Mental Health Apps Market

Market Synopsis:

The Global Mental Health Apps Market was valued at USD 4.1 Billion in the year 2021 and is forecast to reach a value of USD 9.9 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 15.9% over the forecast period.

Mental health applications are tools that can be accessed through a smartphone or other smartphone. These apps aim to increase users' self-awareness by attempting to control their moods, keeping proper habits while breaking bad ones, and nurturing positive thinking. Among the significant mental illnesses focused on mental health, applications are mood disorders (such as depression or bipolar disorder), anxiety symptoms, personality disorders, psychotic diseases, disordered eating, trauma-related disorders, and substance abuse problems, to name a few driving the market growth. In addition, people's or society's increased stress levels are due to the factors like drug or alcohol addiction, inappropriate work-life balance, relationship issues, growing mental health awareness in recent years, and fewer social interactions are the key elements raising the risk of mental disease globally, particularly in developed and emerging regions and hence fuels the market for mental health apps.

Additionally, the use of cutting-edge linked gadgets like smartwatches, self-assessment awareness tools, and applications for mental health suggested by doctors has grown over time. As a result, it is believed that in recent years, demand for the market for Mental Health Apps has increased. Moreover, by providing an interactive platform, these Mental Health Apps will assist professionals such as psychiatrists, psychotherapists, clinical psychologists, and others in assessing and monitoring the benefits and risks of the patient's mental wellness. Furthermore, these health apps' point-of-care services remove all barriers to seeking a therapist for mental health well-being, including those caused by expensive OPD therapy sessions, the social stigma associated with depression, and a lack of self-confidence to leave one's home to visit hospitals and clinics.

Market Segmentation:

The Mental Health Apps market is segmented into Platform Type, Application Type, and Region. Based on the Platform Type outlook, the market is further classified into iOS, Android, and Other Platforms. Furthermore, based on the Application Type, the market is further segmented into Depression & Anxiety Management, Meditation Management, Stress Management, Wellness Management, and Other Applications.

Based on Platform Type Outlook:

The iOS sector is the one with the most significant market share. iOS smartphones and tablets have more health apps than android ones. Every year, over 100 new healthcare applications are uploaded to the Appstore; due to this rapid advancement in technology and customer acceptability, the market for these apps has experienced exponential development in recent years. The application-based smartwatch market is anticipated to grow at the fastest rate. Smartwatches that track mental health and well-being are popular right now. Leading companies have recently increased their Research and Development (R&D) expenditures for cutting-edge innovative technology for the healthcare business. Therefore, increasing demand for smartwatches and other technology solutions is anticipated to fuel the market for mental health apps.

Based on Application Type Outlook:

The Management of Depression & Anxiety as an Application is anticipated to increase during the study period significantly. The most prevalent mental health issues in both men and women are anxiety and depression. In addition, men are more likely than women to have substance use disorders, and as a result, they are more likely to utilize those apps. The key drivers of the segment's growth include the rising prevalence of depression and anxiety, the expansion of efforts to manage these conditions, and the introduction of numerous mental health apps.

Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. In the Asia-Pacific (China, Japan, India, Australia, and the rest of APAC) area, the rising patient population is expected to present a growth potential due to the region's changing lifestyle and shifting tendency toward urban culture and nuclear families. Furthermore, thanks to the region's growing use of smartphones and increased demand for connected devices, the Asia Pacific region is predicted to grow significantly. Additionally, many nations in the region are implementing mobile and digital health technology to manage healthcare delivery and guarantee better results. Therefore, over the projection period, such initiatives are expected to increase the usage of Mental Health Apps in the Asia-pacific area.

Competitive Landscape:

The key players in the Global Mental Health Apps market include- Mindscape LLC, Calm, MoodMission Pty Ltd., Sanvello Health, Headspace Inc., Flow Youper Inc., Happify Inc., Talkspace, and others.

Segmentation of the Global Mental Health Apps Market: