Rising awareness among population is driving the growth in Global Mental Health Management Market in the forecast period, 2022-2026.
According to TechSci Research report, “Mental Health Management Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Product (Device v/s Platform), By Application (Stress, Anxiety, Depression, Bipolar Disorder, Schizophrenia, Others), By Therapy (Cognitive Behavior Therapy, Electrotherapy, Others), By End User (Personal v/s Institutional), By Region”, the global mental health management market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of increasing demands for the early and effective mental health disorders.
Involvement of IT and technologically advanced devices is anticipated to further drive the growth of the global mental health management market in the upcoming five years. Government aided awareness programs and financial fundings are also expected to further support the growth of the global mental health management market in the next five years.
Additionally, promotions of mental wellness by spiritual gurus and public figures are also expected to substantiate the futuristic growth of the global mental health management market in the future five years. Increasing awareness has somewhat diminished the concept of population considering mental disorders as taboo. Younger populations are now more comfortable talking about their traumatic experiences, and mental health disorders thus aiding the growth of the global mental health management market in the forecast years, until 2026.
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The global mental health management market is segmented on the basis of product, application, therapy, end user, competitional landscape, and regional distribution.
Online Platforms to Dominate Product Segmentation
Based on product, the market is further divided between device and platform. Platform sub-segment is anticipated to assert its dominance over the market segment and generate largest revenue shares of the market in the upcoming five years on the account of increasing awareness about the mental health and available resources for its diagnosis, treatment, and aftercare.
Online platform for the mental health management is also expected to show growth on the backbone of increased adoption of technological solutions for the financial, administrative, and clinical function management of the mental healthcare services offered. Multiple mobile applications are using an AI chatbot that leverages evidence-based cognitive-behavioral techniques (CBT) to make the users feel heard.
Various service companies like Accenture, are partnering up with wellness applications and programs to expand mental healthcare services to their employees, meanwhile taking care of the mental health of their staff. These factors are actively supporting the future growth of the global mental health management market in the next five years. Product sub-segment is also anticipated to register significant growth in the upcoming five years on the account of advanced technological devices available for the treatment of mental health disorders like schizophrenia, Alzheimer’s disease, etc.
Evolving Methods of Therapies are Responsible for Market Growth
Based on therapy, the market is again fragmented into cognitive behavior therapy, electrotherapy, and others. Cognitive behavior therapy is a type of psychotherapeutic treatment that helps the patient to identify their thoughts. These thoughts if are negative or destructive nature, they are required to be treated, and CBT aids the procedures of destroying the negative thoughts within patients.
It is an umbrella term for different kinds of behavioral therapies like cognitive therapy, dialectical behavior therapy, multimodal therapy, and rational emotive behavior therapy. All these therapies focus on the underlying causes of destructive and negative thoughts that further contribute to psychological distress.
Company Mentioned
AbleTo, Inc., Microsoft Corporation, Electromedical Products International, Inc., Flow Neuroscience AB, Calm.com, Inc., Happify Health, Headspace Inc., Lyra Health, Inc., Monsenso A/S, Neuronetics, Inc., Quartet Health, Inc., Woebot Health, are among the major market players in the global platform that lead the market growth of the global mental health management market.
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“North America is anticipated to register the largest revenue generating segment in the upcoming five years and dominate the global market on the grounds of increasing awareness about the mental health and thus the demand for the medical attention for the patients. Countries like the United States, Canada support some of the well-advanced healthcare industry. With the availability of the advanced medicine and treatment available for the benefit of the population is anticipated to support the growth of the market. Rising number of young adults, and increased awareness about the availability of the mental health care is going to support the futuristic growth of the global mental health management market in the next five years. New market players may invest in funding the wellness programs etc. to promote and bring more wider awareness about the mental disorders and the treatment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Mental Health Management Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Product (Device v/s Platform), By Application (Stress, Anxiety, Depression, Bipolar Disorder, Schizophrenia, Others), By Therapy (Cognitive Behavior Therapy, Electrotherapy, Others), By End User (Personal v/s Institutional), By Region”, has evaluated the future growth potential of global mental health management and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global mental health management market.
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