Market Trends of Global Emerging Mental Health Devices and Platforms Industry
This section covers the major market trends shaping the Emerging Mental Health Devices & Platforms Market according to our research experts:
Mental Health Platforms are Expected to Occupy a Major Share in the Market Over the Forecast Period
Mental health platforms are digital platforms that strive to raise mental health awareness, de-stigmatize mental health issues, and provide treatment and therapy services. According to the reports published by Mental Health America 2022, the prevalence of mental illness ranked 1 in New Jersey. In addition, 19.86% of adults are experiencing a mental illness, equivalent to nearly 50 million Americans. The state prevalence of adult mental illness ranges from 16.37% in New Jersey to 26.86% in Utah. This increased prevalence accounts for the need for mental health platforms and device demand.
Moreover, the report published by Harvard Business Review in December 2020 under the title “Digital Tools Is Revolutionizing Mental Health Care in the U.S” rules out that virtual care and other digital tools are more important than ever in supporting existing care, expanding capacity, and giving scalability. In clinic-based virtual care, traditional in-person office visits are replaced with synchronous video or audio visits or asynchronous text messaging. This presents alternatives to the standard 50-minute therapy hour, allowing for better supply and demand matching across time zones and regions. Patients can text a clinician or coach at any time and receive a response later using asynchronous messaging through mental health platforms. As a result of the aforementioned factors, the mental health platforms segment is predicted to develop significantly throughout the forecast period.
North America is Anticipated to Occupy a Significant Share in the Mental Health Devices and Platforms Market
In 2021, North America held most of the market share for mental health platforms and devices. According to the 2020 report by the National Institute of Mental Health, nearly one in every five adults in the United States suffers from a mental condition (52.9 million in 2020). The emergence of this region can be attributed to an increase in covid-19 in the United States and the rest of North America, as well as enhanced governmental funding activities to improve mental health post-pandemic.
Key product releases, mergers and acquisitions, increased mental health awareness, and the presence of manufacturers in the country are all factors that have contributed to the growth of the mental health platforms and devices market. According to the press release on November 2021, by MindBeacon, one of North America's leading clinically-validated internet-based cognitive behavioral therapy solutions was acquired by CloudMD. The acquisition is predicted to be instantly synergistic because of several reasons such as the combined digital health platform providing a broad continuum of care to treat mild, moderate, acute, and chronic mental and physical care. Furthermore, In 2022, Texas-based medical equipment manufacturer Electromedical Products International, Inc. acquired Pulvinar Neuro (Pulvinar), a leading research-oriented medical device firm focused on the development of closed-loop and another novel neuromodulating brain stimulation solutions for the clinical treatment of various mental health disorders. Pulvinar's patented and exclusive technologies, such as transcranial alternating current stimulation (tACS), personalized feedback stimulation, and cloud-enabled digital medicines for the treatment of psychiatric and neurological disorders, will benefit from the acquisition. The analyzed market is predicted to grow in the North American region as a result of the above-mentioned factors.
