According to MarkNtel Advisors, the Global Emerging Mental Health Devices & Platforms Market is expected to grow at a CAGR of around 23.3% during 2021-26. The snowballing awareness regarding mental illness and increasing work stress levels is the prime factor likely to drive the market in the coming years.
Moreover, the surging usage of smartphones is providing the public, researchers, & doctors new ways to access help, increase understanding of mental well-being, monitor progress, respectively.
According to the National Institute of Mental Health, in 2019, there were approximately 51.5 million adults aged 18 or older in the US with Any Mental Issues (AMI). The number represents 20.6% of all US adults, which is the fact that aided the sales of mental health devices and contributed to the market growth.
Booming Demand for Mental Health Devices & Platforms Among Patients with Depression
Depression is the most common illness, with approximately 3.8% of the world's population suffering from it. Moreover, it is the fourth-largest cause of death among people between 15-29 years.
Effective treatments are available for mental conditions, but due to a lack of financial resources & trained healthcare providers, more than 75% of people across low- & middle-income countries obtain no treatment. Therefore, the adoption of E- mental health tools & applications is increasing tremendously.
For instance, 7Cups, a 24/7 available emotional support web portal, offers real-time and on-demand therapy through licensed mental health counselors & coaches who assist individuals in their professional & personal development by introducing them to breathwork techniques & meditation.
“Global Emerging Mental Health Devices & Platforms Market Analysis, 2021” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
North America Acquired the Largest Share in the Global Emerging Mental Health Devices & Platforms Market
The rising prevalence of mental health disorders and their increasing awareness among people across North America is the prime aspect that led the region to attain the largest market share in recent years. The US dominated the regional market with an estimated 51.5 million adults aged 18 & above in the country with Any Mental Illness (AMI), i.e., 20.6% of the US adults.
Also, nearly 13.1 million adults of age 18 and above had a Serious Mental Illness (SMI), which accounted for 5.2% of total US adults. These significant numbers infused the need for mental health devices & platforms across the country, which, in turn, fueled the overall regional market growth.
According to MarkNtel Advisors, the leading industry players in the Global Emerging Mental Health Devices & Platforms Market are AbleTo Inc., Calm, Electromedical Products International Inc., Flow Neuroscience AB, Ginger, Happify Health, Headspace Inc., Lyra Health Inc., Monsenso A/S, Neuronetics, Pear Therapeutics, Inc., Psious, Quartet Health, Talkspace, Teladoc Health, Inc., Woebot Health, Ybrain Inc., Bioself Technology Ltd, Innovative Neurological Devices, Lief Therapeutics, NeuroSigma, Inc, and Sentio Solutions Inc..
Key Questions Answered in the Study