Mental Health Apps Market: Current Analysis and Forecast (2021-2027)

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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 Apps 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 illness like anxiety, schizophrenia, major depression, etc. and 43.6% of the population received treatment of mental illness in the year. As the number of patients suffering from mental illnesses increases, the need for quicker healthcare is required. To address this issue, digital healthcare tools have the potential to scale up the treatment and at a decreased cost. 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 covid-19 pandemic has suddenly boosted the digital markets, all activities need to be digitalized to reach the masses. 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.

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Mental Health Apps Market Analysis, By Categories,2019

CVS Health, Aurora Health Care, Calm, Addicaid, Headspace Inc., NOCD Inc., Happify Inc., 7 cups of Tea, Sanvello, Talkspace Network are some of the prominent players operating in the Mental Health Apps market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Operating Systems, iOS holds the major share.”

Based on Operating Systems, the market is segmented into Android, iOS and Others. 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. However, over the years the addition of new apps has increased in Android as compared to iOS. As the number of Healthcare apps is continuously increasing this is bound to change.

 “Amongst Payment Mode, Paid Apps is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Payment Mode, the market is fragmented into Free Apps and Paid Apps. As the number of Apps in the Appstore increase for mental healthcare, the category’s popularity is also increasing tremendously. With the popularity increase, the number of paid apps is also increasing as people are more willing to pay now than earlier. Overall, the number of paid and free apps in the Appstore is almost the same.

“Amongst Application, Mental Disorder Apps segment holds the major share”

Based on Applications, the market is fragmented into Mental Disorder Apps, Substance-Use Disorder Apps, Co-Occurring Disorder Apps, and Others. The Mental Disorder Apps segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. 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.

“Amongst Subscription Model, the Monthly Apps holds the major share.”

Based on Subscription Model, the market is fragmented into Monthly and Yearly. The yearly subscription model revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. 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. This is causing a boom in the market especially now that medical companies are starting to reimburse on the paid apps.

“North America signifies one of the largest markets in Mental Health Apps Market”

For a better understanding of the market dynamics of the Mental Health Apps market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World. North America dominated the market and generated maximum revenue in 2020 owing to the increasing mental health apps usage in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Mental Health Apps Market were the three major steps undertaken to create and analyze the adoption of Mental Health Apps in different segments across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Mental Health Apps Sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Mental Health Apps through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Mental Health Apps market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are operating system, payment mode, subscription model, and application. Further country-level analyses were conducted to evaluate the overall adoption of Mental Health Apps in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Mental Health Apps. Further, we conducted factor analysis using dependent and independent variables such as the increase in mental health illnesses due to covid impact. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Mental Health Apps industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Mental Health Apps Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Mental Health Apps across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Mental Health Apps market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Mental Health Apps market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the operating system, payment mode, subscription model, and application of the Mental Health Apps market.

Main Objective of the Mental Health Apps Market Study

The current & future market trends of Mental Health Apps were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Mental Health Apps market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the operating system, payment model, subscription model, and application
• Define and analysis of the regulatory framework for the Mental Health Apps market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Mental Health Apps market for the major region.
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of the World
• Company profiles of the Mental Health Apps market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry