What Has Been the Growth of the Digital Mental Health Market So Far?
The digital mental health market has seen considerable growth due to a variety of factors.
• The size of the digital mental health market has seen a surge in recent years. The market will expand from $23.63 billion in 2024 to $27.56 billion in 2025, experiencing a compound annual growth rate (CAGR) of 16.6%.
The historic period's growth can be traced back to factors such as a rise in chronic diseases, escalating healthcare expenses, initiatives and regulations set by the government, consumer empowerment, as well as concerns regarding data security and privacy.
How Will the Digital Mental Health Market?
The digital mental health market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the size of the digital mental health market is projected to experience rapid expansion. By 2029, the market is expected to increase to $50.45 billion, growing at a compound annual growth rate (CAGR) of 16.3%.
This anticipated growth during the forecast period can be attributed to factors such as the adoption of healthcare providers, the expansion of telehealth, solutions to engage patients, the sharing and interoperability of data, and preparedness for global health crises. The forecast period is likely to see significant trends including remote patient monitoring, technological advancements, integration of behavioral health, data exchange and interoperability, as well as the incorporation of wearable technology.
Which Factors Are Boosting Growth In The Digital Mental Health Market?
The digital mental health market's growth is anticipated to be fueled by the rising incidence of mental disorders. A mental disorder is a significant disturbance in a person's thinking, emotion regulation, or behavior, which carries clinical importance. The technology solutions for mental health support a range of tasks including mental health promotion, prevention of mental health issues, self-care, early intervention, and treatment of mental disorders. For example, Mental Health America, a not-for-profit organization in the US committed to promoting mental health and preventing illness, reported that in 2022, the proportion of adults living with a mental illness increased to 19.86% of the total US population, translating to around 50 million, up from the 19% representing about 47 million US adults experiencing mental illnesses in 2021. Hence, the surge in mental disorders is stimulating the expansion of the digital mental health market. The digital mental health market's growth is also projected to be bolstered by the escalating adoption of the Internet of Things (IoT). IoT entails a networked system of interlinked computing devices, mechanical and electronic machinery with unique identities (UIDs), with the ability to transfer data without the requirement of human-to-human or human-to-computer interaction. Implementing IoT in digital mental health allows real-time tracking and personalized interventions fostering proactive, data-driven models to enhance individuals' mental well-being. For example, a report in September 2022 by Ericsson, a Swedish telecommunication firm, revealed that in 2022, global IoT connections reached 13.2 billion and are projected to grow by 18% to 34.7 billion by 2028. Consequently, the augmenting adoption of IoT is energizing the growth of the digital mental health market.
What Key Areas Define The Segmentation Of The Global Digital Mental Health Market?
The digital mental health market covered in this report is segmented –
1) By Component: Software, Services, Hardware
2) By Application: Depression And Anxiety Management, Meditation Management, Stress Management, Wellness Management
3) By End Users: Hospitals, Mental Healthcare Centers, Research Institutes
Subsegments:
1) By Software: Mobile Applications, Web-Based Platforms, Virtual Therapy Platforms
2) By Services: Teletherapy Services, Online Counseling Services, Behavioral Health Monitoring Services
3) By Hardware: Wearables for Mental Health Monitoring, Biofeedback Devices, Virtual Reality (VR) Devices Tor Therapy
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How Are New Trends Impacting The Size Of The Digital Mental Health Market?
Leading businesses in the digital mental health market are concentrating on innovation in AI and machine learning algorithm applications to obtain a market advantage. This innovation refers to the incorporation of artificial intelligence in digital mental health applications to systematize mental health services and identify, as well as analyze, mental health problems. For example, in August 2023, Aiberry, an AI-powered American mental health screening platform, unveiled an updated version of their platform tailored to the requirements of corporate wellness platform users. It effortlessly integrates with top corporate wellness platforms, using their AI-operated therapeutic tech assistant, Botberry, to engage in dialogues that help identify mental health disorders by scrutinizing speech patterns and minute changes in facial expressions. The enhanced analytics features of Aiberry's corporate wellness platform enable monitoring and tracking of employee's wellness progress over time.
Who Are the Key Players In The Digital Mental Health Market?
Major companies operating in the digital mental health market report are:
• Teladoc Health Inc.
• Calm Health
• American Well Corporation
• Ginger.io Inc.
• Headspace Health
• Iron Bow Technologies Inc.
• Talkspace Inc.
• Virgin Pulse Inc.
• Quartet Health Inc.
• Array Behavioral Care
• Cerebral Inc.
• Woebot Health
• NeuroFlow Inc.
• Even Health LLC
• Sanvello Health Inc.
• Twill Inc.
• Wysa Inc.
• HealthRhythms
• Likeminded GmbH
• Mantra Health Inc.
• MindDoc Health GmbH
• TheraPlatform
• Youper Inc.
• Spring Care Inc.
• Excel At Life LLC
What Is The Most Dominant Region In The Digital Mental Health Market?
North America was the largest region in the Digital Mental Health market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital mental health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
