Mental Health Apps Market to grow at a CAGR of 27%
The Mental health apps market is estimated to grow by more than 27% CAGR from 2021-2031. Mental health applications provides healthcare facilities or mental treatment to patient. It aware patient about their mood, health, potential trigger points, behavior, and along with suggestions and also provides healthy options to deal with depressive & stress episodes.
According to research, mental health apps market is set to witness higher growth during 2021-2031. The market will show highest growth in coming years, owing to increasing awareness about health applications within many of key vendors and initiative taken by government and top market players.
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What is Driving Demand for Mental Health Apps Market?
Increasing stress level of people or society owing to factors such as addiction of different substances, increasing awareness about mental health in recent years, and less social interactions. Also the adoption of advanced connected device such as physicians recommended mental health applications, smartwatches, and self-assessment awareness devices has been increased over the years.
Thus it is expected to drive the demand for the mental health apps market in recent years. Mental apps provides interactive platform which helps psychotherapists, psychiatrists, other clinicians assess, and clinical psychologists to monitor patient’s mental health. Thus adoption of such apps by professionals fuels the demand for the mental health apps market.
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iOS Segment is likely to Attain Largest Market Share and Smartwatches Segment is Expected to Register Highest growth rate in coming years Mental Health Apps Market
iOS segment is likely to have largest market share among other segments. As compare to android, iOS smartphones/devices has more health apps. And smartwatches segment based on application is expected to register highest growth rate. Smartwatches are in trend which monitors mental health and well-being.
In recent years top players are also investing in R&D of advanced smart technologies for the healthcare market. Thus rising demand for the smart watches and technology solutions is expected to drive the demand for the mental health apps market.
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North America Mental Health Apps Market Outlook
North America is anticipated to constitute a highest market share in the mental health apps market over the forecasted period. The North America shows significant growth in mental health apps market owing to high awareness about mental health problems and presence of the key vendors in the region.
As per the Buckeye Recovery Network survey, 16 million people are experiencing major depression, 2.4 million have schizophrenia, 42 million has anxiety disorder issues, 6.1 million people has bipolar disorder, and 10.2 million people has addiction disorder and co-occurring mental health.
According to National Institute of Mental Health (NIMH) statistics, 51.5 million people in U.S. suffers from mental illness such as schizophrenia, anxiety, and major depression. Such major issues faced by almost half of the population in the region propels the demand for the mental health apps market in North America region.
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East Asia Demand Outlook for Mental Health Apps Market
East Asia is anticipated fastest-growing region in the mental health apps market over the forecasted period owing to factors such as internet penetration in the region and increasing stress level of people or society in East Asia region.
In addition, East Asia region has developing countries such as China, and develops economy such as Japan. As per Economist Intelligence Unit (EIU) study, from 2020 to 2030, the economic growth of the China is expected to reduce by US$ 11 trillion owing to mental health problems/issues.
As per study held by WHO in Korea, around 75% of those attempting suicide are living with more than one mental illness. Thus increasing number of mental illness/issues in East Asia region is driving the demand for the mental health apps market.
Who are the Major vendors of Mental Health Apps Market?
Some of the leading vendors and companies of mental health apps market include
- CVS Health
- Aurora Health Care
- Headspace Inc.
- NOCD Inc.
- Happify Inc.
- 7 cups of Tea
- Talkspace Network
- Among others.
These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for mental health apps market.
Furthermore, many companies are focusing on launching of new product or enhance their product offering.
For instance, In July 2020, CVS Health launched anxiety treatment app. It uses cognitive behavioral therapy techniques to combat anxiety and its point solutions management lineup. Both employer clients and CVS employees can access the app.
By Operating System
By Subscription Model
By Mental Health App Types
- Mental Disorder Apps
- Substance-use Disorders Apps
- Co-occurring disorders Apps
- Co-existing disorders
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Northern Africa
- Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Mental Health Apps Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.