Digital Mental Health Market Shows Rapid Growth, Projected To Grow At A Rate Of More Than 16% As Per The Business Research Company's Digital Mental Health Global Market Report 2024
The global market reports from The Business Research Company have been updated with the most recent market sizing data for 2024 and projections extended to 2033
LONDON, March 25, 2024 (GLOBE NEWSWIRE) -- The Business Research Company’s "Digital Mental Health Global Market Report 2024" reveals significant growth, with the market size set to increase from *$20.25 billion in 2023* to *$23.63 billion in 2024*, demonstrating a compound annual growth rate *(CAGR) of 16.7%*. 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%*.*Driving Forces and Growth Outlook*
The digital mental health market report identifies several key factors driving this rapid growth, including the increasing prevalence of chronic diseases, rising healthcare costs, and government initiatives to address mental health challenges. Additionally, consumer empowerment and concerns about data security and privacy contribute to the adoption of digital mental health solutions.
Looking ahead, the forecast period from 2024 to 2028 anticipates continued rapid growth, with the market projected to reach $43.34 billion by 2028, reflecting a compound annual growth rate (CAGR) of 16.4%. Factors such as healthcare provider adoption, telehealth expansion, and patient engagement solutions are expected to fuel this growth.
*Learn More In-Depth On The Digital Mental Health Market*
*https://www.thebusinessresearchcompany.com/report/digital-mental-health-global-market-report*
*Role of the Internet of Things (IoT)*
The increasing adoption of the Internet of Things (IoT) emerges as a significant driver propelling the digital mental health market forward. IoT adoption enhances real-time monitoring and personalized interventions, enabling proactive and data-driven approaches to support individuals' well-being. With global IoT connections expected to reach 34.7 billion by 2028, the IoT's role in digital mental health is poised to expand significantly.
*Innovations and Strategic Acquisitions*
Major companies in the digital mental health market, including Teladoc Health Inc., Calm Health, and Ginger.io Inc., are focusing on innovation and strategic acquisitions to meet market demands. For instance, Big Health's acquisition of Limbix aims to expand its portfolio of digital therapeutics targeting various mental health conditions, enhancing its offerings in anxiety and insomnia management.
*Regional Insights and Market Segmentation*
North America led the digital mental health market in 2023, driven by advanced healthcare infrastructure and increasing awareness of mental health issues. The market segmentation includes components such as software, services, and hardware, as well as applications ranging from depression and anxiety management to stress and wellness management.
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The digital mental health market is experiencing rapid growth, fueled by technological advancements, increasing healthcare provider adoption, and the expanding role of the Internet of Things. As the digital mental health market continues to evolve, stakeholders in the mental healthcare sector are poised to benefit from innovative solutions and improved patient outcomes.
*Digital Mental Health Global Market Report 2024* by The Business Research Company provides insights on the digital mental health market size, digital mental health market segments, digital mental health market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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