Digital Mental Health Market Report 2024: Strategies And Recent Developments | Teladoc Health Inc., Calm Health , American Well Corporation, Ginger.io Inc., Headspace Health, Iron Bow Technologies Inc. , Talkspace Inc., Virgin Pulse Inc., Quartet Health I

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2097

The Business Research Company offers in-depth market insights through Digital Mental Health Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The digital mental health market size has grown rapidly in recent years. It will grow from $20.25 billion in 2023 to $23.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.7%. The growth in the historic period can be attributed to increasing chronic diseases, rising healthcare costs, government initiatives and regulations, consumer empowerment, data security and privacy concerns.

The digital mental health market size is expected to see rapid growth in the next few years. It will grow to $43.34 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to healthcare provider adoption, telehealth expansion, patient engagement solutions, interoperability and data sharing, global health crises preparedness. Major trends in the forecast period include remote patient monitoring, technological advancements, behavioral health integration, interoperability and data exchange, integration of wearable technology.

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Market Segmentation:
The main components of digital mental health are software, services, and hardware. Digital mental health software is used by users to generate and safely store electronic patient records. The various applications include depression and anxiety management, meditation management, stress management, and wellness management, and are used by various end-users such as hospitals, mental healthcare centers, and research institutes.

Major Driver - Digital Mental Health Market Gains Momentum Amidst Escalating Mental Health Challenges
The growing prevalence of mental disorders is expected to propel the growth of the digital mental health market going forward. A mental disorder refers to a significant disruption in an individual's cognition, emotional regulation, or behavior that holds clinical significance. Digital mental health technology solutions serve various purposes, including promoting mental health, preventing issues, self-care, early intervention, and treating mental disorders. For instance, in 2022, according to Mental Health America, a US-based, non-profit organization, committed to fostering mental health and preventing illness, the number of adults suffering from mental illness increased to 19.86% of the total US population which is around 50 million in 2022, compared with 19% of the US adults which was around 47 million, experiencing mental illnesses in 2021. Therefore, the growing prevalence of mental disorders drives the digital mental health market.

Competitive Landscape:
Major companies operating in the digital mental health market report are Teladoc Health Inc., Calm Health , American Well Corporation, Ginger.io Inc., Headspace Health, Iron Bow Technologies Inc. , Talkspace Inc., Virgin Pulse Inc., Quartet Health Inc., Array Behavioral Care, Cerebral Inc., Woebot Health , NeuroFlow Inc., Even Health LLC, Sanvello Health Inc., Twill Inc., Wysa Inc., HealthRhythms, Likeminded GmbH, Mantra Health Inc., MindDoc Health GmbH, TheraPlatform, Youper Inc., Spring Care Inc., Excel At Life LLC

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Top Trend - Innovations in AI And Machine Learning Algorithms To Gain A Competetive Edge In The Market
Major companies operating in the digital mental health market are increasing their focus on innovations in AI and machine learning algorithms to gain a competitive edge in the market. Innovations in AI and machine learning algorithms refer to the integration of artificial intelligence in digital mental health solutions, for organizing mental health services and detecting, along with analyzing mental health issues. For instance, in August 2023, Aiberry, a US-based, AI-enabled mental health screening platform, launched a new version of the Aiberry platform, designed to cater to the needs of corporate wellness platform users. Aiberry seamlessly integrates with major corporate wellness platforms and employs an AI-driven therapeutic technology assistant, Botberry, which engages in conversations to identify mental health disorders, by analyzing speech patterns and even subtle shifts in facial expressions. The Aiberry corporate wellness platform involves enhanced analytics features, to monitor how and track the wellness progress of employees over time.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Mental Health Market Characteristics
3. Digital Mental Health Market Trends And Strategies
4. Digital Mental Health Market - Macro Economic Scenario
5. Digital Mental Health Market Size And Growth
…..
27. Digital Mental Health Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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