Digital Behavioral/mental Health Market Is Projected To Grow At A Cagr Of 25% By 2026

By Author: Tejashri
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The Global Digital Behavioral/Mental Health Market is set to witness an exponential growth rate of 25% in the next 5 years. Some of the key factors influencing the global digital behavioral/mental health market include Covid-19, the rising burden of mental disorders worldwide, the penetration of personal digital devices, a favorable funding environment, and growing healthcare IT infrastructure in developed and developing. However, concerns related to patient privacy and the shortage of HCIT professionals are likely to hamper the growth of the market.

Demand for Digital Behavioral/Mental Health Market Solutions Surge Amid Covid-19
With lockdowns implemented, social distancing mandated, and widespread apprehension; as a result, Covid-19 dramatically increased the burden of managed healthcare, particularly for the treatment of neurological and psychiatric diseases.

The widespread use of personal digital devices like smartphones, fitness trackers, tablets, and the launch of digital solutions ensured that the digital mental health tools were accessed more frequently and by a wider demographic of patients. Benefits ...
... such as therapeutic approaches to support positive behavioral change on a large scale, anywhere, anytime accessibility, on-demand help without waiting lines, convenience, and ease of use were the key factors that fueled its demand.

Digital Behavioral/Mental Health Tools for Children and Teens Set to Open New Growth Avenues
The mental well-being of children and teenagers has been an area of concern given there are few pediatric mental health specialists in both developed and developing economies Long wait times for care and an increasing number of children being sent to the emergency room during mental health crisis situations has been a long-standing issue. Several digital health companies have entered the market to address these worries.

For instance,

In March 2022, Brightline, a leader in virtual behavioral health care for children, adolescents, and families, secured a $105M Series C funding. Brightline offers a digital on-demand platform, Connect, along with its coaching programs and clinical services including behavioral therapy, evaluation, medication support, and speech therapy

“A limited number of paediatric mental health specialists has been a persistent issue in the United States. Virtual health care exploded during the Covid-19 pandemic and this further exacerbated the mental health crisis situation among the children and youth. As a result, several companies are now targeting the behavioral health needs of children and teenagers.”- Senior Director, Virtual Behavioral Health Care Provider, United States

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Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in Digital Behavioral/Mental Health Market
The global digital behavioral/mental health market is a developing but competitive market marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as new product launches, and acquisitions to garner market share.

For instance,

In April 2022, Talkspace, the leading provider of virtual behavioral health services, launched new product suite - Talkspace Self-Guided, a suite of offerings for employers designed to help executives, managers, and teams prioritize and build emotional intelligence (EQ) and mental wellness in and out of the workplace

In Jan 2022, CloudMD Software & Services Inc. acquired MindBeacon Holdings Inc., one of North America’s leading providers of digital mental health care.

The digital behavioral/mental health market is a booming market that is anticipated to gain further momentum in the coming years due to the growing occurrence & awareness levels of mental health disorders, conducive funding environment, improving healthcare IT infrastructure, and aggressive organic and inorganic growth strategies followed by players.

Competitive Landscape Analysis of Digital Behavioral/Mental Health Market
The global digital behavioral/mental health market is marked by the presence of key players such as Akili, Pear Therapeutics, Advanced Data Systems, AdvancedMD, Credible, Lyra Health, Spring Health, Brightline, Little Otter, among others.

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