USD 4.49 billion
Report ID:
SQMIG35G2122 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
61 |
Figures:
75
Mental Health Apps Market size was valued at USD 4.49 billion in 2019 and is poised to grow from USD 5.2 billion in 2023 to USD 17.5 billion by 2031, growing at a CAGR of 15.9% in the forecast period (2024-2031).
With increased demand and newly developed technologies for health identification, the market for mental health apps is growing, which has increased digitalization throughout the regions. With rising customer benefits, greater quality output, better outcomes, and self-accessing the health state. People are now more knowledgeable about mental health apps accompanied by a large market expansion and more market developments.
The market share of mental health apps has increased as a result of better lifestyles, rapid urbanization, and developing countries with better connectivity. High connectedness has a stronger connection to the app that many sociologists, psychologists, anthropologists, and other medical professionals have launched. Increasing internet connectivity and widespread use of mental health app applications primarily increase market value size. Digital addiction is on the rise across a number of industries, and the market is growing thanks to better technology and more effective therapies.
US Mental Health Apps Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.49 billion
Largest Segment
iOS
Fastest Growth
iOS
Growth Rate
15.9% CAGR
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Global Mental health apps market is segmented on the basis of platform type, application type, and region. By platform type, the market is segmented into iOS, Android, others. By application type, the market is segmented into depression and anxiety management, meditation management, stress management, wellness management, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Mental Health Apps Market Analysis by Application
In 2021, the iOS segment accounted for the highest revenue. The growing consumer acceptance of iOS is responsible for the iOS segment growth. The market share of iOS in the U.K. went from 47% in the third quarter of 2020 to 51.6% in the third quarter of 2021, according to data released by Business of Apps in 2021. As a result, these cases show how the market will expand over the forecast period.
Over the forecast period, it is anticipated that the Android sector would expand at the fastest rate. The increasing usage of smartphones with Android operating systems and their affordability are significant drivers of the market growth. It is projected that the increasing number of Android users would accelerate market growth, resulting in a greater growth rate. For instance, the number of active Android users climbed from 2.3 billion in 2018 to 2.8 billion in 2020, according to statistics from Business of Apps for 2022.
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In 2021, the North America region dominated the mental health apps market accounting for the highest revenue. Significant factors driving the market growth include the increasing use of smartphones, improvements in coverage networks, and the increasing use of the internet and social media. Smartphone usage in the North American region was over 80% in 2020 and is predicted to reach 85% by 2025, according to the GSMA's The Mobile Economy Report 2021.
Due to the increasing demand for connected devices and the increasing adoption of smartphones in the region, the Asia Pacific region is anticipated to grow at a significant rate over the forecast period. Additionally, a number of nations in the region are implementing mobile and digital health technologies to manage healthcare delivery and guarantee better results. Therefore, over the forecast period, such initiatives are expected to increase the adoption of mental health apps.
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Mental Health Apps Market Drivers
Adoption of Virtual Therapy for Mental Health
Mental Health Apps Market Restraints
Connectivity Issues
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Due to the growing demand for mental health applications and developments in technology, there is huge competition among the current players. It is anticipated that as knowledge and acceptance of digital and mobile health technology rise, the demand for mental health apps will encourage the arrival of fresh businesses. Additionally, it is projected that strategic advancements and initiatives by businesses in the form of product launches, mergers, acquisitions, and partnerships will increase competitiveness and support market expansion. For instance, Headspace announced its relationship with Whole Foods in 2021, further solidifying its place in the expanding market for mental health apps. Some of the major players in the market include:
Mental Health Apps Market Top Player’s Company Profiles
Mental Health Apps Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global mental health apps market analysis, the shift in healthcare trends away from conventional treatment models and towards patient-centered and personalised care is driving to accelerate the adoption of mental health applications. A person's overall health is preserved, a healthy lifestyle is encouraged, and stress is reduced by using apps for managing one's mental health, such as meditation, anxiety, depression, and well-being.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4.49 billion |
Market size value in 2031 | USD 17.5 billion |
Growth Rate | 15.9% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Mental Health Apps Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Mental Health Apps Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Mental Health Apps Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Mental Health Apps Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONMental Health Apps Market size was valued at USD 4.49 billion in 2019 and is poised to grow from USD 5.2 billion in 2023 to USD 17.5 billion by 2031, growing at a CAGR of 15.9% in the forecast period (2024-2031).
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