Emerging Mental Health Devices & Platforms

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

By Application (Stress, Anxiety, Depression, Bipolar Disorder, Schizophrenia, Others {Dementia, Autism, etc.}) , By Type (Platforms, Devices, EEG and ECG head band, Wearable Tracker, Others {Brain-Sen Read more

  • Healthcare
  • Oct 2021
  • 221
  • HC10238

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
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

  • 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.

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

Market Segmentation

By End-User:

  • Stress
  • Anxiety
  • Depression
  • Bipolar Disorder
  • Schizophrenia
  • Others (Dementia, Autism, etc.)

Of them all, Depression held the largest market in the previous few years and is expected to maintain its dominance during the forecast period, too. It is one of the most common mental illnesses worldwide, and around 3.8% of the world's population is affected by it, states WHO. It includes 5.0% adults & 5.7% adults over 60 years, i.e., more than 280 million people worldwide.

Depending on the severity of depression, healthcare providers offer psychological treatments, such as interpersonal psychotherapy, behavioral activation, and cognitive behavioral therapy. Therefore, the rising prevalence of Depression is expected to propel the demand for mental health devices & platforms and boost the market in the coming years.

By Type:

  • Platforms
  • Devices
    • EEG and ECG head bands
    • Wearable Trackers
    • Others (Brain-Sensing Devices, etc.)

Platforms to Register Fastest Growth in the Global Emerging Mental Health Devices & Platforms Market

There are many benefits associated with using Mental Health Platforms, which can fill gaps in service delivery & accessibility of consumers. Skilled & experienced psychiatrists are also abundantly available to assist consumers in engaging with a wide range of mental health tools & applications.

Further, these platforms also promote positive behavioral change and provide therapeutic approaches on a large scale. They are conveniently accessible anytime & anywhere and offer assistance on-demand without long waits.

These platforms focus not only on people with mental conditions but also assist in critical situations like when a person feels sad, lonely, stressed, or requires emotional support. For instance, the German startup Moodpath is a mental health companion that daily asks questions to evaluate a person’s well-being, monitors symptoms of depression in them, and periodically generates electronic results that can be consulted further with a healthcare professional.

Regional Landscape:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia Pacific

Of them all, North America captured the largest market share in recent years. The market dominance of North America attributes primarily to the increasing number of people in the region suffering from depression & anxiety. In North America, the United States tops the position of anxiety disorders as amongst the most common mental issues.

According to Mental Health America, around 9.7% of the young population in the US suffers from severe depression. Between January- September in 2020, 315,220 people took anxiety screen tests, i.e., a 93 % increase in the total number of anxiety screen tests done in 2019.

On the other front, 534,784 people took depression tests, i.e., a 62 % increase from 2019. Moreover, the constant increase in the number of people with moderate to severe symptoms of depression & anxiety is also surging the demand for mental health devices & platforms across the region and fueling the overall market growth.

Market Dynamics:

Key Drivers

  • Snowballing Adoption of E-mental health tools & applications due to mounting prevalence of mental health disorders
  • Increasing adoption of teleconsultancy, especially after the COVID-19 pandemic
  • Anytime & anywhere access to digital mental health platforms
  • Surging number of mental health startups owing to increasing government investments in mental healthcare

Market Challenges

  • Inadequate clinically validated data
  • Increasing data privacy concerns

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Emerging Mental Health Devices & Platforms Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Emerging Mental Health Devices & Platforms Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the Global Emerging Mental Health Devices & Platforms Market based on a competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Emerging Mental Health Devices & Platforms Market study?

Frequently Asked Questions

A. The Global Emerging Mental Health Devices & Platforms Market is projected to witness around 23.3% CAGR during 2021-26.

A. Depression is likely to attain the largest share of the Global Emerging Mental Health Devices & Platforms Market during 2021-26.

A. North America is expected to capture the largest market share during 2021-26 and present immense growth opportunities to the leading industry players.

A. Massive investments in the digital mental health landscape and increasing adoption of digital mental health solutions in emerging economies are the key factors expected to drive the Global Emerging Mental Health Devices & Platforms Market in the coming years.

