Digital Mental Health Global Market Report 2024

The digital mental health market size has grown rapidly in recent years. It will grow from $20.25 billion in 2023 to $23.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth observed in the historical period can be attributed to increasing chronic diseases, rising healthcare costs, government initiatives and regulations, consumer empowerment, and concerns related to data security and privacy.

The digital mental health market size is expected to see rapid growth in the next few years. It will grow to $43.34 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The anticipated growth in the forecast period can be attributed to healthcare provider adoption, the expansion of telehealth, the implementation of patient engagement solutions, emphasis on interoperability and data sharing, and preparedness for global health crises. Major trends expected in the forecast period include remote patient monitoring, technological advancements, integration of behavioral health, emphasis on interoperability and data exchange, and the integration of wearable technology in healthcare.

The projected rise in mental disorders is anticipated to drive the growth of the digital mental health market in the foreseeable future. Mental disorders, characterized by significant disturbances in cognition, emotional regulation, or behavior, have witnessed an increase in prevalence. Digital mental health technology plays a crucial role in addressing mental health concerns, providing solutions for promoting mental well-being, preventive measures, self-care, early intervention, and the treatment of mental disorders. In 2022, Mental Health America reported that approximately 19.86% of the total U.S. population, around 50 million adults, experienced mental illness, compared to 19% (approximately 47 million adults) in 2021. The growing prevalence of mental disorders is a key driver for the digital mental health market.

The rising adoption of the Internet of Things (IoT) is poised to fuel the expansion of the digital mental health market. The IoT, a networked system of interconnected computing devices, enhances real-time monitoring and personalized interventions in digital mental health. It facilitates proactive and data-driven approaches to support individuals' well-being. According to a report by Ericsson in September 2022, global IoT connections reached 13.2 billion in 2022, with an expected increase of 18% to 34.7 billion connections by 2028. The increasing adoption of IoT contributes significantly to the growth of the digital mental health market.

The breach in confidentiality and security of sensitive patient information poses a significant constraint to the growth of the digital mental health market during the forecast period. Ensuring patient privacy and confidentiality is crucial for building trust and encouraging individuals to seek mental health care. Instances, such as the Federal Trade Commission's order against BetterHelp Inc. in March 2023 for sharing sensitive patient data with third-party advertisers, highlight the importance of safeguarding patient information. The breach in confidentiality and security remains a limiting factor for the digital mental health market.

Major players in the digital mental health market are increasingly focusing on advancements in AI and machine learning algorithms. These innovations involve the integration of artificial intelligence into digital mental health solutions, enhancing the organization of mental health services and enabling the detection and analysis of mental health issues. An example of such innovation is demonstrated by Aiberry, a U.S.-based AI-enabled mental health screening platform. In August 2023, Aiberry introduced an updated version of its platform tailored to meet the requirements of corporate wellness platform users. The platform seamlessly integrates with major corporate wellness platforms and incorporates an AI-driven therapeutic technology assistant named Botberry. Botberry engages in conversations to identify mental health disorders by analyzing speech patterns and subtle shifts in facial expressions. The Aiberry corporate wellness platform includes enhanced analytics features, allowing the monitoring and tracking of employees' wellness progress over time.

In July 2023, Big Health, a U.S.-based mental healthcare company specializing in digital health and digital medicines, acquired Limbix for an undisclosed amount. This strategic acquisition is aimed at expanding Big Health's portfolio, particularly in the daylight therapeutic solutions for anxiety and Sleepio for insomnia segments. The company also expressed intentions to prioritize the development of initial-line digital therapeutics targeting various mental health conditions. Limbix, based in the U.S., has developed SparkRx, a digital therapeutic designed for adolescent mental health.

Major companies operating in the digital mental health market report are Teladoc Health Inc., Calm Health, American Well Corporation, Ginger.io Inc., Headspace Health, Iron Bow Technologies Inc., Talkspace Inc., Virgin Pulse Inc., Quartet Health Inc., Array Behavioral Care, Cerebral Inc., Woebot Health, NeuroFlow Inc., Even Health LLC, Sanvello Health Inc., Twill Inc., Wysa Inc., HealthRhythms, Likeminded GmbH, Mantra Health Inc., MindDoc Health GmbH, TheraPlatform, Youper Inc., Spring Care Inc., Excel At Life LLC.

North America was the largest region in the Digital Mental Health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital mental health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital mental health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital mental health involves the use of digital health technology for the assessment, support, prevention, and treatment of mental health issues, aiming to improve health outcomes by providing accessible and patient-centered access to mental health support and self-management resources.

The main components of digital mental health include software, services, and hardware. Digital mental health software is utilized by users to generate and securely store electronic patient records. These applications cover a range of mental health areas, including depression and anxiety management, meditation management, stress management, and wellness management. Digital mental health solutions are utilized by various end-users, including hospitals, mental healthcare centers, and research institutes.

The digital mental health market research report is one of a series of new reports that provides digital mental health market statistics, including digital mental health industry global market size, regional shares, competitors with a digital mental health market share, detailed digital mental health market segments, market trends, and opportunities, and any further data you may need to thrive in the digital mental health industry. This digital mental health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital mental health market consists of revenue earned by entities by providing digital mental health services such as telepsychiatry, teleconsultation, mental health apps and games, digital assessment, digital therapeutic approaches, virtual training, and clinical support. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital mental health market also includes sales of tele-mental health, the internet of medical things (IoMT), mental health data management and communication tools, and AI And ML solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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