Mental Health Apps Market
Number of pages: 100 | Report Format: PDF | Published date: March 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 5.9 billion |
|
Revenue Forecast in 2031 |
US$ 20.43 billion |
|
CAGR |
14.6% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Platform Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global mental health apps market was valued at US$ 5.9 billion in 2022 and is expected to register a revenue CAGR of 14.6% to reach US$ 20.43 billion by 2031.
Mental Health Apps Market Fundamentals
Mental health apps are software applications designed to support users’ mental well-being. These apps typically offer a range of features and tools that can help users manage their mental health, such as mindfulness exercises, mood tracking, cognitive-behavioral therapy techniques, and guided meditation. Mental health apps can be used by anyone, regardless of age, gender, or location, and can be accessed from a smartphone or tablet.
Mental health apps have become increasingly popular due to their convenience and accessibility. They can be used by people who may not have access to traditional mental health resources or feel uncomfortable seeking in-person therapy. Many mental health apps are evidence-based, meaning that they have been tested in clinical trials and are effective in helping users manage their mental health. As a result, mental health apps are a valuable resource for anyone looking to improve their mental well-being.
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Mental Health Apps Market Dynamics
The growing awareness of the importance of mental health in recent years is the major driver for the revenue growth of the global mental health apps market. People are more open about discussing mental health issues, and there is a greater understanding of the need for access to mental health resources. Additionally, mental health apps offer a convenient and accessible way for people to access mental health resources. With the rise of smartphones and mobile devices, people can now access mental health resources anytime and anywhere, thus boosting the revenue growth of the global mental health apps market. Mental health apps can be cost-effective compared to traditional forms of therapy, which can be expensive and time-consuming. Moreover, new technologies, such as artificial intelligence and machine learning, have enabled mental health apps to offer more sophisticated and effective treatments. This is, thus, fueling the global mental health apps market revenue growth.
However, not everyone across the globe has access to a smartphone or internet connection, which may limit the reach of mental health apps. Moreover, some apps may not be based on evidence-based practices and may not be effective in treating mental health conditions. This can hamper the revenue growth of the global mental health apps market. Additionally, concerns about privacy, security, and appropriate diagnosis impede the overall market revenue growth.
Mental Health Apps Market Ecosystem
The global mental health apps market is analyzed from three perspectives: platform type, application, and region.
Mental Health Apps Market by Platform Type
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Based on the platform type, the global mental health apps market is segmented into iOS, Android, and others.
The iOS platform segment dominated the market with the top revenue share in 2022. Apple has been a leader in promoting mental health apps since the launch of its Health app in 2014. This has led to more mental health app developers creating apps for the iOS platform, contributing to its dominance in the market. Apple offers extensive support to app developers, including resources and tools for developing high-quality mental health apps. This has encouraged more developers to create apps for the iOS platform, leading to a wider selection of mental health apps for users. Additionally, Apple has a large and loyal user base, which makes it an attractive platform for mental health app developers. The large user base means a higher potential audience for mental health apps on the iOS platform, which can lead to higher revenue for app developers. Moreover, the iOS platform is known for its ease of use and intuitive interface, which can make mental health apps more accessible to users who may be new to technology or unfamiliar with mental health resources. Apple is a well-known and respected brand, which can enhance the credibility and trustworthiness of mental health apps available on the iOS platform. These factors contribute to the revenue growth of the iOS platform segment.
The Android platform segment accounted for the second-largest market revenue share in 2022, owing to its customizability and affordability. Android has a larger market revenue share than iOS, so more Android users may be interested in mental health apps. This has led to an increase in mental health apps available on the Android platform. Additionally, Android is known for its customization options, which can make mental health apps more personalized and appealing to users. Mental health apps that offer personalized features, such as mood tracking or goal setting, are more popular among Android users. Android devices are often less expensive than iOS devices, which means that users who may not be able to afford an iPhone or iPad can still access mental health apps on an Android device. Android is an open-source platform, so developers can more easily create and distribute mental health apps without going through a strict review process. This has led to a wider selection of mental health apps on the Android platform. Android devices are often more integrated with other Google services, such as Google Fit, making it easier for users to track their physical and mental health in one place. These aspects contribute to the revenue growth of the Android platform segment.
Mental Health Apps Market by Application
Based on the application, the global mental health apps market is segmented into depression and anxiety management, meditation management, stress management, wellness management, and others.
The stress management segment is expected to be the fastest-growing segment throughout the forecast period. Stress is a common experience for many people, and it can negatively affect their physical and mental health. This has led to significant demand for mental health apps to help people manage their stress. Stress management apps can be accessed from anywhere and at any time, making them a convenient option for people who may not have the time or resources to seek in-person therapy. Stress management apps often have user-friendly features, such as guided meditation, breathing exercises, and stress tracking. These features can help users identify their stress triggers and learn effective coping strategies. Many stress management apps are based on evidence-based practices, such as mindfulness and cognitive-behavioral therapy. This can help users feel more confident in the app’s ability to help them manage their stress. These aspects contribute to the growth of the stress management segment.
Mental Health Apps Market by Region
Geographically, the global mental health apps market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global mental health apps market with the largest revenue share in 2022, attributed to the increasing adoption of smartphones, advancements in network coverage, and increased internet and social media penetration. Additionally, companies across the region are continuously involved in partnerships, mergers, and acquisitions, which is also helping in the development of the market.
Competitive Landscape
The prominent players operating in the global mental health apps market are:
Strategic Developments
The global mental health apps market is expected to reach US$ 20.43 billion by 2031.
The depression and anxiety management segment accounts for the largest global market revenue share.
The mental health apps market is expected to register a revenue CAGR of 14.8% during the forecast period from 2023 to 2031.
North America dominates the global mental health apps market with the largest revenue share.
Some prominent players operating in the global mental health apps market are Youper, Inc., Sanvello Health, Calm.com, Inc., Real Collaborative, Inc., and Wysa.
*Insights on financial performance are subject to the availability of information in the public domain