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.”
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|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
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.
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.
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.
Key Questions Answered in the Market Research Report:
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.