Mental Health Apps Global Market Report 2024

The mental health apps market size has grown rapidly in recent years. It will grow from $6.22 billion in 2023 to $7.18 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth during the historical period can be attributed to the increasing awareness of mental health, efforts to reduce stigma surrounding mental health issues, and the ongoing challenges in global health that have brought mental health to the forefront.

The mental health apps market size is expected to see rapid growth in the next few years. It will grow to $13.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The projected growth in the forecast period is driven by several factors: the rising demand for telehealth services, an emphasis on user empowerment in healthcare decisions, and the expansion of corporate wellness initiatives. Major trends expected during this period encompass the personalization and customization of healthcare services, the integration of AI and machine learning technologies in healthcare solutions, the growth of teletherapy and remote support options, the development of digital therapeutics, and an increased focus on ensuring data security and compliance with privacy regulations in healthcare.

The growing recognition of mental health and its importance is driving the expansion of the mental health apps market. Increased openness about mental health by public figures, including sports personalities and celebrities, has reduced stigma and raised awareness about mental health and its impact on overall well-being worldwide. Furthermore, individuals dealing with mental health issues are investing in various recovery methods such as medical consultations, mental health apps, self-help books, and other resources. For example, according to MYNDUP, a UK-based online platform providing mental health support to employees, around 17% of people in the UK experienced some form of depression during the summer of 2021, compared to 10% before the pandemic. Anxiety, the most prevalent mental illness, affects 40 million people, accounting for 19.1% of the population. Consequently, the increasing awareness of mental health and its significance is fueling the growth of the mental health app market.

The widespread adoption of smartphones is expected to drive the growth of the mental health apps market in the coming years. A smartphone is a mobile device that combines cellular phone functionality with features found in computers and other electronic devices, offering capabilities such as telephony, internet browsing, email, multimedia playback, camera functionality, and a variety of software applications (apps). The proliferation of smartphones increases accessibility to mental health apps, encouraging greater usage and support for mental well-being. For example, in November 2022, the International Telecommunication Union, a United Nations department based in Switzerland that oversees various technology and communication matters, reported that 73% of people aged 10 and above had access to a smartphone, which is 7% more than the proportion of the general population with internet access. Therefore, the widespread use of smartphones is a key driver of the mental health apps market.

Technological advancement stands as a prominent trend surging within the mental health apps market. Major companies in this domain prioritize delivering technologically advanced solutions to cater to customer needs and fortify their market presence. These firms are integrating next-generation technologies such as CRM, video API, text API, and leveraging end-to-end patient engagement through AI and ML, among other innovations, within their services. For instance, in January 2021, Moody, a healthcare company, unveiled an intelligent mental health care app. This app possesses the capability to proactively identify and alert users about potential psychological changes in their behavior, offering daily recommendations for corrective actions. Additionally, it enables users to craft daily journal entries, incorporating memories such as pictures, attachments, and more.

Key companies in the mental health apps market are prioritizing innovative solutions such as AI-based mental health support apps to meet the demands of insurers and their clientele. An AI-based mental health support app is a smartphone application leveraging artificial intelligence (AI) technology to aid, guide, and assist individuals grappling with mental health challenges. For example, in August 2023, Swiss Re Reinsurance Solutions, a Switzerland-based reinsurance company, collaborated with Wysa, a US-based AI-driven chatbot company specializing in helping individuals better cope with daily stressors, to introduce Wysa Assure - an artificial intelligence-powered mental health support app. This app amalgamates Swiss Re's risk expertise and unique scoring methodology with Wysa's AI-driven mental health solutions to cater to the needs of insurers and their clients, with plans to replicate such collaborations in other regions. At the core of Wysa Assure lies an AI chatbot rooted in cognitive behavioral therapy principles, offering on-demand support to customers and guiding them through evidence-based psychological resources tailored to their specific needs. Addressing data privacy concerns, the software prioritizes user anonymity while seamlessly integrating self-management modules with insurer support networks. This innovative approach fosters proactive mental health management, promotes early intervention, potentially curbing symptom progression, and could lead to cost savings for insurers by mitigating claim volumes.

In January 2021, Headspace Health, a UK-centered company specializing in digital mental health and wellbeing solutions, purchased Sayana for an undisclosed sum. This acquisition signifies Headspace's commitment to incorporating AI functionalities into its platforms, aiming to enhance mental health services for its clientele and offer more tailored user experiences. Sayana, an India-based firm, specializes in AI-driven mental health and wellness solutions.

Major companies operating in the mental health apps market report are Walmart Inc., UnitedHealth Group Incorporated, CVS Health Corporation, McKesson Corporation, Cardinal Health Inc., Optum Inc., Cigna Corporation, The Home Depot Inc., Centene Corporation, Anthem Inc., Verizon Communications Inc., Walgreens Boots Alliance Inc., Comcast Corporation, AT&T Inc., Target Corporation, Lowe's Companies Inc., Humana Inc., T-Mobile Inc., Aetna Inc., DaVita Inc., Teladoc Health Inc., Calm.com, Headspace Health Inc., SonderMind Inc., Pear Therapeutics Inc., MoodMission Pty. Ltd., 2Morrow Inc., ieso Digital Health Corp., Flow Neuroscience Inc., Big Health Inc., Happify Health Inc., Mindscapes, Omada Health Inc., Pear Nova Digital Health Corp., Propeller Health Inc.

North America was the largest region in the mental health apps market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mental health apps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mental health apps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Mental health apps are developed for various platforms, including iOS, Android, and others. iOS mental health apps are designed for use on iOS-enabled mobile phones or tablets, utilizing Apple Inc.'s operating system. These apps cater to depression and anxiety management, meditation, stress management, wellness, and other mental health needs.

The mental health apps market research report is one of a series of new reports that provides mental health apps market statistics, including mental health apps industry global market size, regional shares, competitors with a mental health apps market share, detailed mental health apps market segments, market trends and opportunities, and any further data you may need to thrive in the mental health apps industry. This mental health apps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The mental health apps market includes revenues earned by entities by providing services such as self-awareness by controlling their mood, maintaining good habits and breaking bad ones, and cultivating positive thinking. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.