Pune, India, July 09, 2021 (GLOBE NEWSWIRE) — The global stress management market reached USD 18,600.9 million in 2020 and is projected to grow at a CAGR of 3.5% during the forecast period. A large number of workplaces were affected by work-related psychosocial risks and stress and the poor health and business consequences that came with them. Global socio-political developments such as increasing globalization and advances in information and communication technology, and new types of contract terms and arrangements for employees have led to increased stress. All these factors had a significant impact on workplaces over the last several decades, resulting in new occupational safety and health (OSH) challenges.
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In a broader social framework, work-life is influenced by the busy lifestyle, which contributes to work pressures, deadlines, multitasking, and the necessity to learn new skills. In addition to these fundamental and long-term changes, the global financial situation is increasing the pressure on firms and employees to stay competitive.
According to a study by the World Health Organization (WHO) and the International Labor Organization (ILO), long working hours led to 745,000 deaths. These deaths were due to stress from working at least 55 hours a week resulting in stroke and ischemic heart disease in 2016. The deaths were an increase of 29% since 2000.
Some Significant Market Developments Considered in the Report:
- June 2021- Tech-enabled happiness solutions provider, HappyPlus Consulting launched a free platform “ASHA” for managing a medical profession-based workplace stress. Based on various parameters, Active Support through Happy Plus application or ASHA hospitals and medical professional’s platform scientifically measures the stress levels after listening to employees and recommend solutions to help them cope up with the stress and anxiety.
- April 2021- Fitbit introduced stress management tools to offer new activity trackers for the first time. The new Stress Management Score will be made available to all FitBit heart-rate enabled devices. This new product provides a daily assessment of the user’s body’s ability to handle stress. It registers activity levels, sleep, and heart rate.
- April 2021- FSAP launched two new programs to help with stress management. The Faculty Staff Assistance Program (FSAP) will help Emory University staff and faculty along with two new virtual programs focused on stress management.
COVID-19 Impact on the Global Stress Management Market
The coronavirus pandemic has led to a major mental health crisis across the world. Government and private sectors are adopting policies to support and address the psychological suffering of people under the lockdown. Along with physical health conditions, the COVID-19 has also aggravated mental health as it has led to stress due to both financial and personal loss owing to an increasing number of COVID-19 patients worldwide and a halt in activities.
According to the World health organization (WHO), healthcare workers and first responders operating under continuous pressure are particularly vulnerable to stress. The WHO study shows that in 2020 stress also affected young children, who cannot go outdoors or to school due to the prolonged lockdown.
Stress Management market, by Service
Based on service, the market is divided into stress assessment, yoga and meditation, resilience training, progress tracking metrics, and others. Among these segments, the stress segment assessment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period.
As a result of the tremendous technological advancement in recent years, new methods for stress evaluation have been created, which are being adopted for determining stress levels. For instance, in April 2021, the American Institute of Stress partnered with Stressmaster International to deliver the Stress Mastery Questionnaire, a scientifically proven psychometric test (SMQ). This discreet, online self-assessment test provides full stress reports and assessment on all stress risk scores.
Stress Management market, by Delivery Mode
Based on delivery mode, the market for stress management is divided into individual counselors, personal fitness trainers, meditation specialists, and others. Among these segments, meditation specialists segment is expected to be the fastest-growing segment during the forecast period.
The meditation specialists segment growth can be attributed to increasing trend of online meditation classes catering to various sectors due to increasing awareness regarding stress. This has encouraged institutes and organizations to collaborate with meditation experts to offer stress management to their staff. For instance, in 2020, California’s Esalen Institute partnered with Radiance Sutras School of Meditation offered online meditation teacher training course, in response to the growing demand for wellness.
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Stress Management market, by Activity
Based on activity, the market for stress management is divided into indoor and outdoor. Among these segments, outdoor segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period.
The outdoor segment growth can be attributed to increased recognition for connecting with nature to prevent or improve stress and anxiety. For instance, in January 2020, new research by interdisciplinary team from Cornell found that as little as 10 minutes in a natural setting can help college students feel happier.
Stress Management market, by End-Use
Based on the organization, the market for stress management is divided into small scale organizations, medium scale organizations, and large-scale organizations. Among these segments, large scale organizations segment holds the largest market share in 2021 and it is expected to remain the largest segment during the forecast period.
The segment growth can be attributed to increasing awareness in large scale organizations regarding high-stress levels of employees. Preventive stress management in large scale organizations is helping the organization to operate to its fullest potential.
Stress Management market, by Region
Based on region, the stress management market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Among these regions, North America stress management market holds the largest market share. High stress levels have resulted in consumption of alcohol or other substances due to the trend of alcohol consumption as a solution for unwinding. Many of the top causes of death in the US, such as heart disease, cancer, lung disease, accidents, cirrhosis of the liver, and suicide, are linked to long-term stress. According to a survey by the American Psychological Association (APA) in 2020, Americans were profoundly affected by the COVID-19 pandemic. Hence, due to increased stress and anxiety in the pandemic, there is a high demand for solutions providing stress relief, which is driving the regional market growth.
The Asia Pacific market is expected to be the fastest-growing region during the forecast period. Increasing urbanization and growing population has led to high competition in every field. With growth of industries, organizations are supporting emotional wellness for employees. Seven in ten Indian workers say they’re experiencing stress at work on at least a weekly basis, according to global payroll and HR leader ADP. The lifestyle, busy schedules, work stress along with increasing uncertainty due to COVID-19 has contributed to increasing worsening of mental health due to financial and health related stress. This has led to high demand for stress management and stress relief solutions in the region.
Some Major Findings of the Stress Management Market Report Include:
- Major global stress management market developments and forecast analysis along with a region-specific market analysis for 25 countries
- In-depth stress management market study by the segments with trend-based insights
- Profiles of major market players operating in the global stress management market, which include Fitbit, ActiveHealth Management, ComPsych, Marino Wellness, Truworth Wellness, Wellness Corporate Solutions (WCS), Wellsource, Inc., CuraLinc Healthcare, Central Corporate Wellness, Abbott Laboratories Inc. ., Eli Lilly and Co., GlaxoSmithKline PLC, Lupin Ltd., Johnson & Johnson Services Inc., Merck & Co. Inc., Pfizer Inc., and Takeda Pharmaceutical Co., Ltd.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the market
- Impact of COVID-19 on the global stress management market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Stress Management Market, by Service (Stress Assessment, Yoga and Meditation, Resilience Training, Progress Tracking Metrics, Others), Delivery Mode (Individual Counselors, Personal Fitness Trainers, Meditation Specialists, Others), End-Use (Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations), Activity (Indoor, Outdoor), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size and Forecasting (2021 to 2030)” in depth analysis along with the table of contents (ToC).
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