Digital Mental Health Global Market Poised for Explosive Growth, Reaching $43.34 Billion by 2028 | Teladoc Health Inc., Calm Health, Talkspace Inc., Virgin Pulse Inc., Quartet Health Inc.

"The Business Research Company recently released a comprehensive report on the Global Digital Mental Health Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Digital Mental Health Market 2024 Key Insights:

• The digital mental health market is expected to grow to $43.34 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Digital Mental Health Market Gains Momentum Amidst Escalating Mental Health Challenges
• Innovations in AI And Machine Learning Algorithms To Gain A Competetive Edge In The Market
• North America was the largest region in the Digital Mental Health market in 2023

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