The mental health state is considered and refers to our cognitive behavior and emotional well-being and how the person is feeling, behaving, and thinking. Besides this, COVID-19 has placed a positive impact on the growth of the mental health app market as the majority of the people have lost their job due to the pandemic which harmed people’s mental health. In the U.S., around 4 million mental wellness apps were downloaded in April 2020.
Burgeoning stress levels and consumption of alcohol also contribute to the situation of mental health. According to the National Survey on Drug and Health (NSDUH), around 14.4 million aged 18 years and above in the US experienced Alcohol Disorder in 2018 in which around 9.2 million were men and 5.3 million were women.
Also, mounting awareness among individuals regarding the importance of mental health and the launch of several mental wellness apps is flourishing the growth of mental health apps globally. The surging number of smartphone users around the world and intensifying mental health issues globally are some other factors that contribute to the growth of the global mental health app market.
Another major growth factor of the mental market is that in some parts of the world the mental health is still considered taboo a getting treatment from a physiatrist and the fear associated with it restricts the individual to get treatment. Due to this the mental health app was launched to maintain the secrecy of the individual who wants to seek help. According to W.H.O, two-third of the individuals do not seek help and are affected. With the help of these apps, individuals can hide their identities and get treated. Moreover, to personally get connected with the doctor the individual can connect on a video call or audio call feature in the app which is expected to generate higher revenues.
The yearly based subscription offers various discounts as compared to monthly subscription which attracts large customer-based to go for the yearly subscription. However, the monthly subscription is costly as compared to yearly thus, the yearly segment would continue to grow in the forecast period.
The leading market players of mental health app are 7 Cups, Addicaid, Calm, NOCD, Recovery Record, Savello, Happify Inc, Headspace, etc among others.
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