Overview and Scope
Digital psychotherapeutics refers to online or digital platforms and tools used for delivering psychotherapeutic interventions and treatments that are accessed through mobile apps, web-based platforms, or virtual reality applications.
Sizing and Forecast
The digital psychotherapeutics market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.81 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The growth in the historic period can be attributed to growing awareness about mental health issues, supportive regulatory frameworks, escalating healthcare costs, increasing patient preference for privacy and convenience, growing research and evidence base.
The digital psychotherapeutics market size is expected to see exponential growth in the next few years. It will grow to $5.55 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%. The growth in the forecast period can be attributed to Increased mental health advocacy, expansion of telehealth services, growing aging population and mental health needs, shift towards preventive healthcare, continued regulatory support and standardization. Major trends in the forecast period include integration with AI and data analytics, integration with healthcare systems, adoption of teletherapy, integration of AI and machine learning, focus on data security and privacy, user-centric design and engagement strategies.
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Segmentation & Regional Insights
The digital psychotherapeutics market covered in this report is segmented –
1) By Type: Mobile Apps, Online Platforms, Virtual Reality, Wearable Devices
2) By Indication: Phobias And Anxiety Disorders, Psychotic Disorders, Other Indications
3) By Business Model: Direct-To-Patients Or Consumers, Business-To-Business (B2B)
4) By Application: Prevention, Management, Treatment
5) By End User: Healthcare Providers, Payers
North America was the largest region in the digital psychotherapeutics market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital psychotherapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing incidence of mental health disorders is expected to propel the growth of the digital psychotherapeutics market going forward. Mental health disorders refer to a range of conditions that affect a person’s thoughts, emotions, and behavior, leading to distress and impaired functioning in daily life. The surge in mental health disorders can be attributed to increased stress levels, societal pressures, and trauma, which fuel demand for therapeutic interventions. Digital psychotherapy provides convenience by offering flexible scheduling options and eliminating the need for travel to therapy appointments. For instance, in November 2022, according to the Mental Health of Children and Young People in England report published by NHS Digital, a UK-based agency responsible for digital services and data management in the healthcare sector, among 17- to 19-year-olds, the proportion with a probable mental disorder increased from 17.4% in 2021 to 25.7% in 2022. Additionally, in 2022, the prevalence of a probable mental disorder among 7- to 10-year-olds was nearly twice as high in boys (19.7%) as in girls (10.5%). Therefore, the rise in the incidence of mental health disorders is driving the growth of the digital psychotherapeutics market.
Key Industry Players
Major companies operating in the digital psychotherapeutics market are AbleTo Inc., BetterHelp Inc., Ginger.io Inc., Meru Health Inc., Novartis International AG, Pear Therapeutics Inc., SilverCloud Health Limited, Spring Health Inc., Starling Minds Inc., SwissDT AG, Talkspace Inc., Woebot Health Inc., CBT Nuggets LLC, Quartet Health Inc., Neurotrack Technologies Inc., Limbix Health Inc., Happify Health LLC, Mindstrong Health Inc., Minddistrict B.V., Ieso Digital Health, Eleos Health, MDLIVE, Lyra Health
The digital psychotherapeutics market report table of contents includes:
1. Executive Summary
2. Digital Psychotherapeutics Market Characteristics
3. Digital Psychotherapeutics Market Trends And Strategies
4. Digital Psychotherapeutics Market – Macro Economic Scenario
5. Global Digital Psychotherapeutics Market Size and Growth
…
32. Global Digital Psychotherapeutics Market Competitive Benchmarking
33. Global Digital Psychotherapeutics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Psychotherapeutics Market
35. Digital Psychotherapeutics Market Future Outlook and Potential Analysis
36. Appendix
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