Emerging Mental Health Devices and Platforms Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 22.38 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Emerging Mental Health Devices and Platforms Market Analysis
The emerging mental health devices and platforms market is expected to grow from USD 3.1 billion in 2023 to USD 8.3 billion by 2028, registering a CAGR of 22.38% during the forecast period (2023-2028).
The COVID-19 pandemic led to a global surge in mental health challenges, resulting in an increased demand for digital mental health solutions. The increased attention to mental health during the pandemic has attracted investments and funding into the sector. For instance, according to data released by Mental Health America (MHA) in May 2022, in the early stages of the pandemic, the United States saw a significant increase in the number of people seeking mental health help online. As per the same source, more than 5.4 million Americans have undergone mental health testing in 2021, an increase of nearly 500% compared to 2019 and a 103% increase from 2020. This surge not only highlighted the need for accessible and remote mental health support but also drove the adoption of mental health devices and platforms as people turned to technology to address their mental well-being, contributing significantly to market growth during the pandemic. However, the market is expected to have stable growth during the post-pandemic period.
The increasing demand for teleconsultations and rising awareness of mental health are the factors driving demand for mental health devices and platforms, thereby contributing to market growth. Governments' proactive measures in addressing mental health issues, improving access to care, and integrating telehealth services create a conducive environment for the growth of the emerging mental health devices and platforms market. For instance, in March 2023, the Indian government launched the National Tele Mental Health Programme to improve access to quality mental health counseling and care services in the country. This initiative demonstrates a commitment to improving access to quality mental health services through telehealth and encourages the integration of mental health devices and platforms into the telehealth ecosystem, which is expected to boost market growth over the forecast period.
Furthermore, product releases and strategic initiatives by prominent market competitors positively impact industry growth. For instance, in May 2022, Wysa received Breakthrough Device Designation from the US Food and Drug Administration (FDA) for its AI-based digital mental health conversational agent for patients 18 years and older with depression and anxiety. The FDA breakthrough device program aims to provide patients access to breakthrough technologies that have the potential to deliver more effective treatment than current treatment options for life-threatening or debilitating diseases or conditions. Therefore, owing to the growing demand for telehealth services and strategic efforts by market players, the market studied is anticipated to witness growth over the forecast period.
However, the limited clinically validated scientific data for mental health applications restrains market growth.
Emerging Mental Health Devices and Platforms Market Trends
Mental Health Platforms are Expected to Hold a Major Share of the Market Over the Forecast Period
Mental health platforms are digital platforms that try to raise mental health awareness, de-stigmatize mental health issues, and provide treatment and therapy services. The growth driving factors for this segment are increasing mobile health usage, high prevalence of mental health issues, and growing awareness of the applications and platforms aiding in managing mental health problems.
For instance, according to the reports published by Mental Health America 2022, New Jersey had the lowest prevalence of mental illness. In addition, 19.86% of adults were experiencing a mental illness, equivalent to nearly 50 million Americans in 2022. By state, the prevalence of adult mental illness ranged from 16.37% in New Jersey to 26.86% in Utah. This high prevalence increases the need for mental health platforms, which is anticipated to boost the growth of the mental health platforms segment.
Moreover, the growing launches of platforms for managing mental health issues are expected to boost the segment's growth. For instance, in August 2023, Spring Health launched Sage, a platform that offers asynchronous video lessons to support managers in creating a healthy work environment and help employees manage their mental health. Similarly, in January 2023, Metta Media announced the launch of MyndStories, a platform for verified, accurate mental health content exclusively for Indians. Such new launches increase the availability of care for mental health patients, which is likely to boost growth in the segment over the forecast period.
North America is Anticipated to Have a Significant Share in the Market Over the Forecast Period
North America is expected to have the largest share in the emerging mental health platforms and devices market due to the increasing cases of mental disorders, new government initiatives and funding for mental healthcare, and the expansion or establishment of new mental healthcare centers in the region. Mental illnesses are among the most common health conditions in North America. The region is facing an unprecedented mental health crisis among children, adults, families, and communities. In addition, mental health disorders in Americans are gradually increasing due to increasing stress, substance abuse, and excessive alcohol intake.
The high burden of mental health conditions is likely to boost market growth in the region. For instance, according to the 2023 infographics of the National Alliance on Mental Illness (NAMI), 1 in 5 US adults experience mental illness, and 1 in 20 adults experience serious mental illness. In addition, 17% of the youth population (6-17 years) are experiencing mental health disorders in 2023. This shows the high prevalence of mental illness among people, which is expected to increase the demand for mental health devices and platforms, propelling market growth over the forecast period.
