Mental Health Apps Market is expected to foresee significant growth during the forecast period 2027

Author : univdatos
Publish Date : 2021-10-29 11:07:39
Mental Health Apps Market is expected to foresee significant growth during the forecast period 2027

Mental Health Apps Market is expected to grow at a CAGR of 20.5% from 2021-2027 to reach US$ 3.3 billion by 2027. Mental Health Apps is the distribution of mental healthcare facilities, in the form of digital applications. As the number of patients suffering from mental illnesses increases due to the increase in geriatric populations and hectic lifestyles, the need for quicker healthcare is required. To address this issue, digital healthcare tools are offering several apps to scale up the treatments for patients. Further, the government across the regions has introduced certain key policies to regulate this sector and offer people a safer platform that resolves their treatments need and ailments.

Various factors driving the mental health apps market include the Increasing cases of Covid-19 infection over the world and the technological advancement in the mobile phone and internet segment. Furthermore, the rising government funding and initiatives for mental health apps are also anticipated to drive the market. There are currently over 300,000 health applications in the mobile app stores worldwide, with the mental health segment accounting for the largest growth in the market.

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Mental Health disorders are nowadays considered an important health condition by the World Health Organization (WHO), therefore mental health-related campaigns are held all around the globe. In January 2020 for instance, Luxembourg League for mental health started a new awareness campaign to assist individuals to treat mental health issues. Another reason for its growth is the social stigma that earlier constantly revolved around mental health is finally starting to evaporate and more and more people now are accepting their mental conditions.

Covid-19 suddenly boosts the digital market as the lockdown was imposed globally. All activities need to be digitalized to reach the masses, which drives the mental health apps market too. The top 20 mental wellness apps in the U.S. hit 4 million first-time downloads in April 2020. That is a 29% increase from 3.1 million in January. In fact, during the pandemic, many coronavirus health apps were made mandatory by the government. The Indian Covid-19 tracker government app had 127.6 million total downloads in July from both iTunes and Play Store of which 80.8 million downloads were in April itself.

Based on Operating System, the market is fragmented into Android, iOS, and Others. The iOS market was seen to contain a higher number of apps as compared to the Android market in 2020. There are about 100 new healthcare apps added to the Appstore's every year. In the past decade, there has been rapid revolutionizing progress and acceptance of these apps by consumers. This is causing a boom in the market especially for depression and anxiety apps which are the most common mental health disorders found in the affected countries.

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Based on Applications, the market is segmented into Mental Disorder Apps, Substance-Use Disorder Apps, Co-Occurring Disorder Apps, and Others. Depression and anxiety are the most common mental health disorders in both men and women. Substance-Use disorders are more common in men than women and thus are more likely to use those apps.

Additionally, the report provides detailed initiatives that are being taken in the field of the Mental Health Apps Market. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World. North America dominated the market and generated maximum revenue in 2020 owing to the increasing teleconsultation and higher healthcare spending.

Some of the major players operating in the market include CVS Health, Aurora Health Care, Calm, Addicaid, Headspace Inc., NOCD Inc., Happify Inc., 7 cups of Tea, Sanvello, Talkspace Network. Several M&As along with partnerships have been undertaken by these players to develop Mental Health Apps Market.

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Mental Health Apps Market Segmentation

Market Insight, by Operating System

  • iOS
  • Android
  • Others

Market Insight, by Payment Mode

  • Free Apps
  • Paid Apps

Market Insight, by Subscription Model

  • Monthly
  • Yearly

Market Insight, by Application

  • Mental Disorder Apps
  • Substance-Use Disorders Apps
  • Co-Occurring Disorders Apps
  • Others

Market Insight, by Region

  • North America
    • United States
    • Canada
    • Rest of North America
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • United Kingdom
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • CVS Health
  • Aurora Health Care
  • Calm
  • Addicaid
  • Headspace Inc.
  • NOCD Inc.
  • Happify Inc.
  • 7 cups of Tea
  • Sanvello
  • Talkspace Network

Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Mental Health Apps Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
  • Based on what factors are the key market players assessed in this report?
  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
  • the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter's Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

Category : business

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