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Mental Health Apps Market to Surpass USD 19.31 Billion by 2031 Owing to Rising Awareness Regarding Mental Health

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The Mental Health Apps Market was valued at USD 19.31 billion by 2031 from USD 6.10 Billion in 2023, reflecting a compound annual growth rate (CAGR) of 15.5% throughout the forecast period from 2024 to 2031.

Mental Health Apps Market
Mental Health Apps Market

Download Free Sample Report of Mental Health Apps Market @ https://www.snsinsider.com/sample-request/2838

List of Mental Health Apps Companies Profiled in Report:

  • 7 Cups
  • BetterHelp
  • Calm
  • Flow and Youper Inc.
  • Happify
  • Headspace Inc.
  • Mindscape
  • MoodMission Pty Ltd.
  • Moodpath
  • Sanvello
  • Talkspace

(To view list of all Companies, Ask for Sample Report)

The Mental Health App Boom “A Pandemic Catalyst”

The COVID-19 pandemic significantly impacted the mental health app market, accelerating the digital health industry’s growth globally. Social distancing and isolation measures during the pandemic led to a rise in mental health concerns, driving individuals towards mental health apps to manage these conditions.

A December 2021 PubMed article highlighted the challenges in accessing in-person mental health services due to the increased demand. This resulted in a surge in online and telehealth services, with a 50% increase in Australian young adults (aged 18-25) utilizing online mental health resources. The article further revealed that downloads of mental health apps witnessed a rise, with 10 out of the 16 most downloaded apps being meditation-focused. Additionally, 13 of these apps experienced a surge in downloads, with 11 apps showing a 10% increase post-pandemic.

Factors Driving Market Growth

Heightened Mental Health Awareness: Public discourse surrounding mental health is increasing, leading to a greater understanding and willingness to seek help.

The burgeoning smartphone and internet user base plays a crucial role in market expansion. As per a 2021 Ericsson report, the number of mobile subscriptions surpassed 6 billion and is expected to continue growing throughout the forecast period. Additionally, according to Internet World Stats, global internet penetration reached around 65.6% in Q1 2021. This widespread adoption of smartphones, internet, and social media is anticipated to further propel market growth.

Rising Mental Health Disorders: Statistics like the 197,000 increase in youths experiencing major depressive episodes in the US (according to the State of Mental Health in America 2022 report) highlight the growing need for accessible mental health resources, fueling the demand for mental health apps.

Industry Initiatives: Recognizing the growing need, governments, organizations, and healthcare companies are actively involved in developing and launching mental health apps. Examples include the Indian government’s “MANAS” app promoting well-being for all ages, and Talkspace Self-Guided, a program designed to enhance emotional intelligence and mental wellness in the workplace.

Increasing funding opportunities for the development of mental health apps signify promising market growth prospects. For example, Calm, a popular meditation app, witnessed a significant rise in funding according to Crunchbase statistics. The total funding surged from USD 28 million in 2018 to USD 218 million in 2020, with a further 52% increase observed between 2019 and 2020. This substantial growth in funding underscores the market’s potential from 2024 to 2030.

In September 2022, Headspace Health acquired Shine App, a mental health and well-being platform. This acquisition strengthens Headspace Health’s offerings and expands its reach to deliver mental health support to a wider audience globally.

In September 2023, Headspace entered into partnerships with One Medical, a US based inoffice and Virtual Primary Care Provider . This strategic partnership focuses on developing solutions to reduce anxiety and promote preventive health screenings, potentially leading to a more holistic approach to healthcare.

Catering to Specific Needs: Companies are creating apps targeting specific mental health concerns. The Y Combinator-backed MentalHappy app provides affordable peer support groups for issues like anxiety, life after divorce, and mental health concerns specific to Black communities.

Mental Health Apps Market Segmentation as Follows:

By Platform

  • iOS
  • Android
  • Others

By Application

  • Depression and Anxiety Management
  • Meditation Management
  • Stress Management
  • Wellness Management
  • Others

Have Any Query? Ask Our Experts @ https://www.snsinsider.com/enquiry/2838

The Depression And Anxiety Management Segment Is Poised For Significant Growth Over The Forecast Period

The growing prevalence of depression and anxiety disorders is a major driver. As per a September 2021 update by the WHO, depression is a prevalent mental health concern globally, affecting an estimated 3.8% of the population, including 5.0% of adults and 5.7% of adults aged above 60 years. Similarly, the Mental Health America 2022 report indicates that 3.6 million people in Texas alone grappled with mental illness in 2022. This rise in mental health cases, particularly depression and anxiety, fuels the demand for mental health apps, offering easy access and leveraging advanced technologies like AI and machine learning to track underlying mental stressors.

Several market players are actively launching dedicated mental health apps, further contributing to segment growth. For instance, in August 2021, Headspace and Ginger, an on-demand mental healthcare app, merged to form Headspace Health. This combined entity offers support for a wider range of mental health concerns, from anxiety and depression to more complex diagnoses, catering to both individual consumers and employers. Additionally, in September 2021, Delhi AIIMS developed two mobile apps, Shaksham and Disha, specifically designed to assist individuals struggling with anxiety and depression.

North America Is Anticipated To Maintain Its Dominant Position In The Mental Health

The growing popularity of mobile applications in North America further fuels market expansion. The region experiences a significant burden of stress, depression, and anxiety disorders. As per a February 2022 update by the National Alliance on Mental Illness (NAMI), a staggering 26.3 million adults in the United States received virtual mental health services. Additionally, the source reveals that 1 in 5 adults in the United States experiences mental illness, with 1 in 20 adults battling serious mental illness. This has significantly driven the adoption of mental health apps among Americans, propelling market growth.

Growing awareness about mental health and initiatives undertaken by market players in North America further contribute to market expansion. Examples include:

The acquisition of Trust, a mental health app offering on-demand text-based therapy, by K Health, a US-based virtual primary care platform, in August 2021. This move aimed to integrate mental and physical healthcare traditionally treated separately.

The successful launch of the Yuru 3-in-1 tool for understanding and managing mental health by Life Clips, Inc., a US-based company, in April 2021.

The launch of a new app by Noble, a US-based mental health company, in February 2022. This app provides features like automated support between therapy sessions and therapist-created content for clients. These ongoing developments highlight the rising demand for mental health apps in North America and contribute to regional market growthth Apps Market Throughout The Forecast Period

Key Takeaways: Mental Health Apps Market Study

  • The market is poised for significant growth due to rising mental health awareness, increasing adoption of mental health apps, and technological advancements.
  • The depression and anxiety management segment presents lucrative opportunities due to the high prevalence of these disorders.
  • Gain insights into market trends, user behavior, and competitor activity to make informed business decisions.
  • Understand the dominance of North America and identify potential opportunities in emerging regions.
  • Prepare for the potential influence of economic slowdowns and global crises on the mental health app market.
  • Identify rising funding opportunities that indicate the market’s growth potential, allowing strategic investment decisions.

Check Discount on This Report @ https://www.snsinsider.com/discount/2838

Table of Content

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Mental Health Apps Market Dynamics

Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 forces model

Chapter 7 PEST Analysis

Chapter 8 Mental Health Apps Market Segmentation, By Platform

Chapter 9 Mental Health Apps Market Segmentation, By Application

Chapter 10 Regional Analysis

Chapter 11 Company profile

Chapter 12 Competitive Landscape

Chapter 13 Use Case and Best Practices

Chapter 14 Conclusion

Continued…

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