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How Much Are Mental Health Apps Worth?
The market for mental health apps was estimated to be worth USD 4 point 4 billion in 2021 and is projected to grow to USD 19 point 6 billion by 2030. Mobile applications for mental health are made to assist users in enhancing their emotional wellbeing, cultivating greater mindfulness, and addressing common mental health issues. Users can access some apps for mental health. Others could assist you in starting a meditation routine, managing your stress and anxiety, or getting better sleep. According to the Lancet, a medical journal, the prevalence of depression and anxiety has increased dramatically during the pandemic—by more than 25% globally in 2020. The number of mental-health apps has increased as a result of this and an increase in the number of people using online services. As long as there have been mobile devices, there have been mental health apps. However, in 2016, both the availability and use of these digital tools skyrocketed. According to the American Psychological Association, there are between 10,000 and 20,000 mental health apps currently on the market. Not all apps for mental health have clinical or academic support. It can be challenging to choose the best wellness app for you with between 10,000 and 20,000 options available.
Are Mental Health Apps Effective?
Research examining nearly 50,000 patients in randomized controlled trials of mobile app mental health interventions failed to find compelling evidence that any mobile app intervention significantly improved outcomes related to people’s anxiety, depression, smoking or alcohol use, suicidal thoughts, or feelings of well-being. There aren’t many features or consistent privacy settings in smartphone mental health apps. According to a recent cross-sectional analysis, patients with schizophrenia or a severe mood disorder have few treatment options. There are currently around 318,000 health apps available (6). More than 10,000 of them concern mental health (7). According to research, people with mental illness are buying more smartphones and other mobile devices and are interested in using them to keep tabs on their mental health (5, 8, 9). Apps for mental illnesses These apps are made for people who are dealing with a variety of mental illnesses, such as anxiety, schizophrenia, obsessive-compulsive disorder (OCD), bipolar disorder, clinical depression, and post-traumatic stress disorder (PTSD). These portable tools are intended to support people in better emotion regulation, thought management, emotion expression, and even the prevention of self-harm and suicidal thoughts. Some mobile health apps offer soothing music and instruction on proper breathing techniques. A mental health app can be a valuable addition to your treatment strategy, but it cannot take the place of expert care. “People should see a mental health professional when they feel overwhelmed and unable to manage their day-to-day lives effectively and happily,” advises Popsiliskis.
What Is The Market Opportunity For Mental Health Apps?
By 2030, the global market for mental health apps is predicted to grow to USD 17.5 billion. It is anticipated to grow at a CAGR of 16.5 percent between 2022 and 2030. The size of the global market for mHealth apps was USD 24.93 billion in 2020, and it is anticipated to increase by USD 38.89 billion in 2021 and USD 314.60 billion in 2028, for a CAGR of 34.8 percent. The size of the global digital health market was predicted to be USD 332.53 billion in 2022 and USD 1,694.21 billion by 2032, growing at a CAGR of 19.4 percent from 2023 to 2032. Market Overview The global market for mental wellness generated $131.6 billion in revenue in 2021. From 2021 to 2030, the market’s size will grow at a CAGR of 6.2 percent, reaching $226.1 billion. The size of the global online/virtual fitness market is anticipated to increase after COVID-19, rising from $ 7,995 million in 2020 to $ 59,231 million by 2027, at a CAGR of 33 point 1 percent. The size of the Asia Pacific digital health market, estimated at USD 54.5 billion in 2022, is expected to increase at a compound annual growth rate (CAGR) of 21.80 percent from 2023 to 2030. DO
Mental Health Apps Make Money?
You can charge users a per-visit fee for allowing them to speak with a mental health specialist through your mobile app. You could rely heavily on this for income. Ads on your app should be avoided, though, as they degrade the user experience. Cost of developing a mental health app If we are talking about a teletherapy app, its price may start at about $140,000. $70,000 if it’s a self-monitoring app with a basic mood tracking system for observing mood patterns.
How Many Mental Health Apps Are There In The World?
The Apple App Store and the Google Play Store each contain more than 10,000 mental health apps. From 2022 to 2030, the market for mental health apps is anticipated to expand at a CAGR of 18.06 percent. Overview of the Report. In 2022, the market for mental health apps was estimated to be worth USD 5.2 billion. From 2023 to 2030, it is anticipated that the market will grow at a CAGR of 15.9 percent. In 2023, the market for mental health is anticipated to generate US$20.09 billion in revenue. By 2027, the market volume is anticipated to reach US$21.21 billion, with revenue expected to grow at a 1.37 percent annual rate (CAGR 2023–2027). The market for mental health apps was estimated to be worth USD 5.2 billion in 2022, and it is anticipated to grow at a CAGR of 15.9 percent from 2023 to 2030.
What Is The Market Size Of Indian Mental Health?
Based on this demand, we predict that the total market size of the Indian mental health care sector, including online and offline sales, will be around $3 billion. According to the Deloitte study, 80% of India’s workforce disclosed having mental health issues in the previous year. Despite these concerning figures, the report stated that social stigmas associated with mental health issues prevented 39% of the affected respondents from taking action to manage their symptoms. Deloitte estimated in a report that after polling nearly 4,000 workers that poor mental health among employees costs Indian companies a combined $14 billion a year due to absenteeism, attrition, and other reasons. One major factor is cost: Not only is it costly, but many mental health professionals also refuse to accept insurance, let alone Medicaid, because insurance companies do not adequately compensate them. Those who can pay out of pocket are the ones who are most likely to be receiving therapy. The burden of mental disorders has not yet been adequately addressed by health systems. As a result, there is a significant disparity between the need for treatment and its availability globally. Between 76 and 85% of individuals with mental disorders do not receive any treatment in low- and middle-income nations.