The Mental Health Apps Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mental Health Apps Global Market Report 2024, The mental health apps market size has grown rapidly in recent years. It will grow from $6.22 billion in 2023 to $7.18 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to increasing mental health awareness, reducing stigma, global health challenges.
The mental health apps market size is expected to see rapid growth in the next few years. It will grow to $13.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to increasing demand for telehealth services, user empowerment, corporate wellness initiatives. Major trends in the forecast period include personalization and customization, integration of AI and machine learning, teletherapy and remote support, digital therapeutics, data security and privacy compliance.
The increasing awareness about mental health and its significance is propelling the growth of the mental health apps market. Increasing openness about mental health by sports personalities and celebrities has reduced the stigma and increased awareness about mental health and its importance on one’s health across the globe. Additionally, individuals with mental health-related problems are investing in various recovery therapies such as medical consultations, mental health apps, self-help books, and others. For instance, in July 2023, according to MYNDUP, a UK-based online platform that provides employees with mental health help, in the summer of 2021, around 17% of people in the UK experienced some kind of depression, in contrast to 10% before the epidemic. Anxiety is the most common mental illness, affecting 40 million people (19.1% of the population). Therefore, the increasing awareness of mental health and its awareness drive the mental health app market growth.
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The mental health apps market covered in this report is segmented –
1) By Platform Type: iOS, Android, Other Platform Types
2) By Application Type: Depression and Anxiety management, Meditation Management, Stress Management, Wellness Management, Other Application Types
Top Major Players
Walmart Inc.
UnitedHealth Group Incorporated
CVS Health Corporation
McKesson Corporation
Cardinal Health Inc.
Major companies operating in the mental health apps market are focusing on innovative products such as AI-based mental health support apps to fulfill the requirements of insurers and their clients. An AI-based mental health support app is a smartphone application that uses artificial intelligence (AI) technology to help, guide, and support people suffering from mental health issues. For instance, in August 2023, Swiss Re Reinsurance Solutions, a Switzerland-based reinsurance company, in partnership with Wysa, a US-based AI-based chatbot company that assists consumers in better coping with everyday stresses, launched Wysa Assure, an artificial intelligence mental health support app. The app combines Swiss Re’s risk knowledge and unique scoring methodology with Wysa’s AI-powered mental health solutions to fulfill the needs of insurers and their clients, with prospects to build similar collaborations in other countries. The AI chatbot built on cognitive behavioral therapy principles is central to Wysa Assure’s design, allowing customers to be supported on-demand and directing them via evidence-based psychological resources tailored to their specific requirements. To address data privacy issues, the software prioritizes user anonymity while seamlessly combining self-management modules with insurer support networks. This novel strategy promotes proactive mental health management and encourages early help-seeking, preventing symptom progression and perhaps saving insurers money on claims.
The mental health apps market report table of contents includes:
1. Executive Summary
2. Mental Health Apps Market Characteristics
3. Mental Health Apps Market Trends And Strategies
4. Mental Health Apps Market – Macro Economic Scenario
5. Global Mental Health Apps Market Size and Growth
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32. Global Mental Health Apps Market Competitive Benchmarking
33. Global Mental Health Apps Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Mental Health Apps Market
35. Mental Health Apps Market Future Outlook and Potential Analysis
36. Appendix
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