The proliferating use technology for everyday functioning, including health and fitness is paving immense opportunities for the mindfulness meditation apps market. Rising mental disorders due to massive personal and professional commitments is driving individuals to take up mind relaxing activities such as meditation. Mindfulness and meditation have emerged as a panacea for mental health and is beyond what routine healthcare offers.
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The increasing leaning of millennials for a wholesome way of life is opening prospects for the mindfulness meditation apps market. Immersed in technology, this generation is leveraging the medium to chart out a holistic living. Besides fitness for physical health, this generation is looking for relaxation activities for mental health. And meditation is slowly catching up with this generation.
Hefty Investments by Technology Startups to open New Growth Avenues
Explosion of information via social channels that influence young minds is resulting in depression, insomnia. This is driving young adults to adopt alternative therapies such as mindfulness and meditation to treat these conditions. To capitalize on this, technology startups are developing easy to comprehend meditation apps designed for mental health issues such as depression, insomnia, anxiety, and self-care. This has aroused the interest of investors to invest in this highly lucrative market aimed at nurturing the mental health of the future generation.
The mindfulness meditation apps market is highly consolidated with almost 70% share held by Calm and Headspace. These two companies are monetizing on their early entry in the mindfulness meditation market and are partnering with academic institutions, universities, and social platforms to reach out to young individuals. Such pursuits are garnering increased revenue for these two companies in the mindfulness meditation apps market. As per published data, the number of downloads of Calm is 50 million. Calm features design simplicity, and has been cleverly developed with the help of sleep psychologists resulting in monumental popularity of the app.
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