Global Emerging Mental Health Devices and Platforms Market Size

Emerging Mental Health Devices & Platforms Market Analysis

The emerging mental health devices and platforms market is expected to register a CAGR of 23.1% over the forecast period 2022-2027.

The emergence of COVID-19 is expected to have a significant impact on the emerging mental health devices and platforms market owing to the rise in mental health problems and the lack of closure of clinics and hospital facilities owing to the COVID-19. For instance, according to the June 2022 report of the World Health Organization, COVID-19 had a far-reaching effect on mental health and the number of people expressing psychological suffering as well as signs of post-traumatic stress disorder, anxiety, or despair has increased significantly. Also, as per the same source, there have been alarming indications of a wider prevalence of suicide ideas and actions, even in the healthcare industry. Further, the adoption of digital health services like telemedicine increased at a rapid pace during the pandemic, and thus, COVID-19 is expected to have a significant impact on the emerging mental health devices and platforms market.

The increase in teleconsultation after the pandemic and raising awareness of mental health during lockdowns were among the main factors driving the demand for mental health devices and platforms, thereby contributing to market growth. As per the press release in November 2021, Sun Life published the partnership with CloudMD to expand Mental Health Coach to all Group Benefits Clients. Even though many Canadians are suffering from mental health concerns, a Sun Life study found that more than half of them do not seek medical help. The biggest impediments to blame are cost, access, and feelings of embarrassment. With Mental Health Coach, Sun Life and CloudMD are bridging the gap. Clients who are at risk of having a mental health problem are identified through data analytics. It then proactively contacts clients to direct them to the appropriate resources and assistance.

Furthermore, the pandemic has brought attention to the importance of digital and virtual mental health care, potentially saving our mental health system. Product releases and strategic efforts by prominent market competitors favorably impact the industry's growth. For instance, in October 2021, Medical, Inc., a medical device company, announced that the United States Food and Drug Administration (FDA) had granted the company Breakthrough Device Designation for its individualized, rapid-acting, non-invasive neurostimulation technology, which is intended to treat the major depressive disorder (MDD) in people who have not responded to antidepressant medication or other treatments. The United States Food and Drug Administration (FDA) Breakthrough Device program aims to provide patients access to breakthrough technologies that have the potential to deliver more effective treatment or diagnosis for life-threatening or debilitating diseases or conditions than current medicines. Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the limited clinically validated scientific data for mental health applications restrain the market growth.