WHO defines health as a state of complete physical, mental & social well-being, and not just the absence of disease. Technology-based assessments are gaining popularity as important therapeutic tools to track the mental health of an individual.
The mental health devices & platforms help gather information, assess a person’s activity, and have tremendous potential for growth as the early detection of a person’s mental health is becoming important to save the individual’s life.
The Global Emerging Mental Health Devices & Platforms Market is anticipated to grow at a CAGR of around 23.3% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The burgeoning workload & increasing stress levels at workplaces that encourage the severity of mental illnesses is the most prominent factor contributing to the rising demand for Mental Health Devices & Platforms.
Moreover, the surging demand for teleconsultations in the wake of the COVID-19 pandemic, snowballing investments in the digital mental health landscape, and the accelerated adoption of digital mental health solutions in emerging economies are other critical factors fueling the market growth.
Moreover, an increase in mental health start-ups is also significantly boosting the market. According to Forbes, venture capital funding for mental health has touched the skies over the past few years. In 2020 alone, investors poured around $1.5 Billion into the market. Additionally, the mounting focus of companies on innovatively making mental health care more accessible & reasonable also augments the overall market growth, further states the research report, “Global Emerging Mental Health Devices & Platforms Market Analysis, 2021.”
Report Coverage | Details |
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Study Period | Historical Data: 2016-19 |
Base Year: 2020 | |
Forecast Period: 2021-26 | |
CAGR | 23.3% |
Regions Covered | North America: USA, Canada, Mexico |
Europe: Germany, UK, France, Italy, Spain, Others | |
Asia-Pacific: China, India, Japan, South Korea, Australia, Others | |
South America: Brazil, and Argentina | |
Middle East & Africa: UAE, Saudi Arabia, South Africa | |
Key Companies Profiled | 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, Sentio Solutions Inc. |
Unit Denominations | USD Million/Billion |
Impact of COVID-19 Outbreak on the Global Emerging Mental Health Devices & Platforms Market