The presence of numerous market players and continuous collaborations, acquisitions, agreements, and approvals result in more mental health services through various platforms, which is anticipated to fuel market growth in the region. For instance, in November 2022, Health PEI collaborated with the Mental Health Commission of Canada, Stepped Care Solutions, and Memorial University to improve access to mental health and addiction services with Stepped Care 2.0 (SC2.0). It is a person-centered, strengths-based model for delivering mental health and addiction services. Thus, owing to strategic activities in the market and the high burden of mental illnesses, the market studied is expected to grow in the region over the forecast period.
Emerging Mental Health Devices and Platforms Industry Overview
The emerging mental health devices and platforms market is moderately fragmented due to the presence of a few regional and global companies. Market players' strategies, like agreements, collaborations, and acquisitions, increase the availability of emerging mental health devices and platforms globally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known, including TalkSpace, Headspace Inc., Clarigent Health, Twill Inc. (Happify Inc.), and Electromedical Products International Inc., among others.
Emerging Mental Health Devices and Platforms Market Leaders
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Headspace Inc.
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Talkspace
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Electromedical Products International, Inc.
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Twill Inc. (Happify, Inc.)
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Clarigent Health
*Disclaimer: Major Players sorted in no particular order
Emerging Mental Health Devices and Platforms Market News
- September 2023: Novobeing, a digital health company, launched its multi-sensory VR stress management application on the Meta Quest, offering users a transformative journey toward relaxation, stress relief, and mental clarity.
- August 2023: Mantra Health, a clinically-informed digital mental health provider for higher education, entered a new partnership with Charlie Health, the nation's provider of virtual high-acuity mental healthcare for teens and young adults. Mantra Health will add Charlie Health's virtual intensive outpatient program (IOP) to its suite of mental health services, further expanding the levels of care available to students.
Emerging Mental Health Devices and Platforms Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growing Demand for Teleconsultations and Mental Support Platforms
- 4.2.2 Increased Funding Activity in the Digital Mental Health Environment
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4.3 Market Restraints
- 4.3.1 Limited Scientific Data that has been Clinically Validated
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Product Type
- 5.1.1 Platforms
- 5.1.2 Devices
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5.2 By Application
- 5.2.1 Stress
- 5.2.2 Anxiety
- 5.2.3 Depression
- 5.2.4 Bipolar Disorder
- 5.2.5 Other Applications
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Electromedical Products International Inc.
- 6.1.2 Calm
- 6.1.3 Twill Inc. (Happify Inc.)
- 6.1.4 Headspace Inc.
- 6.1.5 Spring Care Inc.
- 6.1.6 Quartet Health Inc.
- 6.1.7 Talkspace Inc.
- 6.1.8 Teladoc Health Inc.
- 6.1.9 Woebot Health
- 6.1.10 Clarigent Health
- 6.1.11 Feel Therapeutics
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityEmerging Mental Health Devices and Platforms Industry Segmentation
As per the scope of the report, mental health devices are devices intended to improve mental health by providing relief from anxiety and other related illnesses. Mental health platforms provide online consultations and virtual assistance for people who need mental support. With platforms like mobile and computer applications, treatment is more accessible to patients and providers.
The emerging mental health devices and platforms market is segmented by product type (platforms and devices), application (stress, anxiety, depression, bipolar disorder, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in USD for the above segments.
| By Product Type | Platforms | |
| Devices | ||
| By Application | Stress | |
| Anxiety | ||
| Depression | ||
| Bipolar Disorder | ||
| Other Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Emerging Mental Health Devices and Platforms Market Research FAQs
What is the current Global Emerging Mental Health Devices and Platforms Market size?
The Global Emerging Mental Health Devices and Platforms Market is projected to register a CAGR of 22.38% during the forecast period (2024-2029)
Who are the key players in Global Emerging Mental Health Devices and Platforms Market?
Headspace Inc., Talkspace, Electromedical Products International, Inc., Twill Inc. (Happify, Inc.) and Clarigent Health are the major companies operating in the Global Emerging Mental Health Devices and Platforms Market.
Which is the fastest growing region in Global Emerging Mental Health Devices and Platforms Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Emerging Mental Health Devices and Platforms Market?
In 2024, the North America accounts for the largest market share in Global Emerging Mental Health Devices and Platforms Market.
What years does this Global Emerging Mental Health Devices and Platforms Market cover?
The report covers the Global Emerging Mental Health Devices and Platforms Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Emerging Mental Health Devices and Platforms Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Emerging Mental Health Devices & Platforms Industry Report
Statistics for the 2024 Emerging Mental Health Devices & Platforms market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Emerging Mental Health Devices & Platforms analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
