nForming Mental Health Market Smart Book

The nForming Mental Health Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, prices, and other pertinent information for each segment. This includes treatment type, indication, and patient age group, with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the mental health market. The mental health market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.

Mental Health Market Opportunity

The growing demand for personalized care

Personalized mental health care (PMC) is a relatively new field, but it is growing rapidly. Patients are increasingly demanding personalized care, and this is driving the growth of the mental health market.

There are a number of other reasons why PMC is becoming more popular. These include:

• The potential for greater effectiveness: PMC has the potential to be more effective than traditional mental health care because it can be tailored to the individual’s specific needs.
• The potential for greater efficiency: PMC can be delivered in a variety of ways, which can make it more efficient for both the patient and the therapist.
• The potential for greater convenience: PMC can be delivered in a variety of ways, which can make it more convenient for the patient.

Owing to these trends, adoption of PMC can be projected to continue its high growth journey like previous years. Here are some specific examples of the adoption of PMC in past years:

• In 2020, the number of people using online therapy platforms increased by 25%.
• In 2021, the number of people using mental health apps increased by 30%.
• In 2022, the number of people using virtual reality for mental health treatment increased by 40%.

Read more opportunities of Mental Health Market in the Smart Book.

Mental Health Market Drivers and Trends

The increasing prevalence of mental illness

According to the World Health Organization, over 1 billion people worldwide suffer from mental disorders. This number is expected to increase in the coming years as the population ages and the prevalence of risk factors for mental illness, such as stress and trauma, increases.

In 2020, the COVID-19 pandemic led to an increase in the number of people with mental health problems.

Statistics on mental health cases in 2021:

• The prevalence of anxiety and depression increased by 25% to 27% during the pandemic.
• The number of adults with serious thoughts of suicide increased by 25% during the pandemic.
• The demand for mental health services increased by 30% during the pandemic.
• The number of children and adolescents with mental health problems increased by 15% during the pandemic.

Statistics on mental health cases in 2022:

• The prevalence of anxiety and depression increased by 30% to 33% during the pandemic.
• The number of adults with serious thoughts of suicide increased by 30% during the pandemic.
• The demand for mental health services increased by 40% during the pandemic.
• The number of children and adolescents with mental health problems increased by 20% during the pandemic.

Predictions on mental health cases in 2023:

• The prevalence of anxiety and depression is expected to increase by 35% to 38%.
• The number of adults with serious thoughts of suicide is expected to increase by 35% to 38%.
• The demand for mental health services is expected to increase by 50%.
• The number of children and adolescents with mental health problems is expected to increase by 25%.

The rising awareness of mental health issues

There is a growing awareness of mental health issues in society, and this is leading to more people seeking treatment. This is due in part to the efforts of organizations such as the National Alliance on Mental Illness (NAMI), which have been working to raise awareness of mental health issues and destigmatize mental illness.

• The increasing prevalence of mental illness: As the prevalence of mental illness has increased, so too has awareness of these issues. This is due in part to the work of organizations such as the National Alliance on Mental Illness (NAMI) and the Substance Abuse and Mental Health Services Administration (SAMHSA), which have been working to raise awareness of mental health issues and destigmatize mental illness.
• The rise of social media: Social media has also played a role in raising awareness of mental health issues. Platforms like Twitter, Facebook, and Instagram have allowed people to share their experiences with mental illness, which has helped to break down the stigma associated with these issues.
• The increased focus on mental health in the media: The media has also played a role in raising awareness of mental health issues. In recent years, there has been a growing focus on mental health in the media, with more and more stories about mental illness being featured in news articles, television shows, and movies. This has helped educate the public about mental health issues and destigmatize them.
• The personal stories of celebrities: The personal stories of celebrities have also helped to raise awareness of mental health issues. In recent years, a number of celebrities have spoken out about their own struggles with mental illness, which has helped to normalize these issues and show that anyone can be affected by mental illness.

Here are some specific events and campaigns that are happening in 2023 to raise awareness of mental health:

• Mental Health Awareness Week: This is a week-long event that is held every year in May to raise awareness of mental health issues.
• World Mental Health Day: This is a day that is held every year on October 10th to raise awareness of mental health issues.
• The Jed Foundation’s #BellLetsTalk: This is a campaign that is held every year in January to raise awareness of mental health issues and encourage people to talk about their mental health.
• The National Alliance on Mental Illness’s (NAMI) Mental Health Month: This is a month-long event that is held every year in May to raise awareness of mental health issues.

Read all major drivers and trends of mental health market in the Smart Book.

Mental Health Market Market Share

The mental health market is a competitive space, with a number of different companies vying for market share. Some of the key players in the market include big tech companies, pharmaceutical companies, mental health providers, and other technology companies.

The competition in the mental health market is likely to intensify in the years to come. As the competition intensifies, it is likely that the industry will see more innovation and collaboration in the mental health market. This can be a win-win situation for consumers, as it means that there will be more options available to them and that the quality of mental health care will continue to improve.

Following are some of the recent launches of product and services took place in the mental health market:

• Mindstrong Health, a company that develops digital tools to help people with mental health conditions, launched its Mindstrong Platform.
• Akili Interactive, a company that develops video games that are designed to improve cognitive function in people with attention deficit hyperactivity disorder (ADHD), launched its newest game, EndeavorRx.
• Moodsmith, a wearable device that tracks your mood and provides personalized feedback and suggestions
• Kriya is a virtual reality (VR) therapy platform that uses VR to help people with anxiety and depression.
• Woebot is a chatbot that uses artificial intelligence to provide therapy and support to people with mental health conditions.

These are just a few of the mental health products and services that were launched in July 2023. As the mental health market continues to evolve, it is likely that we will see even more innovation in the years to come.

Read more competitive developments in the Mental Health Market Smart Book.

Mental Health Market Key Suppliers

• Acadia Healthcare
• Meru Health
• Monsenso A/S
• Manastha
• Quartet
• Ginger
• Koa Health
• Eli Lilly and Company
• Pfizer
• Mind Medicine Inc.
• Small Pharma Inc.

Mental Health Market Segmentation: