JERSEY CITY, N.J., April 25, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Emerging Mental Health Devices and Platforms Market By Products (Platforms and Devices), Therapies (Cognitive Behaviour Therapy (CBT), Electrotherapy, and Other Therapy), End-Users (Patients, Providers, Employers), Applications (Stress, Anxiety, Depression, Bipolar Disorder, Schizophrenia)- Market Outlook And Industry Analysis 2031".
According to company's newest research, the Global Emerging Mental Health Devices and Platforms Market is estimated to reach over USD 17.64 billion by 2031, exhibiting a CAGR of 23.77% during the forecast period for 2023-2031.
The outbreak of COVID-19 has disrupted mental health services. Meanwhile, the demand for Telemental health facilities is expanding because of covid-19 pandemic situations like social distancing, lowdown and coronavirus transmission fear. Moreover, an increased number of mental illnesses like depression, stress, and anxiety is reported as a consequence of the lockdown and quarantine, likely to boost the demand for mental health services in the coming days. The World Health Organization (WHO) states that "COVID-19 has interrupted essential mental health services worldwide just when needed most. World leaders must push swiftly and decisively to support more in life-saving mental health agendas during the pandemic and beyond."
Reducing the high healthcare costs, ensuring quick access to patient data, and growing awareness about digital healthcare services in rural areas will aid in boosting the growth opportunities for this market.Increasing use of smartphone applications, connected devices, and the internet, escalating mental illnesses, advanced medical technologies, shifting lifestyle patterns, a growing demand for home healthcare services, and cost-effective treatments have contributed to the adoption of mental health devices and platforms.
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In addition to this, increasing funding for digital medical services and increasing the focus of pharmaceutical companies in digitalizing healthcare services are witnessed in propelling the market growth. However, factors like the high cost of devices, data security concerns, and lack of validated scientific data are restraining the development of the market. Moreover, a lack of awareness about mental health devices is also hindering the market's growth.
The prominent market players
- AbleTo, Inc.
- Calm
- Electromedical Products International, Inc.
- Flow Neuroscience AB
- Ginger
- Headspace Inc.
- HAPPIFY HEALTH
- Lyra Health, Inc
- Monsenso A/S
- Neuronetics
- Pear Therapeutics, Inc.
- Psious
- Quartet Health
- Talkspace
- Teladoc Health, Inc.
- Woebot Health
- Ybrain, INC
- Bioself Technology Ltd
- INNOVATIVE NEUROLOGICAL DEVICES
- Lief Therapeutics
- NeuroSigma, Inc
- Sentio Solutions Inc
- Other Prominent Players
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The Key developments
- In March 2023, Sensate developed a patented relaxation device+app to combat tension and announced that it closed $3.2 million in seed funding in February, led by Incisive Ventures. Sensate's patented relaxation products are reshaping the $4,2 trillion wellness market by providing a simple solution for those seeking respite from the deleterious effects of stress and anxiety.
- In Sept 2022, Bioself Technology Ltd. launched the Sensate, a well-being technology device, with HBL supporting design finalization and facilitating seamless production. Through bone conduction, the product creates infrasound resonance in the thorax in an effort to reduce anxiety and calm the body.HBL collaborated with the client to resolve previous quality issues and focus on the Sensate's final development stage, thereby streamlining the production process.
- In Aug 2022, Ybrain was awarded the Translational Research Award at the Neuroergonomics Conference and NYC Neuromodulation Conference. Ybrain's award-winning neuromodulation technology, transcranial direct current stimulation (tDCS), is intended for the medical management of the major depressive disorder, and it accommodates patients who wish to manage their antidepressant use. The company's MINDD-STIM+ treatment employs tDCS. This is particularly significant in the post-pandemic world of today, as COVID-19 has caused a surge in new cases.
- In March 2021, Happify Health, a startup building digital health tools for mental health and wellness, raised $73 million in funding. The company intends to utilize the funds to build more specialized solutions for health plans and pharma companies.
