Mental health apps backed to turn into multi-billion-dollar business by 2031
Apps with the aim of improving or maintaining the mental health of the user are increasingly common, well-known and adopted, especially in the North American region at present, followed in terms of uptake by Europe and emerging markets such as Asia Pacific.
They are typically developed and released for smartphones or tablets that run either iOS or Android, but may also be found integrated into or in support of other platforms such as Amazfit's Zepp app and Samsung's Wear OS for Galaxy Watch.
Some are intended to help the user manage specific conditions such as anxiety or depression, while others might be rated to target more general aspects of mental health such as stress or its relationship to sleep quality.
The mental health app industry has benefitted from increased awareness of the importance of this area of wellbeing, and from a general rise in demand for remote health (or telehealth) services. They might indeed be a boon for some people located in more isolated areas with limited access to in-person options.
The use of mental health apps have also become linked to risks and adverse effects, not the least of which concern reports that their patient data has been found for sale online in the past. In addition, some people might respond better to in-person treatment or other forms of therapy.
Nevertheless, the mental health app market is now projected to expand worldwide until it grows in value from $4.2 billion (2024 figures) to $17.5 billion by 2031, at a cumulative annual rate (or CAGR) of 19.6% per year until then.
The Galaxy Fit3: a new way to access Samsung Health's Stress Management for $59.99 on Amazon.
Source(s)
