The Global Emerging Mental Health Devices and Platforms Market Size is valued at 3.22 billion in 2023 and is predicted to reach 17.70 billion by the year 2031 at a 23.81% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- People have become more aware of digital mental health solutions, which is driving the demand for new mental health devices and platforms.
- Favourable regulations and reimbursement for telehealth consultations, alongside employers' integration of mental health into employee assistance programs (EAPs), fueling the demand for emerging mental health devices and platforms.
- North America dominated the market and accounted for a global revenue share in 2023.
- A major challenge for the emerging mental health devices and platforms market is the lack of scientifically validated data. Many of these tools lack rigorous testing and evidence-based research to prove their effectiveness in treating conditions such as anxiety and depression.
Mental health is a severe upcoming health issue due to the covid-19 pandemic. According to a new survey by WHO, the COVID-19 outbreak has disrupted critical mental health services in 93% of countries worldwide. The rapid invention of various healthcare applications is expected to drive growth opportunities for the mental health devices and platforms market in the coming future.
AI-powered technologies acquired popularity in 2020 and have increased, becoming life-changing by 2022. AI chatbots, such as Wysa and Woebot, may assist patients with cognitive-behavioural Therapy (CBT). People who use these gadgets will also find them helpful in dealing with their symptoms in between consultations.
The Covid-19 pandemic also caused a significant anxiety scale due to social isolation, unemployment, and constant anxiety about the virus. As a result, mental health is now more vital than ever. This is also reflected in numbers: according to the World Health Organisation (WHO), depression will be the most significant healthcare issue by 2030, with a global cost of $6 trillion.
Driving factors of the emerging mental health devices and platforms market include advancements in medical technologies, surging use of mobile applications and the internet, rising awareness regarding digital healthcare services, increasing mental health problems, changing living standards, and the need for cost-effective and home healthcare services. Furthermore, the high demand for Telehealth services and the increasing efforts by pharmaceutical companies to digitalize healthcare services are projected to boost the growth opportunities for this market. However, the factors such as data security issues, the high cost of devices, and the need for validated scientific data may hamper the emerging mental health devices and platforms market expansion over the forecast years.
Key developments in Emerging Mental Health Devices and Platforms Market market:
- In October 2021, Ginger and Headspace merged to create Headspace Health, a $3 billion entity combining mindfulness with coaching and therapy services to offer a comprehensive digital mental health solution.
Competitive Landscape:
Some of the emerging mental health devices and platforms market players:
- AbleTo, Inc.
- Calm
- Electromedical Products International, Inc.
- Flow Neuroscience AB
- Ginger
- Headspace Inc.
- HAPPIFY HEALTH
- Lyra Health, Inc
- Monsenso A/S
- Neuronetics
- Pear Therapeutics, Inc.
- Psious
- Quartet Health
- Talkspace
- Teladoc Health, Inc.
- Woebot Health
- Ybrain, INC
- Bioself Technology Ltd
- INNOVATIVE NEUROLOGICAL DEVICES
- Lief Therapeutics
- NeuroSigma, Inc
- Sentio Solutions Inc
- Other Prominent Players
Market Segmentation:
The emerging mental health devices and platforms market can be segmented into Products, Therapies, End-Users, Applications, and regions. The product segment includes Platforms and Devices, and the devices segment is anticipated to record high growth in the near future. On the basis of Therapy, the market is divided into Cognitive Behavior Therapy (CBT), Electrotherapy, and Other Therapy. End-users divide the market into Patients, Providers, Employers, and Other End Users. In terms of applications, the market comprises Stress, Anxiety, Depression, Bipolar Disorder, Schizophrenia, and Other Applications. Regionally, the market can be segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The North America Emerging Mental Health Devices And Platforms Market Holds A Significant Revenue Share In The Region
North America is dominating the emerging mental health devices and platforms market, and it will continue this trend over the forecast period 2023-2031. This can be due to the high prevalence of mental disorders, advanced medical technologies, the increasing number of essential payers and products, and awareness about digital healthcare facilities for mental health. On the other hand, Asia-Pacific’s market is also expected to grow faster due to the high prevalence of mental disorders.
Emerging Mental Health Devices and Platforms Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 3.22 Bn |
|
Revenue forecast in 2031 |
USD 17.70 Bn |
|
Growth rate CAGR |
CAGR of 23.81% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Products, Therapies, End-Users, Applications |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
AbleTo, Inc., Calm, Electromedical Products International, Inc., Flow Neuroscience AB, Ginger, Headspace Inc., HAPPIFY HEALTH, Lyra Health, Inc, Monsenso A/S, Neuronetics, Pear, Therapeutics, Inc., Psious, Quartet Health, Talkspace, Teladoc Health, Inc., Woebot Health, Ybrain, INC, Bioself Technology Ltd, INNOVATIVE NEUROLOGICAL DEVICES, Lief Therapeutics, NeuroSigma, Inc, Sentio Solutions Inc |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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