(MENAFN- GlobeNewsWire - Nasdaq) The Global Mental health technology market Size Was Valued at USD 8.9 Billion in 2023 and the Worldwide Mental Health Technology Market Size is Expected to Reach USD 43.9 Billion by 2033, according to a research report published by Spherical Insights & Consulting Companies covered: Headspace, Otsuka, Talkspace, BetterHelp, Ginger, Lyra Health, SilverCloud Health, Woebot Health, Lantern, Big Health, Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, and Other Key Vendors.
New York, United States , Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Global Mental Health Technology Market Size is to Grow from USD 8.9 Billion in 2023 to USD 43.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 17.3% during the projected period.
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Mental health technology, also known as technology for mental health, is a type of technology that includes facilities, applications, and websites that can improve mental health. Such technologies include Mindfulness and Meditation mobile applications, as well as Teletherapy, which allows users to engage with licensed therapists for online counseling. Some of the innovations in the mental health field include virtual reality for treating anxiety and PTSD, wearables for diagnosing emotions, and AI chatbots for emotional support. People today are more knowledgeable about mental health issues than ever before, and these tools meet people's needs for assistance without relying on traditional therapy. Technology has had a positive impact on data collection and support for mental health technologies. Cell phones, smartphones, and tablets have emerged as new sources of assistance for the general public, doctors, and researchers in the field of mental health. Help for mobile mental health may be simple but effective. Anyone who can text, for example, or send a text message, can contact a crisis center. At the time of writing, there are hundreds of mental health apps available in stores, and the number grows year after year. However, concerns about data privacy are limiting the mental health market, as patient information may be accessed by unauthorized healthcare workers as a result of IT integration into behavioral health services.
Browse key industry insights spread across 220 pages with 115 Market data tables and figures & charts from the report on the " Global Mental Health Technology Market Size, Share, and COVID-19 Impact Analysis, By Functionality (Clinical, Financial, and Administrative), By End-use (Providers, Payers, and Patients), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The clinical segment dominates the market with the highest market share of the global mental health technology market during the projected period.
Based on the functionality, the global mental health technology market is divided into clinical, financial, and administrative. Among these, t he clinical segment dominates the market with the highest market share of the mental health technology market during the projected period. Government initiatives aimed at encouraging clinicians to use this software have helped drive the clinical segment's growth. These initiatives aim to empower healthcare providers to provide high-quality care to their patients while effectively managing costs, thereby positioning clinical functionality as the primary driver of market growth.
The patient segment is anticipated to grow at the fastest pace during the projected timeframe.
Based on the end-user, the global mental health technology market is categorized into providers, payers, and patients. Among these, t he patient segment is anticipated to grow at the fastest pace during the projected timeframe. This significant increase is primarily the result of an increasing number of patients using behavioral health solutions for self-care in the comfort of their own homes or workplaces. This trend demonstrates the critical role that the patient segment plays in driving market growth.
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North America is expected to hold the largest share of the global mental health technology market over the forecast period .
North America is expected to hold the largest share of the global mental health technology market over the forecast period. North America, led by the United States and Canada, is a major player in the mental health technology market. The region boasts cutting-edge healthcare infrastructure, a strong emphasis on mental health awareness, and significant investment in digital health technologies. North American regulatory bodies have been actively working to create an environment conducive to the adoption of mental health technology.
Europe is predicted to grow at the fastest pace in the global mental health technology market during the projected period. Europe, particularly the United Kingdom, Germany, and the Nordic countries, is seeing an increase in interest in mental health technology. There is a strong emphasis on improving mental health services, and governments are increasingly using digital solutions. The EU's General Data Protection Regulation (GDPR) has an impact on regional data privacy concerns.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key vendors in Global Mental Health Technology Market Headspace, Otsuka, Talkspace, BetterHelp, Ginger, Lyra Health, SilverCloud Health, Woebot Health, Lantern, Big Health, Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, and Other Key Vendors.
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Recent Developments
In May 2024, the MHRA and NICE formed a partnership, funded by Wellcome, to address critical challenges in the regulation and evaluation of digital mental health technologies (DMHTs). This initiative used feedback from patients, the general public, and mental health professionals to improve the framework for these technologies.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global mental health technology market based on the below-mentioned segments:
Global Mental Health Technology Market, By Functionality
Clinical Financial Administrative
Global Mental Health Technology Market, By End-user
Providers Payers Patients
Global Mental Health Technology Market, By Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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