WASHINGTON, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Rising utilization of mental health apps owing to their benefits in improving treatment outcomes and lifestyle and increasing awareness regarding mental health as a significant health condition are some of the major factors anticipated to drive the market.
The Global Mental Health Apps Market revenue is expected to reach a value USD 9.9 Billion in 2028.
The Global Market revenue was valued at USD 4.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period; states Vantage Market Research, in a report, titled “Mental Health Apps Market Size, Share & Trends Analysis Report by Platform Type (iOS, Android, Other Platforms), by Application Type (Depression & Anxiety Management, Meditation Management, Stress Management, Wellness Management), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
The global Mental Health Apps Market was valued USD 4.1 Billion in 2021 and is all set to surpass USD 9.9 Billion by 2028, exhibiting a CAGR of 15.9% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Mental Health Apps industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
An Influx of Apps offering Virtual Therapy for Mental Health
Experts and business leaders have emphasized the value of mental health and well-being for workers in various businesses over the past century. Schools and institutes collaborate with software developers to assist students in managing stress while studying. Modern lifestyles and fast-paced lives have influenced the market's rising need for virtual treatment. Mobile phones have also improved the productivity of many professions and turned them into tools. Online treatment services have grown as a result of the rising frequency of mental health issues among generations. Moreover, increasing smartphone and internet penetration is fuelling the market growth. For instance, as per a 2021 report by Ericsson, the number of mobile subscriptions was more than 6 billion, which is expected to increase in the near future.
Shifting Trends from Traditional Methods of Care to Patient-Centric and Personalized Care
The adoption of mental health applications is aided by changing healthcare trends away from traditional treatment models and toward patient-centered and individualized care. Apps for managing one's mental health, such as meditation, anxiety, depression, and well-being, help preserve one's general health, encourage a healthier lifestyle, and lowering stress. Additionally, the COVID-19 epidemic has caused a rise in the use of mental health applications worldwide. During the pandemic, lockdowns in many parts of the world, rising levels of loneliness, an unbalanced work and personal life, and burnouts all contributed to a rise in the use of mental health applications. This can also be explained by the increase in mental health app downloads throughout this time.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Mental Health Apps Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates, and Forecast
North America is expected to dominate the growth of Mental Health Apps Market in 2021. This dominance is owing to the growing adoption of smartphones, developments in coverage networks, and growing internet and social media penetration. However, Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period. This surge in market growth is attributed to= factors such as rising demand for connected devices and the growing adoption of smartphones in the region.
List of Prominent Players in the Mental Health Apps Market:
Mood Mission Pty Ltd.
Flow Youper Inc.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Mental Health Apps Market Size, Share & Trends Analysis Report by Platform Type (iOS, Android, Other Platforms), by Application Type (Depression & Anxiety Management, Meditation Management, Stress Management, Wellness Management), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
In April 2021: Offshore Titans, an online platform aimed at promoting mental health in the oil and gas industry, teamed up with the developer of a mobile app that reduces workplace stress. By using the app, workers will have the opportunity to inform their employer of any issues or concerns in real-time, anonymously.
In August 2021: K Health, a digital primary care platform providing high-quality, individualized healthcare to millions of adults and children, announced the acquisition of Trust, an app that connects consumers and providers of on-demand text-based therapy. This acquisition will expand K Health's mental health services.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Mental Health Apps Market for the base year and forecast period?
This market titled “Mental Health Apps Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
• Platform Type
Region & Counties Covered
• North America
• Mindscape LLC
Market growth drivers, restraints, opportunities, Porter’s five forces analysis,
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Top Companies in Mental Health Apps Market | Key Players Market Insights, Growth Analysis, Company Size and Share | Comprehensive Forecast.
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