Emerging Mental Health Devices and Platforms Market- Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The emerging mental health devices and platforms market is segmented by Product Type (Platforms, Devices), Application (Stress, Anxiety, Depression, Bipolar Disorder, Other Applications), Geography (North America, Europe, Asia-Pacific, South America, Middle East, and Africa). The report offers the value (in USD million) for the above segments.

Market Snapshot

Emerging Mental Health Devices and Platforms Market Size
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 23.1 %

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Market Overview

The emerging mental health devices and platforms market is expected to register a CAGR of 23.1% over the forecast period 2022-2027.

At first, the COVID-19 pandemic had a big impact on the market of mental health devices and platforms. The survey published by World Health Organization in 2020 points out that the COVID-19 pandemic has delayed or suspended vital mental health services in 93 percent of nations globally, despite rising demand for mental health care. Further, many countries (70%) have embraced telemedicine or teletherapy to address disruptions in in-person treatments, but there are considerable differences in its adoption. As per the World Health Organization 2020 report, in comparison to less than half of low-income nations, more than 80% of high-income countries reported using telemedicine and teletherapy to overcome mental health gaps.

Furthermore, the increase in teleconsultation after the pandemic and raising awareness of mental health during lockdowns were among the main factors driving the demand for mental health devices and platforms, thereby contributing to market growth. As per the press release on November 2021, Sun Life published the partnership with CloudMD to expand Mental Health Coach to all Group Benefits Clients. Even though many Canadians are suffering from mental health concerns, a Sun Life study found that more than half of them do not seek medical help. The biggest impediments to blame are cost, access, and feelings of embarrassment. With Mental Health Coach, Sun Life and CloudMD are bridging the gap. Clients who are at risk of having a mental health problem are identified through data analytics. It then proactively contacts clients to direct them to the appropriate resources and assistance.

Furthermore, the pandemic has brought attention to the importance of digital and virtual mental health care, potentially saving our mental health system. Product releases and strategic efforts by prominent market competitors favorably impact the industry's growth. For instance, in October 2021, Medical, Inc., a medical device company, announced that the United States Food and Drug Administration (FDA) had granted the company Breakthrough Device Designation for its individualized, rapid-acting, non-invasive neurostimulation technology, which is intended to treat the major depressive disorder (MDD) in people who have not responded to antidepressant medication or other treatments. The United States Food and Drug Administration (FDA) Breakthrough Device program aims to provide patients access to breakthrough technologies that have the potential to deliver more effective treatment or diagnosis for life-threatening or debilitating diseases or conditions than current medicines.

Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the limited clinically validated scientific data for mental health applications restrain the market growth.

Scope of the Report

As per the report's scope, mental health devices are devices intended to improve mental health, providing cures for anxiety and related illness. Mental health platforms provide online consultations and virtual assistance for people who need mental support. Through the platforms like mobile and computer applications, the treatment method is more reached to patients and providers. The emerging mental health devices and platforms market is segmented by Product Type (Platforms, Devices), Application (Stress, Anxiety, Depression, Bipolar Disorder, Other Applications), Geography (North America, Europe, Asia-Pacific, South America, Middle East, and Africa). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Product Type
Platforms
Devices
By Application
Stress
Anxiety
Depression
Bipolar Disorder
Other Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Mental Health Platforms are Expected to Witness a Positive Growth Over the Forecast Period

Mental health platforms are digital platforms that strive to raise mental health awareness, de-stigmatize mental health issues, and provide treatment and therapy services. According to the reports published by Mental Health America 2022, the prevalence of mental illness ranked 1 in New Jersey. In addition, 19.86% of adults are experiencing a mental illness, equivalent to nearly 50 million Americans. The state prevalence of adult mental illness ranges from 16.37% in New Jersey to 26.86% in Utah. This increased prevalence accounts for the need for mental health platforms and device demand.

Moreover, the report published by Harvard Business Review in December 2020 under the title “Digital Tools Is Revolutionizing Mental Health Care in the U.S” rules out that virtual care and other digital tools are more important than ever in supporting existing care, expanding capacity, and giving scalability. In clinic-based virtual care, traditional in-person office visits are replaced with synchronous video or audio visits or asynchronous text messaging. This presents alternatives to the standard 50-minute therapy hour, allowing for better supply and demand matching across time zones and regions. Patients can text a clinician or coach at any time and receive a response later using asynchronous messaging through mental health platforms.

