Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Mental Health App Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, March 08, 2021 (GLOBE NEWSWIRE) -- The Global Mental Health App Market is expected to grow at a CAGR of around 24.2% from 2020 to 2027 and reach the market value of over US$ 3,709.2 Mn by 2027.

The global mental health app market is estimated to gain potential growth over the forecast period from 2020 to 2027 due to increasing awareness about the importance of mental health among people across the globe. Mental health apps are designed to shape up the mood of the user, additionally, these apps let users connect with the licensed mental health professional and peers who can understand what they are going through. These apps also contain lots of information about mental health that helps its users to understand better about their condition. Social stigma for mental health in some regions prevents patients from visiting the concerned organization or professional additionally bolstering the number of mental health apps downloads. 

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According to the World Health Organization (WHO) estimates of 2020, 264 million people of all ages suffer from depression globally and a total of around 450 million people experience mental or neurological disorders across the globe. 

The global mental health app market is segmented on the basis of the type of platform, type of subscription, application, end-user, and geography. Mental health apps are designed to be operational on iOS, Android, and other platforms. Based on the type of subscription, these are available as free apps and paid apps with monthly or yearly subscriptions. Mental health apps have applications across cognitive-behavioral disorders including anxiety disorder, seasonal affective disorder, bipolar disorders, psychotic disorders, and eating disorders, obsessive-compulsive disorder, phobia, post-traumatic stress disorder, suicidal ideation/schizophrenia, and addiction disorder. Additionally, the end-user of these apps includes home care settings, mental hospitals/asylums/IPD settings, clinics/outpatient counselling, and mental health research centres. 

In 2019, North America accounted for the maximum revenue share (%) in the global mental health app market. The prominent economy of the region US is contributing to the maximum revenue share in the regional market. According to the Buckeye Recovery Network estimates of 2020 for the US, 2.4 million Americans have schizophrenia, 6.1 million have bipolar disorder, 16 million are experiencing major depression, 42 million are dealing with anxiety disorders, and 10.2 million Americans have a co-occurring mental health and addiction disorder. 

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Furthermore, the Asia Pacific along with its rapidly developing economies China and India is anticipated to exhibit the fastest growth during the forecast period from 2020 to 2027. As per the Economist Intelligence Unit (EIU) study, from 2020 to 2030 mental health problems will reduce economic growth in India and China by US$ 11 trillion. According to a study held in Korea, around 75% of those attempting suicide are living with more than one mental illness. In Australia, the suicide rate among people with a mental illness is around 7 times higher than the general population. 

Some of the leading competitors in the global mental health app market are 7 Cups of Tea, Aurora Health Care, Calm, Happify Inc., Headspace Inc., Mayo Foundation for Medical Education and Research, MoodTools, NOCD Inc., Recovery Record, Inc., Sanvello Health, Talkspace, and Ustwo Fampany Ltd.

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Some of the key observations regarding the mental health app industry include:

  • In 2020, US-based Talkspace has launched a new commercial health plan in association with Cigna which covers the 40 million patients of Talkspace with insurance policies.

  • Over 1 million people have downloaded Aurora Health Care (Moodpath) across 45 countries in 2019 for detecting and treating depression. Moreover, the app has reached 850,000 downloads in 2018. The company has raised a total of 2.7 million euros from investors like Holtzbrinck Ventures and has planned to increase its international presence in 2019 along with the feature expansion.

  • According to the published results by Researchers from the University Of Washington School Of Medicine, an app to help people with serious mental illness is just effective as a clinic-based group intervention for half the cost. The published result in 2021 is likely to motivate policymakers to make “mHealth” apps reimbursable with billing codes.

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