Mental Health Technology Market Report | 2022-27

Market Insights

The Mental Health Technology Market is projected to grow from USD xx million in 2020 to USD xx million by 2026 at a CAGR of over xx% during the forecast period.

Figure: Global Mental Health Technology Market Size, 2020-2026 (USD Million)

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What is Mental Health Technology?

The usage of electronic and communication technologies as a therapeutic aid to healthcare practices comes under mental health technology as eHealth or telemedicine.

• The use of these technologies as a supplement to mainstream therapies for mental disorders is a growing health treatment field, which could improve the accessibility, affordability, and effectiveness of mental health care.
• These technologies comprise of blogs, email, video conferencing, SMS, instant messaging and podcasts, and social networks, among others.

Key Players

Key players operating in the global mental health technology market are-

• AdvancedMD (The U.S),
• Cerner (The U.S),
• Compulink (The U.S),
• Advanced Data Systems (The U.S),
• Core Solutions (The U.S),
• Credible Behavioral Health (The U.S),
• Welligent (The U.S),
• Valent (The U.S),
• The Echo Group (The U.S), and
• Kareo (The U.S).

Market Dynamics

Rising healthcare expenditure for the treatment of behavioural health-related issues or mental illnesses is a major concern for governments.

• Growing implementation of behavioural health software, favourable government initiatives to encourage EHR adoption in behavioural health organizations, surging demand for mental health services amidst the provider shortage, availability of state funding, and favourable health reforms in the US are some of the key factors augmenting the industry growth.
• However, data privacy concern is one of the restraining factors affecting the market growth.

Segment Analysis

Functionality Trends

By functionality, the mental health technology market has been categorized into clinical, financial, and administrative.

• Under these, the clinical segment held the highest market share in 2020 and is likely to grow at the fastest CAGR during the review period.
• This is mainly attributed to rising government initiatives to increase the adoption of software and related mental health technology services by clinicians to provide quality care to their patients at lower costs.

Regional Trends

By region, the North America market garnered the largest market share in 2020 and is projected to grow at a steady CAGR during the assessment period.

• This is mainly ascribed to rising behavioral health reforms and the availability of government funding for expanding behavioral health services in the region.
• Further, growing healthcare expenditure, increasing incidence of mental disorders, and the improving accessibility of behavioral healthcare, further boosts the regional growth.

COVID-19 Impact on Global Mental Health Technology Market

The outbreak of the COVID-19 virus has moderately affected the mental health technology industry owing to stringent lockdown measures and restricted movement of people. The ongoing coronavirus pandemic has adversely altered the healthcare landscape. The ongoing COVID-19 pandemic has halted or disrupted critical mental health services in 93% of countries across the globe while the demand for mental health is increasing. Thus, to ensure social distancing, the mental health services are provided through teleconsulting and EHealth apps, as well as the counselling sessions, are now shifted to chat, audio, and video calls to cater to the rising mental health cases.

Critical Questions Answered in the Report

• What are the key trends in the global mental health technology market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global mental health technology market?
• What are the key strategies adopted by the major vendors to lead in the global mental health technology market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the Mental Health Technology market hopes to have the greatest opportunity to convert-

• Mental health technology companies
• Mental health NGOs
• Counsellors
• Psychologists
• Hospitals

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