One of the most important aspects of someone's total welfare is their mental health. However, the inadequate diagnosis of the diseases is due to a lack of knowledge, associated societal stigma, and misunderstanding of mental health in government health-related initiatives.
With the widespread use of technology in recent years, mental health diagnosis has undergone significant development and faced the aforementioned challenges. For instance, the availability of mobile applications for mental health has improved self-monitoring among app users and patients. The apps provide cognitive behavior therapy (CBT) exercises, meditation therapy lessons, and capabilities for keeping track of your mood. Additionally, the COVID-19 pandemic raised awareness of issues with global mental health and sped up the use of teletherapy and other mobile mental health platforms.
The global emerging mental health devices and platforms market is projected to reach $18.7 billion by end of 2030, witnessing a compound annual growth rate (CAGR) of 24.7% during the forecast period 2021-2030. Moreover, the growth trend is anticipated to continue during the forecast period 2021-2030. The global emerging mental health devices and platforms market has been considerably impacted by
Addressable market size and forecast based on region
North America held the largest share in the global emerging mental health devices and platforms market in 2020, and the trend is anticipated to continue during the forecast period 2021-2030.
The advanced healthcare system, the presence of various mental health and telehealth companies, and a positive reimbursement landscape for mental health treatment will propel the growth of the region during the forecast period 2021-2030. Followed by North America, Europe held the second-largest share in the global market. The technological developments in the region and the presence of regional companies are expected to drive the growth of the region during the forecast period 2021-2030.
Asia-Pacific held the third-largest share in the global market in 2020. The technological advancements and entry of international players in the developed economies are expected to drive the growth of the region. Furthermore, the development of regional start-ups and a growing focus on mental health in emerging economies of the region are also expected to propel the growth of the market during the forecast period 2021-2030.
Key trends of the global emerging mental health devices and platform market
The global emerging mental health devices and platforms market is influenced by various technology trends. The adoption of digital technologies had led to high user acceptability, a large customer base, and expansion in the services offered by the companies operating in the market. Digital technologies such as connected devices and mobile platforms for self-management were already predominant in the market, however, the rise of COVID-19 has further increased the adoption of the mental health platforms with remote monitoring capabilities. Furthermore, inclusion of digital mental health services in insurance and technology adoption for raw data analysis is anticipated to be ubiquitous owing to the surge in healthcare digitalization by the end of 2030.
Market shares of key competitors in the global emerging mental health devices and platform market
The global emerging mental health devices and platforms market is significantly fragmented in nature owing to the existence of numerous regional companies and their limited geographical presence. The platform segment is highly fragmented in nature owing to the presence of various technologies such as digital therapeutics, teleconsultations, and mental health monitoring applications. The key companies operating in the segment include Calm, Headspace, Inc., AbleTo, Inc, Pear Therapeutics, Inc., and Talkspace. In the devices segment, however, only a limited number of companies operate owing to the regulations and pre-dominance of conventional mental health devices. The key companies operating in the segment include Neuronetics, Flow Neuroscience AB, Lief Therapeutics, Bioself Technology Ltd, and Ybrain, INC.
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Global Emerging Mental Health Devices and Platforms Market Analysis and Forecast, 2021-2030
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