Mental Health Devices and Platforms Market Growth Size [2031]
Mental Health Devices and Platforms Market Growth Size [2031]
Segments - Mental Health Devices and Platforms Market by Product Type (Devices and Platforms), Application (Bipolar Disorder, Stress, Depression, Anxiety, and Others), End-user (Payers, Providers, Patients, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-5951
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Report Description
Mental Health Devices and Platforms Market Outlook 2031
The global mental health devices and platforms market size was valued at USD 2.75 billion in 2022 and is likely to reach USD 17.69 billion by 2031, expanding at a CAGR of 23.5% during 2022 – 2031. The growth of the market is attributed to the increasing awareness about the early intervention of identifying and addressing mental health issues before they escalate to severe conditions.
Rising number of individuals experiencing mental health issues is resulting in the increasing demand for accessible and effective mental healthcare solutions, which further boosts the mental health devices and platforms market.
Factors, such as stress, social isolation, economic uncertainties, and health crises, are affecting the mental health of people. Mental health devices and platforms offer resources and guidance for preventive care, allowing individuals to manage their mental well-being proactively.
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According to the report published by the Centers for Disease Control and Prevention in September 2022, the percentage of adults who received mental health treatment increased from 19.2% in 2019 to 21.6% in 2021.
Mental health devices and platforms are tools and technologies that are designed to support and enhance the well-being of individuals by addressing their mental health needs. These tools are available in various forms, such as mobile applications, online platforms, wearable devices, or telehealth services.
They serve as resources for individuals to monitor, manage, and improve their mental health. Additionally, they provide a convenient and accessible way for people to track their emotional state, receive psychoeducation, access therapy, and connect with mental health professionals.
The COVID-19 pandemic boosted the market. The increased stress, isolation, and uncertainty drove the demand for telehealth services, mental health apps, and online counseling platforms. Additionally, the pandemic heightened the awareness about the importance of mental health, reducing stigma and encouraging individuals to seek support through these platforms.
Artificial Intelligence (AI) Impact on Mental Health Devices and Platforms Market
Emergence of artificial intelligence is expected to propel the market. AI-driven technologies are enhancing the capabilities of these platforms by providing personalized, data-driven insights and support. Machine learning algorithms analyze large datasets to identify user mental health patterns and trends. Additionally, chatbots and virtual assistants powered by AI offer immediate responses and guidance to individuals seeking help, thereby increasing the availability of support.
Mental Health Devices and Platforms Market Dynamics
Major Drivers
Increasing demand for teleconsultations and growing awareness of mental health are expected to drive the market. Telehealth services have gained popularity, as they offer a convenient and flexible way for individuals to access mental health support.
People connect with therapists and counselors from the comfort of their homes. Additionally, increasing awareness of mental health and its impact on overall well-being has led to a reduction in stigma, further boosting the market.
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As per the report published by the Centers for Disease Control and Prevention in October 2022, around 37% of adults used telemedicine services in 2021.
Existing Restraints
Regulatory challenges associated with mental healthcare solutions are expected to hinder the market. The mental health tech industry operates under a web of regulations, including data protection laws and ethical standards. Complying with these regulations is a complex task, and navigating the regulatory landscape is challenging for both established companies and startups. Regulatory hurdles slow down innovations and limit the growth potential of the market.
Emerging Opportunities
Continuous advancements in technology is expected to create immense opportunities for the players competing in the market. Developers are focusing on improving user interfaces, enhance user experiences, and boost data security, contributing to the appeal and trustworthiness of these platforms.
Moreover, the integration of data as well as data analysis available on these platforms offers the opportunity to gain valuable insights into mental health trends and user behavior, which further contributes to the market growth.
Scope of the Mental Health Devices and Platforms Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Mental Health Devices and Platforms Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Product Type (Devices and Platforms), Application (Bipolar Disorder, Stress, Depression, Anxiety, and Others), and End-user (Payers, Providers, Patients, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
AbleTo, Inc; BioFieldIndia; Calm; Flow Neuroscience; Happify, Inc; Headspace Inc.; Lief Therapeutics; Lyra Health, Inc; Monsenso A/S; Neuronetics; NeuroSigma, Inc; PSICO SMART APPS, S.L.; Quartet Health; Talkspace; Teladoc Health, Inc; and Woebot Health |
Mental Health Devices and Platforms Market Segment Insights
Product Type Analysis
Based on product type, the mental health devices and platforms market is divided into devices and platforms. The platforms segment is expected to hold a major market revenue share during the forecast period, due to its versatility and comprehensive nature.
