NOIDA, India, June 21, 2021 /PRNewswire/ -- A comprehensive overview of the Mental Health Apps Market is recently added by UnivDatos Market Insights to its humongous database. The Mental Health Apps Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Mental Health Apps Market. The Mental Health Apps Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Mental Health Apps Market at the global and regional levels. Mental Health Apps Market is expected to grow at a CAGR of 20.5% from 2021-2027 to reach US$ 3.3 billion by 2027.
Mental Health App is the distribution of mental healthcare facilities, in the form of computer applications. Mental Illness is a common condition throughout the world and especially in the United States. Statistics say 51.5 million individuals in the United States were affected by mental illnesses like anxiety, schizophrenia, major depression, etc. and 43.6% of the population received treatment of mental illness in the year.
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The number of patients suffering from mental illnesses increases due to the increase in geriatric populations and stressful working hours, the need for quicker healthcare is required. To address this issue, digital healthcare tools are offering several apps to scale up the treatment and decrease the cost of treatment for patients. There are currently over 300,000 health applications in the mobile app stores worldwide, with the mental health segment accounting for the largest growth in the market. The number of smartphone users worldwide has surpassed 3 billion, with several hundred million more expected in the coming years. These trends have shown an upsurge in clinical apps research in major depression, anxiety, post-traumatic stress disorders, schizophrenia, bipolar disorder, and others.
Amid COVID-19, all activities need to be digitalized to reach the masses, this digitalization has helped the mHealth apps market grow enormously. The top 20 mental wellness apps in the U.S. hit 4 million first-time downloads in April 2020. That is a 29% increase from 3.1 million in January. In fact, during the pandemic, many coronavirus health apps were made mandatory by the government. The Indian Covid-19 tracker government app had 127.6 million total downloads in July from both iTunes and Play Store of which 80.8 million downloads were in April itself.
Lastly, with the government also realizing the importance of digital technology across the globe, the chances of adopting mHealth apps by health professionals and patients is even higher.
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Mental Health Apps Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Operating System, the market is primarily segmented into
The iOS segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The iOS market was seen to contain a higher number of apps as compared to the Android market in 2019. There are about 100 new healthcare apps added to the Appstore's every year.
By Payment Mode, the market is primarily bifurcated into
Amongst payment modes, the free segment of the mental health apps market was valued at USD XX million in 2020 and is likely to reach USD XX million by 2027 growing at a CAGR of XX% from 2021-2027. Over the years the number of paid apps is increasing as the apps become more scientifically proven to work, their popularity and worth is also increasing.
By Subscription Model, the market is primarily segmented into
Amongst the subscription model, the yearly segment accounted for a market valuation of USD XX million in 2020 and is expected to reach USD XX million by the year 2027, at a CAGR of XX% over the analyzed period. For many years there have been a variety of apps in the Mental Health Market. However, only in the past decade, there has been rapid revolutionizing progress and acceptance of these apps by consumers.
By Application, the market is primarily segmented into
- Mental Disorder Apps
- Substance-Use Disorders Apps
- Co-Occurring Disorders Apps
Amongst applications, the mental disorder apps market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Depression and Anxiety are the most common mental health disorders in both men and women. Substance-Use disorders are more common in Men than Women and thus are more likely to use those Apps.
Mental Health Apps Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, North America constitutes a major market for the Mental Health Apps industry and generated maximum revenue in 2020 owing to the growing mental patients' pool and advanced digital healthcare infrastructure in the region.
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The major players targeting the market includes
- CVS Health
- Aurora Health Care
- Headspace Inc.
- NOCD Inc.
- Happify Inc.
- 7 cups of Tea
- Talkspace Network
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Mental Health Apps Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Mental Health Apps Market?
- Which factors are influencing the Mental Health Apps Market over the forecast period?
- What are the global challenges, threats, and risks in the Mental Health Apps Market?
- Which factors are propelling and restraining the Mental Health Apps Market?
- What are the demanding global regions of the Mental Health Apps Market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
SOURCE UnivDatos Market Insights