Mental Health Apps Global Market Opportunities and Strategies to 2033

This report describes and explains the mental health apps market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global mental health apps market reached a value of nearly $6.47 billion in 2023, having grown at a compound annual growth rate (CAGR) of 17.9% since 2018. The market is expected to grow from $ 6.47 billion in 2023 to $15.21 billion in 2028 at a rate of 18.6%. The market is then expected to grow at a CAGR of 18.8% from 2028 and reach $35.97 billion in 2033.

Growth in the historic period resulted from the growing adoption of connected devices or IOT devices, increasing internet penetration in rural and urban areas and increasing aging populations. Factors that negatively affected growth in the historic period were heightened concerns about privacy and security of personal health data and low levels of digital literacy.

Going forward, the increasing availability of smartphones and tablets, increased focus on mental health among younger generations and government initiatives to improve access to mental health services will drive the growth. Factor that could hinder the growth of the mental health apps market in the future include limited awareness and understanding of mental health issues and improper diagnosis due to incorrect information.

The mental health apps market is segmented by platform type into iOS, Android and other platform types. The iOS market was the largest segment of the mental health apps market segmented by platform type, accounting for 48.5% or $3.13 billion of the total in 2023. Going forward, the android segment is expected to be the fastest growing segment in the mental health apps market segmented by platform type, at a CAGR of 20.1% during 2023-2028.

The mental health apps market is segmented by application type into depression and anxiety management, meditation management, stress management, wellness management and other application types. The depression and anxiety management market was the largest segment of the mental health apps market segmented by application type, accounting for 29.3% or $1.89 billion of the total in 2023. Going forward, the stress management segment is expected to be the fastest growing segment in the mental health apps market segmented by application type, at a CAGR of 20.7% during 2023-2028.

North America was the largest region in the mental health apps market, accounting for 37.8% or $2.44 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the mental health apps market will be Asia-Pacific and North America where growth will be at CAGRs of 22.2% and 18.6% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 18.5% and 12.4% respectively.

The global mental health apps market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 16.3% of the total market in 2023. Calm was the largest competitor with a 5.4% share of the market, followed by Teladoc Health Inc with 4.5%, Headspace Inc with 3.4%, Talkspace Inc with 1.1%, Insight Network Inc with 0.4%, Meru Health with 0.4%, Happify Inc with 0.3%, Meditopia with 0.3%, K Health Inc with 0.2% and Wysa Ltd with 0.2%.

The top opportunities in the mental health apps market segmented by platform type will arise in the android segment, which will gain $4.43 billion of global annual sales by 2028. The top opportunities in the mental health apps market segmented by application type will arise in the depression and anxiety management segment, which will gain $2.47 billion of global annual sales by 2028. The mental health apps market size will gain the most in the USA at $2.93 billion.

Market-trend-based strategies for the mental health apps market include development of mental health portals for employees, new product launches with focus on affordable mental health care, use of AI-powered solutions for personalized support and risk assessment for users, focus on language-based mental health apps and strategic partnerships and collaborations among market players.

Player-adopted strategies in the mental health apps market include focus on expanding its business through growing investments, focus on enhancing business capabilities through the launch of new products and focus on enhancing business operations through strategic collaborations and partnerships.

To take advantage of the opportunities, the analyst recommends the mental health apps companies to focus on employee well-being through mental health portals, focus on affordable mental health apps innovation, focus on AI-driven mental health solutions, focus on multilingual mental health apps, focus on accelerating growth in ios and android segments, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, provide competitively priced offerings, focus on targeted promotion strategies, focus on stress management and depression & anxiety management segments, target aging populations and focus on younger generations.