- In June 2020, AbleTo, Inc., a leading provider of virtual mental health services, announced an integrated suite of solutions for payers to address the growing mental health needs across their populations with AbleTo's highly effective care model.
- In January 2020, Teladoc Health acquired InTouch Health, which will provide the company with a network of more than 450 hospitals.
Emerging Mental Health Devices and Platforms Market Report Scope
Report Attribute | Specifications |
Market size value in 2022 | USD 2.62 Bn |
Revenue forecast in 2031 | USD 17.64 Bn |
Growth rate CAGR | CAGR of 23.77 % from 2023 to 2031 |
Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
Historic Year | 2019 to 2022 |
Forecast Year | 2023-2031 |
Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
Segments covered | Products, Therapies, End-Users, Applications |
Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Insights:
The recent COVID-19 pandemic stimulated the adoption of technologies for mental health services and support, thereby boosting the acceptance of mental health devices and platforms. Blended therapies, such as CBT administered over the Internet, have been demonstrated to be a cost-effective and comparable alternative to in-person treatment. Moreover, the upsurge in the number of people suffering from mental disorders is one of the primary factors driving the market expansion. The market's growth is also being driven by increased government initiatives to raise public awareness of mental illnesses, as well as the high demand for devices and specialised therapies for managing them.
Regional Trends:
North America dominates the market for mental health devices and platforms and will continue this trend over the forecast period, attributable to the high prevalence of mental disorders and the favourable government initiatives undertaken to develop mental health devices and platforms. Secondly, the Europe market is also expected to show significant growth throughout the forecast period, owing to rising awareness about digital healthcare services and the advancement of medical technologies. On the other hand, Asia-Pacific's market is also expected to grow faster in the future. This fastest growth can be due to this region's high number of patients with mental illnesses. For the remaining regions, steady growth of this market is expected during the forecast period.
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Market Segments
Global Emerging Mental Health Devices and Platforms Market, by Application, 2023-2031 (Value US$ Bn)
- Monitoring and Diagnostics
- Therapeutics
Global Emerging Mental Health Devices and Platforms Market, by Products, 2023-2031 (Value US$ Bn)
- Platforms
- Devices
Global Emerging Mental Health Devices and Platforms Market, by Therapy, 2023-2031 (Value US$ Bn)
- Cognitive Behaviour Therapy (CBT)
- Electrotherapy
- Other Therapy
Global Emerging Mental Health Devices and Platforms Market, by End-Users, 2023-2031 (Value US$ Bn)
- Patients
- Providers
- Employers
- Other End-Users
Global Emerging Mental Health Devices and Platforms Market, by Applications, 2023-2031 (Value US$ Bn)
- Stress
- Anxiety
- Depression
- Bipolar Disorder
- Schizophrenia
- Other Applications
Global Emerging Mental Health Devices and Platforms Market, by Region, 2023-2031 (Value US$ Bn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Emerging Mental Health Devices and Platforms Market, by Country, 2023-2031 (Value US$ Bn)
- U.S.
- Canada
Europe Emerging Mental Health Devices and Platforms Market, by Country, 2023-2031 (Value US$ Bn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Emerging Mental Health Devices and Platforms Market, by Country, 2023-2031 (Value US$ Bn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Emerging Mental Health Devices and Platforms Market, by Country, 2023-2031 (Value US$ Bn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Emerging Mental Health Devices and Platforms Market, by Country, 2023-2031 (Value US$ Bn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis of the prospects for the Emerging Mental Health Devices and Platforms Market
- To receive an industry overview and future trends of the Emerging Mental Health Devices and Platforms Market
- To analyze the Global Emerging Mental Health Devices and Platforms Market drivers and challenges
- To get information on the Global Emerging Mental Health Devices and Platforms Market size ((Value US$ Mn) forecast to 2031
- Significant investments, mergers & acquisitions in the Global Emerging Mental Health Devices and Platforms Market industry
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