Fri, 02 Dec 2022

The global market for mental health apps was valued at US$ 6.2 Bn in 2022 and the market is foreseen to close in on a value of US$ 30 Bn by the end of 2032, surging at CAGR of 17% during the same period.

Outsourcing of mental health apps is most likely to comprise greater than 1.8x over the last 5 years. Mental health applications are predicted to grow at a Y-o-Y rate of 26% over the next few years.

Changing lifestyles and increasing work pressure have led to increasing in demand for mental fitness apps over the years. Fact.MR, anticipates significant potential in the market, owing to factors such as increasing healthcare spending and growing collaboration between app developers and schools and colleges.

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Several factors encourage the demand for mental health apps, such as surging in stress levels in society caused by drug addiction, an increased incidence of mental health conditions, international awareness programs being promoted by the World Health Organization (WHO), and 24×7 support on the online platform.

The mental health of youngsters in the United States and other countries is in jeopardy. In the United States, 21.8% of children aged 3 to 17 have at least one mental, emotional, or behavioural health problem. According to a report, mental health problems affect 15 to 60% of youngsters in the United States, with the risk growing as the nature and intensity of the children's exposure to these dangers increases.

Key Takeaways:

  • The North American mental health app market account for 36% of the market share in 2022.
  • The U.S. is holding an eminent market share accounting for 78.1% and is expected to reach a market valuation of US$ 530.5 Mn by the end of 2031.
  • Mental health app demand in Japan is expected to grow 5.2x by 2032. The market is estimated to account for a market valuation absolute dollar opportunity of US$ 8.2 Mn over the next ten years. As a result of the large working population, mental health apps account for over 14% of the share market of the global market in China.
  • By platform type, android mental health apps shall comprise the bulk of the market revenue, accumulating over 74% of the market share as of 2022.
  • By application type, depression and anxiety mental health apps are expected to remain prevalent with a revenue share of over 30% has been forecast for this segment.

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Key Segments Covered in the Mental Health Apps Market Study

  • By Platform Type

    • Mental Health Apps for Android
    • Mental Health Apps for iOS
    • Mental Health Apps for Other Platforms

  • By Application Type

    • Mental Health Apps for Depression and Anxiety Management
    • Mental Health Apps for Stress Management
    • Mental Health Apps for Meditation Management
    • Mental Health Apps for Wellness Management
    • Mental Health Apps for Other Application Types

Competitive Landscape

By means of collaborative efforts, partnerships, acquisitions, and mergers, leading mental health app providers are striving to expand their reach globally. A growing number of medical service providers are integrating the latest virtual technologies to enhance advanced mobile applications, due to the increased penetration of technological advancements in the healthcare sector. Besides, extensive R&D activities, new AI-based developments constitute other expansion strategies of key players. Some notable developments are as follows:

  • In April 2021, Offshore Titans, an online platform aimed at promoting mental health in the oil and gas industry, teamed up with the developer of a mobile app that reduces workplace stress. By using the app, workers will have the opportunity to inform their employer of any issues or concerns in real-time, anonymously.
  • In August 2021, K Health, a digital primary care platform providing high-quality, individualized healthcare to millions of adults and children, announced the acquisition of Trusst, an app that connects consumers and providers of on-demand text-based therapy. This acquisition will expand K Health's mental health services.

Key Companies Profiled

  • Calm
  • MoodMission Pty Ltd.
  • Sanvello Health
  • Headspace Inc.
  • Flow and Youper Inc.
  • MoodTools
  • Talkspace
  • Ustwo Fampany Ltd.
  • Happify Inc.

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The North American mental health app market account for 36% of the market share in 2022. The increased awareness of assessments, treatment, and screening for mental disorders such as bipolar disorder and anxiety disorders is another important factor contributing to the growth of mental fitness apps in the market.

The U.S. is holds a prominent market share accounting for 78.1%, and is expected to reach a market value of US$ 530.5 Mn by the end of 2031. The U.S. ranks among the top three countries for cases of depression, anxiety, and alcohol & drug use. In 2019, the United States was positioned on the top of the list for illegal drug use. This has increased the number of people having bipolar disorders.

About Fact.MR

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Original Source of the original story >> Wellbeing Apps for Mental Health Will Grow Exponentially In the Next Few Years: Fact.MR Study

This content is published on behalf of the above source. Please contact them directly for any concern related to the above.

This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

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