As a result of the aforementioned factors, the mental health platforms segment is predicted to develop significantly throughout the forecast period.

Emerging Mental Health Devices and Platforms Market Share

North America is Expected to Grow the Mental Health Devices and Platforms Market

In 2021, North America held most of the market share for mental health platforms and devices. According to the 2020 report by the National Institute of Mental Health, nearly one in every five adults in the United States suffers from a mental condition (52.9 million in 2020). The emergence of this region can be attributed to an increase in covid-19 in the United States and the rest of North America, as well as enhanced governmental funding activities to improve mental health post-pandemic.

Key product releases, mergers and acquisitions, increased mental health awareness, and the presence of manufacturers in the country are all factors that have contributed to the growth of the mental health platforms and devices market. According to the press release on November 2021, by MindBeacon, one of North America's leading clinically-validated internet-based cognitive behavioral therapy solutions was acquired by CloudMD. The acquisition is predicted to be instantly synergistic because of several reasons such as the combined digital health platform providing a broad continuum of care to treat mild, moderate, acute, and chronic mental and physical care. Furthermore, In 2022, Texas-based medical equipment manufacturer Electromedical Products International, Inc. acquired Pulvinar Neuro (Pulvinar), a leading research-oriented medical device firm focused on the development of closed-loop and other novel neuromodulating brain stimulation solutions for the clinical treatment of various mental health disorders. Pulvinar's patented and exclusive technologies, such as transcranial alternating current stimulation (tACS), personalized feedback stimulation, and cloud-enabled digital medicines for the treatment of psychiatric and neurological disorders, will benefit from the acquisition.

The analyzed market is predicted to grow in the North American region as a result of the above-mentioned factors.

Emerging Mental Health Devices and Platforms Market Growth

Competitive Landscape

The emerging mental health devices and platforms market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international and local companies that hold the market shares and are well known. Include TalkSpace, Headspace Inc., Pear Therapeutics, Inc., Happify Health, and Electromedical Products International, Inc., among others.

Recent Developments

In April 2022, Talkspace introduced a new product suite to assist employers in developing emotional intelligence and mental well-being in and out of the office. Talkspace Self-Guided is a suite of business tools designed to assist leaders, managers, and teams in prioritizing and grow emotional intelligence (EQ) and mental wellness. Talkspace Self-Guided, available as a single smartphone app, extends the above relaxation techniques that can provide employees with mental health training that they may utilize at any time, privately, to better their careers and family.

In January 2022, Lyra Health will acquire ICAS World to expand its global mental health care services. With this acquisition, Lyra and ICAS are setting a new standard for global mental health treatment. Employees and their families will now access a single source for innovative, evidence-based, culturally relevant mental health benefits. Lyra's clinical and technology advances, combined with ICAS's global knowledge, create a category-defining combination. The transaction builds on the two companies existing effective collaboration.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Demand for Teleconsultations and Mental Support Platforms

      2. 4.2.2 Increased Funding Activity in Digital Mental Health Environment

    3. 4.3 Market Restraints

      1. 4.3.1 Limitation of Scientific Data that has been Clinically Validated

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Product Type

      1. 5.1.1 Platforms

      2. 5.1.2 Devices

    2. 5.2 By Application

      1. 5.2.1 Stress

      2. 5.2.2 Anxiety

      3. 5.2.3 Depression

      4. 5.2.4 Bipolar Disorder

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle-East and Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle-East and Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Electromedical Products International, Inc.

      2. 6.1.2 Ginger

      3. 6.1.3 Happify Health

      4. 6.1.4 Headspace Inc.

      5. 6.1.5 Pear Therapeutics, Inc.

      6. 6.1.6 Quartet Health

      7. 6.1.7 Talkspace

      8. 6.1.8 Teladoc Health Inc.

      9. 6.1.9 Woebot Health

      10. 6.1.10 Clarigent Health

      11. 6.1.11 Feel Therapeutics Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Global Emerging Mental Health Devices and Platforms Market market is studied from 2019 - 2027.

The Global Emerging Mental Health Devices and Platforms Market is growing at a CAGR of 23.1% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Happify Health, Headspace Inc., Pear Therapeutics, Inc., Talkspace, Electromedical Products International, Inc. are the major companies operating in Global Emerging Mental Health Devices and Platforms Market.

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