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Emerging Mental Health Devices and Platforms Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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  • 145 Pages
  • October 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5617302
UP TO OFF until Dec 31st 2023

Quick Summary:

Success in the rapidly evolving business environment demands foresight, agility and strategic vision. For those operating within or considering entry into the emerging mental health devices and platforms market, staying informed is crucial. It is within this context, we present our comprehensive market research report.

Our meticulously crafted report provides actionable insights on dynamic market trends, notably the increasing demand for teleconsultations and the rising awareness of mental health. Both these trends are significantly driving demand for mental health devices and platforms. Moreover, various government initiatives and the integration of mental health services into telehealth are creating a nurturing environment for market growth. With this report, you'll garner an in-depth understanding of these advances, enabling you to make informed strategic decisions.

Our report also identifies challenges hindering the market's optimal growth, like the lack of clinically validated scientific data for mental health applications. We help you anticipate and navigate these challenges effectively. Imparting a holistic view of evolving market dynamics, this report is an indispensable tool for business leaders looking to stay ahead in the competitive mental health devices and platforms industry.

The emerging mental health devices and platforms market is expected to grow from USD 3.1 billion in 2023 to USD 8.3 billion by 2028, registering a CAGR of 22.38% during the forecast period (2023-2028).

The COVID-19 pandemic led to a global surge in mental health challenges, resulting in an increased demand for digital mental health solutions. The increased attention to mental health during the pandemic has attracted investments and funding into the sector. For instance, according to data released by Mental Health America (MHA) in May 2022, in the early stages of the pandemic, the United States saw a significant increase in the number of people seeking mental health help online. As per the same source, more than 5.4 million Americans have undergone mental health testing in 2021, an increase of nearly 500% compared to 2019 and a 103% increase from 2020. This surge not only highlighted the need for accessible and remote mental health support but also drove the adoption of mental health devices and platforms as people turned to technology to address their mental well-being, contributing significantly to market growth during the pandemic. However, the market is expected to have stable growth during the post-pandemic period.

The increasing demand for teleconsultations and rising awareness of mental health are the factors driving demand for mental health devices and platforms, thereby contributing to market growth. Governments' proactive measures in addressing mental health issues, improving access to care, and integrating telehealth services create a conducive environment for the growth of the emerging mental health devices and platforms market. For instance, in March 2023, the Indian government launched the National Tele Mental Health Programme to improve access to quality mental health counseling and care services in the country. This initiative demonstrates a commitment to improving access to quality mental health services through telehealth and encourages the integration of mental health devices and platforms into the telehealth ecosystem, which is expected to boost market growth over the forecast period.

Furthermore, product releases and strategic initiatives by prominent market competitors positively impact industry growth. For instance, in May 2022, Wysa received Breakthrough Device Designation from the US Food and Drug Administration (FDA) for its AI-based digital mental health conversational agent for patients 18 years and older with depression and anxiety. The FDA breakthrough device program aims to provide patients access to breakthrough technologies that have the potential to deliver more effective treatment than current treatment options for life-threatening or debilitating diseases or conditions. Therefore, owing to the growing demand for telehealth services and strategic efforts by market players, the market studied is anticipated to witness growth over the forecast period.

However, the limited clinically validated scientific data for mental health applications restrains market growth.

Emerging Mental Health Devices And Platforms Market Trends

Mental Health Platforms are Expected to Hold a Major Share of the Market Over the Forecast Period

Mental health platforms are digital platforms that try to raise mental health awareness, de-stigmatize mental health issues, and provide treatment and therapy services. The growth driving factors for this segment are increasing mobile health usage, high prevalence of mental health issues, and growing awareness of the applications and platforms aiding in managing mental health problems.

For instance, according to the reports published by Mental Health America 2022, New Jersey had the lowest prevalence of mental illness. In addition, 19.86% of adults were experiencing a mental illness, equivalent to nearly 50 million Americans in 2022. By state, the prevalence of adult mental illness ranged from 16.37% in New Jersey to 26.86% in Utah. This high prevalence increases the need for mental health platforms, which is anticipated to boost the growth of the mental health platforms segment.

Moreover, the growing launches of platforms for managing mental health issues are expected to boost the segment's growth. For instance, in August 2023, Spring Health launched Sage, a platform that offers asynchronous video lessons to support managers in creating a healthy work environment and help employees manage their mental health. Similarly, in January 2023, Metta Media announced the launch of MyndStories, a platform for verified, accurate mental health content exclusively for Indians. Such new launches increase the availability of care for mental health patients, which is likely to boost growth in the segment over the forecast period.

North America is Anticipated to Have a Significant Share in the Market Over the Forecast Period

North America is expected to have the largest share in the emerging mental health platforms and devices market due to the increasing cases of mental disorders, new government initiatives and funding for mental healthcare, and the expansion or establishment of new mental healthcare centers in the region. Mental illnesses are among the most common health conditions in North America. The region is facing an unprecedented mental health crisis among children, adults, families, and communities. In addition, mental health disorders in Americans are gradually increasing due to increasing stress, substance abuse, and excessive alcohol intake.

The high burden of mental health conditions is likely to boost market growth in the region. For instance, according to the 2023 infographics of the National Alliance on Mental Illness (NAMI), 1 in 5 US adults experience mental illness, and 1 in 20 adults experience serious mental illness. In addition, 17% of the youth population (6-17 years) are experiencing mental health disorders in 2023. This shows the high prevalence of mental illness among people, which is expected to increase the demand for mental health devices and platforms, propelling market growth over the forecast period.

The presence of numerous market players and continuous collaborations, acquisitions, agreements, and approvals result in more mental health services through various platforms, which is anticipated to fuel market growth in the region. For instance, in November 2022, Health PEI collaborated with the Mental Health Commission of Canada, Stepped Care Solutions, and Memorial University to improve access to mental health and addiction services with Stepped Care 2.0 (SC2.0). It is a person-centered, strengths-based model for delivering mental health and addiction services. Thus, owing to strategic activities in the market and the high burden of mental illnesses, the market studied is expected to grow in the region over the forecast period.

Emerging Mental Health Devices And Platforms Industry Overview

The emerging mental health devices and platforms market is moderately fragmented due to the presence of a few regional and global companies. Market players' strategies, like agreements, collaborations, and acquisitions, increase the availability of emerging mental health devices and platforms globally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known, including TalkSpace, Headspace Inc., Clarigent Health, Twill Inc. (Happify Inc.), and Electromedical Products International Inc., among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Demand for Teleconsultations and Mental Support Platforms
4.2.2 Increased Funding Activity in the Digital Mental Health Environment
4.3 Market Restraints
4.3.1 Limited Scientific Data that has been Clinically Validated
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product Type
5.1.1 Platforms
5.1.2 Devices
5.2 By Application
5.2.1 Stress
5.2.2 Anxiety
5.2.3 Depression
5.2.4 Bipolar Disorder
5.2.5 Other Applications
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Electromedical Products International Inc.
6.1.2 Calm
6.1.3 Twill Inc. (Happify Inc.)
6.1.4 Headspace Inc.
6.1.5 Spring Care Inc.
6.1.6 Quartet Health Inc.
6.1.7 Talkspace Inc.
6.1.8 Teladoc Health Inc.
6.1.9 Woebot Health
6.1.10 Clarigent Health
6.1.11 Feel Therapeutics

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Electromedical Products International, Inc.
  • Ginger
  • Happify Health
  • Headspace Inc.
  • Pear Therapeutics, Inc.
  • Quartet Health
  • Talkspace
  • Teladoc Health Inc.
  • Woebot Health
  • Clarigent Health
  • Feel Therapeutics Inc.