab the paid services more.

Amongst End-User, 18 and above age group segment holds the major share”

Based on age group, the market is fragmented into 6-12, 13-18, and 18 and above. 18 and above age group generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX%, owing to the increase in issues related to mental disorders due to overburden workload and personal life problems.

“North America signifies one of the largest markets of Mindfulness Meditation Apps Market”

For a deep-dive analysis of the industry, the study also includes regional and country-level analysis. The report comprises regions including North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America generated revenue of USD XX million in 2020 owing to consumer’s high per capita spending on healthcare and raising awareness about health benefits by these meditation apps. For instance, according to the Recovery Village, Americans spend around USD 300 Billion on healthcare due to stress every year increased adoption among the end-users, the revenue from 2018, increased by 52% in the year 2019.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Mindfulness Meditation Apps Market were the three major steps undertaken to create and analyze the adoption of Mindfulness Meditation Apps for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Mindfulness Meditation Apps sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Mindfulness Meditation Apps through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Mindfulness Meditation Apps market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are operating system, service type, and age group of end-users. Further country-level analyses were conducted to evaluate the overall adoption of Mindfulness Meditation Apps in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Mindfulness Meditation Apps. Further, we conducted factor analysis using dependent and independent variables such as increasing cases of stress among the population, and investor focus in the sector along with increased government and consumer support. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Mindfulness Meditation Apps industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Mindfulness Meditation Apps market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Mindfulness Meditation Apps across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Mindfulness Meditation Apps market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Mindfulness Meditation Apps market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the operating system, service type, and age group of the end-users of the Mindfulness Meditation Apps market.

Main Objective of the Mindfulness Meditation Apps Market Study

The current & future market trends of Mindfulness Meditation Apps were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Mindfulness Meditation Apps in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the operating system, service type, and age group of the end-users
• Define and analysis of the regulatory framework for the Mindfulness Meditation Apps industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Mindfulness Meditation Apps market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India and Australia), and the Rest of World
• Company profiles of the Mindfulness Meditation Apps market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry