The global market for mental health apps was valued at US$ 6.2 Bn in 2022 and the market is foreseen to close in on a value of US$ 30 Bn by the end of 2032, surging at a CAGR of 17% during the same period. Outsourcing of mental health apps is most likely to comprise greater than 1.8x over the last 5 years. Demand for Mental health applications is predicted to grow at a Y-o-Y rate of 26% over the next few years.
Key Takeaways from the Market Study
- By platform type, android mental health apps account for over 74% of the global market revenue
- Depression and anxiety are expected to capture 30% of global market demand for mental health apps.
- North America to accumulate 34.4% of global mental health apps market revenue in 2022.
- Asia-Pacific to flourish at a CAGR of 26% concerning mental health apps services from 2022-2032
- The global market for mental health apps is expected to be valued at US$ 6.2 Bn in 2022
Competitive landscape
As technology penetrates the healthcare sector, prominent mental health app providers are developing advanced mobile applications that incorporate the latest virtual technologies. Moreover, extensive R & D activities, collaborations, and mergers and acquisitions constitute other expansion strategies for key players. Here are some notable developments:
In January 2022, Headspace Health, a digital mental health company, acquired Sayana, a manufacturer of AI-enabled mental health tracking and sleep apps. These companies bring technology, engineering, and design expertise as part of a joint effort to democratize high-quality, affordable mental health care around the world.
In February 2022, the Calm Relaxation App acquired the Ripple Health Group in a move aimed at supporting the growth of both companies and connecting more people with mental health providers. By working together, Ripple and Calm are working to bend the health curve in the right direction and move closer to resolving mental health crises around the world.
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