Mental digital health platforms offer a wide range of services, resources, and tools that cater to diverse mental health needs. These platforms often include features, such as teletherapy, self-help resources, personalized interventions, and data-driven insights, to provide users with a holistic approach to mental well-being.
Application Analysis
On the basis of application, the market is classified as bipolar disorder, stress, depression, anxiety, and others. The stress segment is anticipated to register robust growth during the forecast period, owing to the widespread relevance and the increasing recognition of stress-related mental health issues. Stress is a prevalent concern in today's fast-paced world, impacting people across various age groups and professions.
Mental health devices and platforms offer stress reduction techniques, biofeedback, relaxation exercises, and stress-tracking tools. Moreover, stress often acts as a precursor to severe mental health conditions, which further propels the market.
The anxiety segment is projected to expand at a significant CAGR during the forecast period, owing to the increasing demand for mental health solutions to cater to this type of condition. Anxiety is a prevalent mental health concern that affects a large portion of the population.
Anxiety management solutions provided by these platforms often offer a diverse set of techniques, such as mindfulness exercises, exposure therapy, and cognitive-behavioral strategies, to address these triggers effectively. Moreover, the growing prevalence of anxiety among the adult population further contributes to the market growth.
- According to the report published by the World Health Organization on September 27, 2023, around 301 million people in 2019 are suffering from anxiety disorders, which is a common mental disorder. Additionally, this disease majorly affects women than men.
End-user Analysis
In terms of end-user, the mental health devices and platforms market is fragmented into payers, providers, patients, and others. The payers segment is expected to hold a key market share during the projected period, due to their role in influencing the adoption and integration of mental health solutions within healthcare systems.
Payers are increasingly incorporating telehealth into their service offerings. Mental health devices and platforms often integrate seamlessly with telehealth solutions, facilitating remote consultations and interventions. This integration enhances the reach of mental health services, making them accessible to individuals, which aids in the market expansion.
The patients segment is projected to expand at a considerable CAGR during the forecast period, as patients are increasingly seeking ways to actively participate in their mental health journeys. Mental health devices and platforms provide tools for self-monitoring, self-reflection, and active engagement in their mental well-being. This trend boosts the demand for mental health solutions and further propels the market.
Regional Outlook
In terms of region, the global mental health devices and platforms market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market, due to the high healthcare expenditure in the region.
This allows for substantial investments in mental health technologies, research, and innovation. The financial resources available in the region support the development and adoption of mental health devices and platforms, further fueling the market.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the rapid adoption of technology, particularly smartphones. This digital readiness makes it easy for individuals to use mental health apps and platforms.
Availability of affordable smartphones and widespread internet connectivity boosts the adoption of digital mental health solutions. Moreover, the increasing mental health awareness among the population further boosts the market in this region.
Segments
The global mental health devices and platforms market has been segmented on the basis of
Product Type
- Devices
- Platforms
Application
- Bipolar Disorder
- Stress
- Depression
- Anxiety
- Others
End-user
- Payers
- Providers
- Patients
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- AbleTo, Inc
- BioFieldIndia
- Calm
- Flow Neuroscience
- Happify, Inc
- Headspace Inc.
- Lief Therapeutics
- Lyra Health, Inc
- Monsenso A/S
- Neuronetics
- NeuroSigma, Inc
- PSICO SMART APPS, S.L.
- Quartet Health
- Talkspace
- Teladoc Health, Inc
- Woebot Health
Competitive Landscape
Key players competing in the global mental health devices and platforms market are AbleTo, Inc; BioFieldIndia; Calm; Flow Neuroscience; Happify, Inc; Headspace Inc.; Lief Therapeutics; Lyra Health, Inc; Monsenso A/S; Neuronetics; NeuroSigma, Inc; PSICO SMART APPS, S.L.; Quartet Health; Talkspace; Teladoc Health, Inc; and Woebot Health.
These companies are boosting their market share by adopting various strategies, such as partnerships, mergers, reduction in production costs, launching products, and implementing advanced technologies.
