USD 2.4 billion
Report ID: SQSG35E2003 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 67 | Figures: 75
Global Music Therapy Market size was valued at USD 2.4 billion in 2021 and is poised to grow from USD 2.62 billion in 2022 to USD 5.73 billion by 2030, growing at a CAGR of 9.1% in the forecast period (2023-2030).
The market for global music therapy is driven by the demand owing to its benefits such as stress reduction, mood enhancement, and self-expression It is a well-established evidence-based treatment in the medical world. Singing, listening, playing instruments, or making music are all examples of music therapy experiences.
In the era of news journalism that reports violence, and natural catastrophes every minute, there is a need for a proper alternative to develop coping mechanisms. Cultural methods are crucial in assisting communities in their recovery from trauma. Sports and games, for example, have been employed in a variety of situations with persons suffering from post-traumatic stress disorder. Other arts-based therapies, such as reading or creative writing, have also been shown to be effective in dealing with the aftermath of traumatic experiences. Besides, music therapies are gaining a lot of momentum in the young population.
US Music Therapy Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.4 billion
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The global music therapy market is segmented based on the component, type, application, and region. Based on the type, the market is segmented into type 1 and type 2, and others. Based on application, the market is segmented as hospitals, schools, rehabilitation centres, prisons & jails (correctional facilities), nursing homes, and hospices. based on region music therapy market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Music Therapy Market Analysis by Application
In terms of application, hospitals and nursing homes accounted for a major revenue share. Following WWII, music therapy was extensively established in American hospitals. Since then, certain hospitals, notably on the continent of Europe, have included music therapy in their practices, building on a legacy of European hospital-based study and practice. The nursing profession, notably in the United States of America, has recognized the importance of music therapy and advocated for its use as an important nursing intervention even when music therapists are not present.
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In terms of region, North America held the majority share followed by Europe. The Asia Pacific is projected to witness maximum growth over the forecast period. Following WWII, music therapy was extensively established in American hospitals. Since then, certain hospitals, notably on the continent of Europe, have included music therapy in their practices, building on a legacy of European hospital-based study and practice. The nursing profession, notably in the United States of America, has recognized the importance of music therapy and advocated for its use as an important nursing intervention even when music therapists are not present.
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Music Therapy Market Driver
Rise in the Awareness regarding the Multiple Health Benefits of Music Therapy
Music Therapy Market Restraints
Low Remuneration for Artists to Limit the Adoption
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The market is highly fragmented with small to medium-sized players present across the world however, the level of competition is high owing to less awareness. Mergers, acquisitions and collaborative strategies are some of the methodologies pursued by the industry players.
Music Therapy Market Top Player's Company Profiles
Music Therapy Market Recent Developments
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According to the global music therapy market report analysis, the market is projected to witness a huge growth curve owing to the wider availability of music platforms and change in user perception and attitude towards music. There is also a growing number of music aspirants to pursue career objectives in the field of music.
|Market size value in 2021||USD 2.4 billion|
|Market size value in 2030||USD 2.62 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Music Therapy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Music Therapy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Music Therapy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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