Emerging Mental Health Devices and Platforms Market Report

The Global Emerging Mental Health Devices and Platforms Market Size is valued at 2.62 billion in 2022 and is predicted to reach 17.64 billion by the year 2031 at a 23.77% CAGR during the forecast period for 2023-2031.

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.

Emerging Mental Health Devices and Platforms Market

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 March 2021, Happify Health, a startup building digital health tools for mental health and wellness, raised $73 million in funding. The company plans to use the funds to build out more specialized solutions for health plans and pharma companies.

In June 2020, AbleTo, Inc., a leading provider of virtual mental health services, announced an integrated suite of solutions for payers to address the growing mental health needs across their populations with AbleTo’s highly effective care model.

In January 2020, Teladoc Health acquired InTouch Health which will provide the company with a network of more than 450 hospitals.

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.