May 18, 2024

Visual Arts Therapy Market Driven by Increasing Cases of Cognitive Decline is increasingly used to treat mental health disorders

Visual arts therapy involves the use of art media and creative processes to aid physical, mental, and emotional healing. It allows individuals, particularly those recovering from illness or injury, to non-verbally express themselves through visual communication. Art therapy helps promote self-awareness and emotional well-being by providing a creative outlet to reduce anxiety, relieving pent-up feelings, and resolving conflicts. It provides therapeutic benefits to patients suffering from depression, trauma, addiction, PTSD, Alzheimer’s, dementia, cancer, and more. The global visual arts therapy market has grown significantly in recent years owing to the rising prevalence of mental illnesses and cognitive decline across the world.

The global Visual Arts Therapy Market is estimated to be valued at US$ 1.38 Billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 With advancements in technology, therapy sessions are moving online which has provided wider access and reduced treatment costs. Online art therapy allows those in remote areas or homebound individuals to receive one-on-one or group therapy virtually. The shift towards digitalization has been further accelerated during the COVID-19 pandemic. Online platforms offer a safe, convenient, and effective means of delivering visual arts therapy worldwide.

Porter’s Analysis

Threat of new entrants: Low. High capital requirement and presence of large established players make entry difficult for new players in this market.

Bargaining power of buyers: Moderate. Buyers have bargaining power due to availability of substitutes. However, customized therapy services also attract buyers.

Bargaining power of suppliers: Low. Supply market is fragmented with presence of number of domestic and international suppliers.

Threat of new substitutes: Low. While other therapies offer alternatives, visual arts therapy has its unique values that are not easily substitutable.

Competitive rivalry: High. Large players compete on basis of innovation, service quality, and geographic expansion. Acquisitions are common to gain market share.

Key Takeaways

The Global Visual Arts Therapy Market Size is expected to witness high growth. The global Visual Arts Therapy Market is estimated to be valued at US$ 1.38 Billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

North America dominates the global market currently. Increased awareness about benefits of visual arts therapy is driving the regional market. Asia Pacific is projected to witness fastest growth during the forecast period. Rising geriatric population, growing healthcare expenditure, and increasing focus on non-pharmacological therapies will boost the regional market.

Key players operating in the visual arts therapy market are Mitsubishi Gas Chemical Company Inc., T. Hasegawa Co. Ltd., DIC Corporation, Toyo Ink SC Holdings Co. Ltd, Flint Group, Sakata Inx, Siegwerk Druckfarben, and others.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it