Emerging Mental Health Devices & Platforms Market Research Report: Forecast (2021-2026)

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.”

Impact of COVID-19 Outbreak on the Global Emerging Mental Health Devices & Platforms Market

• According to the WHO, the COVID-19 pandemic partially halted critical mental health services across 93% of countries worldwide last year while the demand for mental health is rising tremendously.
• The pandemic had a devastating impact on access to mental health services and cited the urgent need for increased funding.
• However, the pandemic positively affected the anxiety disorders & depression treatment market, which has increased the sales of mental health managing devices.
• Within one month of the pandemic, there was a reported 18.6% increase in antidepressant prescriptions, 34.1% surge in prescriptions for anti-anxiety medications, and a 14.8% rise in common anti-insomnia drugs in the United States.
• A survey conducted by the WHO in 2020 stated that more than 80% of the developed countries organized teletherapy to offer necessary consultations to patients suffering from depressions & anxiety disorders.
• Nevertheless, the overall positive impact of the pandemic on the market led to an increased demand for mental services since they are fundamental to overall well-being.