Market Trends of Emerging Mental Health Devices And Platforms Industry
Mental Health Platforms are Expected to Hold a Major Share of the Market Over the Forecast Period
Mental health platforms are digital platforms that try to raise mental health awareness, de-stigmatize mental health issues, and provide treatment and therapy services. The growth driving factors for this segment are increasing mobile health usage, high prevalence of mental health issues, and growing awareness of the applications and platforms aiding in managing mental health problems.
For instance, according to the reports published by Mental Health America 2022, New Jersey had the lowest prevalence of mental illness. In addition, 19.86% of adults were experiencing a mental illness, equivalent to nearly 50 million Americans in 2022. By state, the prevalence of adult mental illness ranged from 16.37% in New Jersey to 26.86% in Utah. This high prevalence increases the need for mental health platforms, which is anticipated to boost the growth of the mental health platforms segment.
Moreover, the growing launches of platforms for managing mental health issues are expected to boost the segment's growth. For instance, in August 2023, Spring Health launched Sage, a platform that offers asynchronous video lessons to support managers in creating a healthy work environment and help employees manage their mental health. Similarly, in January 2023, Metta Media announced the launch of MyndStories, a platform for verified, accurate mental health content exclusively for Indians. Such new launches increase the availability of care for mental health patients, which is likely to boost growth in the segment over the forecast period.
North America is Anticipated to Have a Significant Share in the Market Over the Forecast Period
North America is expected to have the largest share in the emerging mental health platforms and devices market due to the increasing cases of mental disorders, new government initiatives and funding for mental healthcare, and the expansion or establishment of new mental healthcare centers in the region. Mental illnesses are among the most common health conditions in North America. The region is facing an unprecedented mental health crisis among children, adults, families, and communities. In addition, mental health disorders in Americans are gradually increasing due to increasing stress, substance abuse, and excessive alcohol intake.
The high burden of mental health conditions is likely to boost market growth in the region. For instance, according to the 2023 infographics of the National Alliance on Mental Illness (NAMI), 1 in 5 US adults experience mental illness, and 1 in 20 adults experience serious mental illness. In addition, 17% of the youth population (6-17 years) are experiencing mental health disorders in 2023. This shows the high prevalence of mental illness among people, which is expected to increase the demand for mental health devices and platforms, propelling market growth over the forecast period.
The presence of numerous market players and continuous collaborations, acquisitions, agreements, and approvals result in more mental health services through various platforms, which is anticipated to fuel market growth in the region. For instance, in November 2022, Health PEI collaborated with the Mental Health Commission of Canada, Stepped Care Solutions, and Memorial University to improve access to mental health and addiction services with Stepped Care 2.0 (SC2.0). It is a person-centered, strengths-based model for delivering mental health and addiction services. Thus, owing to strategic activities in the market and the high burden of mental illnesses, the market studied is expected to grow in the region over the forecast period.
