Global 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.

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?