A. In the coming years, the Global Emerging Mental Health Devices & Platforms Market is likely to grow tremendously, owing to the rising inclination of people towards mental well-being and increasing demand for teleconsultations in the wake of the COVID-19 pandemic.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Impact of Covid-19 on Global Emerging Mental Health Devices & Platforms Market
  4. Global Artificial Intelligence in Neurology Market Start-up Ecosystem, 2016-2021
    1. Entrepreneurial Activity
    2. Year on Year Funding Received
    3. Funding Received by Top Companies
    4. Key Investors Active in the Market
    5. Series Wise Funding Received
      1. Seed Funding
      2. Angel Investing
      3. Venture Capitalists (VC) Funding
      4. Others
  5. Global Emerging Mental Health Devices & Platforms Policies & Regulations
  6. Global Emerging Mental Health Devices & Platforms Market Trends & Development
  7. Global Emerging Mental Health Devices & Platforms Market Dynamics
    1. Impact Analysis
    2. Drivers
    3. Challenges
  8. Global Emerging Mental Health Devices & Platforms Market Hotspot & Opportunities
  9. Global Emerging Mental Health Devices & Platforms Market Key Strategic Imperatives for Success & Growth
  10. Global Emerging Mental Health Devices & Platforms Market Analysis, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
        1. Stress
        2. Anxiety
        3. Depression
        4. Bipolar Disorder
        5. Schizophrenia
        6. Others (Dementia, Autism, etc.)
      2. By Type
        1. Platforms
        2. Devices
          1. EEG and ECG head band
          2. Wearable Tracker
          3. Others (Brain-Sensing Device, etc)
      3. By Therapy
        1. Cognitive Behavioral Therapy(CBT)
        2. Electrotherapy
        3. Others (Interpersonal Therapy, Eye Movement Desensitization and Reprocessing (EMDR), Hypnotherapy, etc.)
      4. By End-User
        1. Clinics & Hospitals
        2. Employers
        3. Patients
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia Pacific
  11. North America Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Therapy
      4. By End-User
      5. By Country
        1.  The US
        2.  Canada
        3.  Mexico
    3. The US Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1.  By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    4. Canada Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    5. Mexico Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
  12. South America Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Therapy
      4. By End-User
      5. By Country
        1. Brazil
        2. Others
  13. Europe Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Therapy
      4. By End-User
      5. By Country
        1. UK
        2. Germany
        3. France
        4. Italy
        5. Spain
        6. Others
    3.  UK Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    4.  Germany Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    5.  France Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    6.  Italy Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    7.  Spain Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
  14.  Middle East & Africa Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Therapy
      4. By End-User
      5. By Country
        1. UAE
        2. Saudi Arabia
        3. South Africa
        4. Others
  15. Asia Pacific Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
    1. Market Size & Analysis
      1. By Revenue
    2. Market Share & Analysis
      1. By Application
      2. By Type
      3. By Therapy
      4. By End-User
      5. By Country
        1. India
        2. China
        3. Japan
        4. Australia
        5. South Korea
        6. Others
    3.  India Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    4.  China Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    5.  Japan Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    6. Australia Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
    7.  South Korea Emerging Mental Health Devices & Platforms Market Outlook, 2018-2026
      1. Market Size & Analysis
        1. By Revenue
      2. Market Share & Analysis
        1. By Application
        2. By Type
  16. Competitive Benchmarking
    1. Competition Matrix
      1. Brand Specialization
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
  17. Company Profile
    1. AbleTo Inc.
    2. Calm
    3. Electromedical Products International Inc.
    4. Flow Neuroscience AB
    5. Ginger
    6. Happify Health
    7. Headspace Inc.
    8. Lyra Health Inc.
    9. Monsenso A/S
    10. Neuronetics
    11. Pear Therapeutics, Inc.
    12. Psious
    13. Quartet Health
    14. Talkspace
    15. Teladoc Health, Inc.
    16. Woebot Health
    17. Ybrain Inc.
    18. Bioself Technology Ltd
    19. Innovative Neurological Devices
    20. Lief Therapeutics
    21. NeuroSigma, Inc
    22. Sentio Solutions Inc
  18. Disclaimer
Emerging Mental Health Devices & Platforms Market Segmentation