Market Size of Emerging Mental Health Devices And Platforms Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Emerging Mental Health Devices And Platforms Market Size Summary
The emerging mental health devices and platforms market is poised for significant expansion, driven by the increased demand for digital mental health solutions following the COVID-19 pandemic. The pandemic highlighted the critical need for accessible mental health support, leading to a surge in online mental health consultations and a heightened focus on mental well-being. This shift has attracted substantial investments and funding, fostering the development and adoption of innovative mental health technologies. The market is further bolstered by the growing awareness of mental health issues and the integration of telehealth services, supported by government initiatives like India's National Tele Mental Health Programme. These efforts aim to enhance access to quality mental health care, creating a favorable environment for market growth.
North America is expected to dominate the market due to the high prevalence of mental health disorders and supportive government policies. The region's mental health crisis, exacerbated by factors such as stress and substance abuse, underscores the demand for effective mental health solutions. The presence of numerous market players and strategic collaborations, such as those by Health PEI and the Mental Health Commission of Canada, are expected to drive further growth. The market's competitive landscape is characterized by both regional and global companies, with ongoing product launches and partnerships enhancing the availability of mental health services. Despite the challenges posed by limited clinically validated data, the market is anticipated to experience robust growth, fueled by technological advancements and strategic initiatives.
Emerging Mental Health Devices And Platforms Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Growing Demand for Teleconsultations and Mental Support Platforms
-
1.2.2 Increased Funding Activity in the Digital Mental Health Environment
-
-
1.3 Market Restraints
-
1.3.1 Limited Scientific Data that has been Clinically Validated
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD)
-
2.1 By Product Type
-
2.1.1 Platforms
-
2.1.2 Devices
-
-
2.2 By Application
-
2.2.1 Stress
-
2.2.2 Anxiety
-
2.2.3 Depression
-
2.2.4 Bipolar Disorder
-
2.2.5 Other Applications
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Spain
-
2.3.2.6 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 South Korea
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Middle East and Africa
-
2.3.4.1 GCC
-
2.3.4.2 South Africa
-
2.3.4.3 Rest of Middle East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Rest of South America
-
-
-
Emerging Mental Health Devices And Platforms Market Size 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.