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In September 2023, Novobeing, a digital health firm, announced the release of its app on Meta Quest, providing users with a transformative path to stress relief, relaxation, and mental clarity. The app by Novobeing combines soothing audiovisual elements, mindfulness meditation, and breathwork techniques, offering a seamless and efficient virtual reality approach to enhancing well-being. Users access a range of on-demand experiences and live sessions through an intuitive hand-tracking interface, eliminating the need for controllers.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Mental Health Devices and Platforms Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Mental Health Devices and Platforms Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Mental Health Devices and Platforms Market - Supply Chain
4.5. Global Mental Health Devices and Platforms Market Forecast
4.5.1. Mental Health Devices and Platforms Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Mental Health Devices and Platforms Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Mental Health Devices and Platforms Market Absolute $ Opportunity
5. Global Mental Health Devices and Platforms Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Mental Health Devices and Platforms Market Size and Volume Forecast by Applications
5.3.1. Bipolar Disorder
5.3.2. Stress
5.3.3. Depression
5.3.4. Anxiety
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Mental Health Devices and Platforms Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Mental Health Devices and Platforms Market Size and Volume Forecast by End Users
6.3.1. Payers
6.3.2. Providers
6.3.3. Patients
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Mental Health Devices and Platforms Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Mental Health Devices and Platforms Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Mental Health Devices and Platforms Demand Share Forecast, 2019-2026
8. North America Mental Health Devices and Platforms Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Mental Health Devices and Platforms Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Mental Health Devices and Platforms Market Size and Volume Forecast by Applications
8.4.1. Bipolar Disorder
8.4.2. Stress
8.4.3. Depression
8.4.4. Anxiety
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Mental Health Devices and Platforms Market Size and Volume Forecast by End Users
8.7.1. Payers
8.7.2. Providers
8.7.3. Patients
8.7.4. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Mental Health Devices and Platforms Demand Share Forecast, 2019-2026
9. Latin America Mental Health Devices and Platforms Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Mental Health Devices and Platforms Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Mental Health Devices and Platforms Market Size and Volume Forecast by Applications
9.4.1. Bipolar Disorder
9.4.2. Stress
9.4.3. Depression
9.4.4. Anxiety
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Mental Health Devices and Platforms Market Size and Volume Forecast by End Users
9.7.1. Payers
9.7.2. Providers
9.7.3. Patients
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Mental Health Devices and Platforms Demand Share Forecast, 2019-2026
10. Europe Mental Health Devices and Platforms Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Mental Health Devices and Platforms Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Mental Health Devices and Platforms Market Size and Volume Forecast by Applications
10.4.1. Bipolar Disorder
10.4.2. Stress
10.4.3. Depression
10.4.4. Anxiety
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Mental Health Devices and Platforms Market Size and Volume Forecast by End Users
10.7.1. Payers
10.7.2. Providers
10.7.3. Patients
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Mental Health Devices and Platforms Demand Share Forecast, 2019-2026
11. Asia Pacific Mental Health Devices and Platforms Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Mental Health Devices and Platforms Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Mental Health Devices and Platforms Market Size and Volume Forecast by Applications
11.4.1. Bipolar Disorder
11.4.2. Stress
11.4.3. Depression
11.4.4. Anxiety
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Mental Health Devices and Platforms Market Size and Volume Forecast by End Users
11.7.1. Payers
11.7.2. Providers
11.7.3. Patients
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Mental Health Devices and Platforms Demand Share Forecast, 2019-2026
12. Middle East & Africa Mental Health Devices and Platforms Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Mental Health Devices and Platforms Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Mental Health Devices and Platforms Market Size and Volume Forecast by Applications
12.4.1. Bipolar Disorder
12.4.2. Stress
12.4.3. Depression
12.4.4. Anxiety
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Mental Health Devices and Platforms Market Size and Volume Forecast by End Users
12.7.1. Payers
12.7.2. Providers
12.7.3. Patients
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Mental Health Devices and Platforms Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Mental Health Devices and Platforms Market: Market Share Analysis
13.2. Mental Health Devices and Platforms Distributors and Customers
13.3. Mental Health Devices and Platforms Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. AbleTo, Inc
13.4.2. BioFieldIndia
13.4.3. Calm
13.4.4. Flow Neuroscience
13.4.5. Happify, Inc
13.4.6. Headspace Inc.
13.4.7. Lief Therapeutics
13.4.8. Lyra Health, Inc
13.4.9. Monsenso A/S
13.4.10. Neuronetics
13.4.11. NeuroSigma, Inc
13.4.12. PSICO SMART APPS, S.L.
13.4.13. Quartet Health
13.4.14. Talkspace
13.4.15. Teladoc Health, Inc
13.4.16. Woebot Health
Methodology
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