The global mental health apps market is expected to flourish at an impressive 17% CAGR, topping US$ 30 Bn in value by the end of the forecast period 2022-2032, concludes a recently published Fact.MR study. Growth in the industry is mainly driven by the penetration of the internet and technology across different geographical regions. Also, there has been a growing interest in improving access to virtually available healthcare to treat anxiety and other disorders among consumers of various types.
From 2015 to 2021, the market flourished at a CAGR of 12%, reaching US$ 5.3 Bn by the aforementioned historical period. With the advent of the COVID-19 pandemic, the scope for mental health apps has also widened, because patients have resorted to telehealth and online medical consultations as an alternative to visiting clinics, hospitals, and pharmacies.
As lifestyles have changed and work pressures have increased, mental health apps have become increasingly popular. A growing number of factors, such as increased healthcare investment and growing collaboration between school and college app developers, indicate significant growth potential in the market. Healthcare improvement spending continues to increase worldwide, and key stakeholders are predicted to heavily rely on mental health apps.
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Key Takeaways from the Market Study
- By platform type, android mental health apps account for over 74% of the global market revenue
- Depression and anxiety are expected to capture 30% of global market demand for mental health apps.
- North America to accumulate 34.4% of global mental health apps market revenue in 2022.
- Asia-Pacific to flourish at a CAGR of 26% with regard to mental health apps services from 2022-2032
- Global market for mental health apps is expected to be valued at US$ 6.2 Bn in 2022
“Streamlining medical workflows and improving virtual healthcare access has prompted commercial healthcare providers to invest in a variety of mental health apps, including sleep tracking, anxiety management, and depression treatment,’ remarks a Fact.MR analyst.
As the penetration of technology in the healthcare sector has grown, prominent mental health app providers are developing highly sophisticated mobile applications incorporating the latest virtual technologies. Besides, extensive R&D activities, collaborations, and mergers & acquisitions constitute other expansion strategies of key players. Some notable developments are as follows:
- In January 2022, Headspace Health, a digital mental health firm has acquired Sayana, a maker of AI-enabled mental health tracking and sleep apps. As part of their joint efforts to democratize high-quality, affordable mental healthcare across the world, these firms will bring their expertise in technology, engineering, and design.
- In February 2022, the Calm relaxation app acquired Ripple Health group in a move intended to help both companies grow and connect more people with mental health providers. By working together, Ripple and Calm are bending the health care curve in the right direction and getting closer to solving the mental health crises around the world.