New York, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Digital Mental Health Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Digital Mental Health Market Information by Component, by Disorder Type, by Age Group, End User and by Region - Forecast till 2030”, the market size is projected to be worth USD 69.44 billion by 2030 at 20.3% CAGR during the forecast period 2022 - 2030.
Market Scope:
It is common practice in the field of mental health to employ digital health technology systems for the purposes of providing curative, preventative, and sustaining care. It's helpful because it gives people the choice to take a therapeutic approach in a digital setting. Digital mental health technologies make mental-health help more accessible and lower the threshold for starting to cope with mental health difficulties.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 69.44 Billion |
| CAGR | 20.3% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Disorder Type, Age Group and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of mental disorders |
| High demand of software among healthcare providers |
Digital Mental Health Market Competitive Outlook:
The industry players are using business tactics to improve their market presence. To begin their investigation, they are deploying cutting-edge technologies to collect patient data. Market participants are also launching new products, entering into contracts, merging with or acquiring other companies, expanding their investment, and forming partnerships in order to increase their share of the worldwide market.
- The MENTOR Network (US)
- Brightline (US)
- Talkspace (US)
- CloudMD (Canada)
- Universal Health Services, Inc. (US)
- DarioHealth Corp. (US)
- CareTech Holdings PLC (UK)
- Ascension Seton (US)
- North Range Behavioral Health (US)
- Promises Behavioral Health (US)
Digital Mental Health Market Dynamics:
Market Drivers
The digital mental health field was growing rapidly even before the COVID-19 epidemic but stress and anxiety brought on by the health crisis have driven demand for virtual behavioral health services. The success of digital mental health entrepreneurs means that more people may access mental wellness than were theoretically able to do so before.
One of the major factors driving market expansion is the increasing prevalence of mental diseases around the world. The market has also been expanding for other reasons, such as the rising incidence of mental illness and the soaring need for digitalization in the medical industry. Also, significant prospects should arise in the market as a result of the formation of strategic alliances to deliver low-cost medical services.
The need for digital mental health solutions has been steadily expanding, however some countries in developing regions are unable to purchase them. Companies are forming partnerships to offer more cost-effective services, which is opening up significant new market space. Opportunities for market expansion are anticipated to be bolstered by partnerships between companies in the market to create innovative, low-cost offerings.
Market Restraints
Yet, the market's expansion has been stymied by a lack of resources and expertise. The lack of a proper infrastructure for digital mental health tools in poor nations has created a massive vacuum. Because of this, demand for online resources to improve mental health is minimal. In addition, the business is stunted by the dearth of trained personnel to run digital mental health solutions.
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COVID-19 Analysis:
The COVID-19 pandemic has skyrocketed the worldwide illness load, responsible for large mortalities. The epidemic also harmed the global economy, disrupting the healthcare industry and inflicting financial difficulty. Exponential growth in the patient intake and increasing hospital admissions have put a great pressure on healthcare facilities as well as on medical staff. There has been an uptick in cases of depression and anxiety as a result of the widespread spread of COVID-19. The epidemic has coincided with an increase in the use of online resources for mental health, as a result of rising public awareness of the importance of such resources. During the 2009 COVID-19 epidemic, these variables contributed to the expansion of the worldwide digital mental health market.
Digital Mental Health Market Segmentation:
By component
During the time period under consideration, the software industry has been gaining ground owing to the widespread adoption of mobile apps. Web-based software is gaining popularity because of the reliability with which it delivers information along with increased efficiency, convenience, and low cost. And now, because to the development of user-friendly apps, people have easier access to mental health services than ever before.
By Disorder Type
The market for anxiety disorders is predicted to expand at a rapid rate during the assessment period. One of the main drivers of this sector's expansion is the rising awareness of the efficacy of mental health apps in the treatment of anxiety and depression.
By Age Group
Growth in the adult demographic over the predicted period is expected to be particularly robust. Substance use disorders, anxiety disorders, depression, and schizophrenia are the most prevalent forms of adult mental illness. Cognition, behavioral regulation, and emotional regulation are particularly vulnerable to these disorders.
By End User
In particular, the patient market is expected to expand rapidly during the assessment time frame. Digital mental health tools, such mobile phones and computers, allow patients to speak with their doctors over the phone or via video chat. During the global pandemic of SARS-CoV-19, it gained in notoriety and utility. As a result of developments in technology, increased availability, and shifts in insurance reimbursement policies, digital mental health solutions have gained widespread popularity among patients around the world.
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Digital Mental Health Market Regional Analysis:
Increases in both the prevalence and understanding of mental health issues in the digital realm are driving demand in this area. The North American area, which includes both the United States and Canada, is expected to hold the largest share of the digital mental health market in 2021. The development of better digital mental health tools and the rising public awareness of these resources are both driving forces in the expansion of this sector. Furthermore, the increasing demand for digital mental health solutions in the region is attributable to the rising prevalence of mental disease. In addition, one in ten young people in the United States has experienced depression, which can have a negative impact on academic performance, employment performance, relationships with family and friends, and other aspects of daily life. As a result, the increasing prevalence of digital mental health issues is opening up promising new avenues for market expansion, which is further fueling the market.
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Growth in the Asia-Pacific area is anticipated to be particularly robust throughout the projected period because of the region's increasing penchant for using smartphones and other connected gadgets. In addition, many countries in the area are embracing digital health and mobile health technology to improve healthcare management and patient outcomes. Thus, it is expected that these kind of programs will increase the use of applications aimed at mental health care over the coming years.
Discover more research Reports on Healthcare Industry by Market Research Future:
Mental Health Software and Devices Market Information; By Componant (Software (web based, and Standalone software) and devices), By Functionality (Clinical (electronic health records (EHRs), clinical decision support, Health Management, E-prescribing, Tele-health, and others), Administrative (information management, scheduling, workforce management, and others), Financial (accounting, revenue cycle management, business intelligence, and others) and others), End User (providers, payers, and patients) - Forecast To 2030
Behavioral Health Services Market Research Report: By Services Type (Inpatient hospital treatment, Outpatient counseling, Home-Based Treatment Services), Disorder Type (Anxiety Disorder, Bipolar Disorders, Depression, Eating Disorder) and End-User (Providers, Hospitals and Clinics, Community Centers, Patients) - Forecast to 2030
Behavioral Health Software Market Research Report: Information by Functionality (Clinical Functionality [Electronic Health Records (EHRs), Clinical Decision Support (CDS), Telehealth, and Others], Administrative Functionality [Patient/Client Scheduling, Workforce Management, and Others], Financial Functionality [Revenue Cycle Management, Managed Care, and Others], by Delivery Method (Subscription Model and Ownership Model), by Type (Standalone and Integrated), by End User (Payers, Providers, and Patients), by Region, Forecast to 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
