PUBLISHER: The Business Research Company | PRODUCT CODE: 1484771
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484771
Digital psychotherapeutics encompasses the use of digital platforms and tools, including mobile apps, web-based platforms, and virtual reality applications, to deliver psychotherapeutic interventions and treatments online.
Digital psychotherapeutics are categorized primarily into mobile apps, online platforms, virtual reality, and wearable devices. Mobile apps, which are software applications tailored to function on smartphones or tablets, provide diverse functionalities and services. These digital tools are designed to address various mental health conditions, including phobias, anxiety disorders, and psychotic disorders. They are utilized through different business models, such as direct-to-patient or consumer approaches and business-to-business (B2B) frameworks. Digital psychotherapeutics are applied in prevention, management, and treatment of mental health issues and are used by various end-users including healthcare providers and payers.
The digital therapeutics market research report is one of a series of new reports from The Business Research Company that provides digital therapeutics market statistics, including digital therapeutics industry global market size, regional shares, competitors with a digital therapeutics market share, detailed digital therapeutics market segments, market trends and opportunities, and any further data you may need to thrive in the digital therapeutics industry. This digital therapeutics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry
The digital psychotherapeutics market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.81 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The expansion observed in the historic period can be attributed to several factors including increasing awareness about mental health issues, the establishment of supportive regulatory frameworks, rising healthcare costs, heightened patient preference for privacy and convenience, and a growing body of research and evidence supporting the efficacy of interventions.
The digital psychotherapeutics market size is expected to see exponential growth in the next few years. It will grow to $5.55 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%. The projected growth during the forecast period can be attributed to several key factors such as heightened mental health advocacy, an expansion of telehealth services, an increasing aging population with corresponding mental health needs, a shift towards preventive healthcare models, and ongoing regulatory support and standardization efforts.
The escalating prevalence of mental health disorders is expected to catalyze growth in the digital psychotherapeutics market. Mental health disorders encompass a variety of conditions that impact an individual's thinking, emotional state, and behavior, which can result in significant distress and disrupt everyday functioning. Factors such as rising stress levels, societal pressures, and traumatic experiences are driving the demand for effective therapeutic solutions. Digital psychotherapy, which enhances accessibility by providing flexible scheduling and eliminating the necessity for travel to appointments, represents a vital response to this demand. For example, a November 2022 report by NHS Digital highlighted a significant increase in probable mental disorders among UK youth, with rates climbing from 17.4% in 2021 to 25.7% in 2022 for those aged 17 to 19. The prevalence among younger children aged 7 to 10 also showed a notable disparity between boys (19.7%) and girls (10.5%). Therefore, escalating prevalence of mental health disorders drives the digital psychotherapeutics market.
Leading organizations in the digital psychotherapeutics sector are increasingly integrating sophisticated technologies such as automated measurement-based care to improve patient outcomes and streamline therapeutic procedures. CarePaths Inc., an American developer of mental health electronic health records (EHR) and related solutions, introduced CarePaths Connect in August 2022. This new mobile app features built-in, automated Measurement-Based Care (MBC), which continuously assesses patient progress to refine clinical decisions. The app also offers a Digital Front Door feature that facilitates clinician searches, insurance verification, appointment scheduling, and access to secure messaging and teletherapy services. By enhancing patient engagement and optimizing treatment efficacy, these innovations aim to revolutionize the therapy process.
In January 2022, in a strategic expansion move, Qualifacts + Credible, a prominent US-based electronic health record (EHR) provider for mental health and human services organizations, acquired InSync Healthcare Solutions for an undisclosed sum. This acquisition provides Qualifacts + Credible with access to InSync's highly configurable, user-friendly platform, broadening its suite of EHR solutions for behavioral health and human services providers. InSync Healthcare Solutions is known for its practice management software, which is extensively utilized in medical practices, including those specializing in behavioral and mental health.
Major companies operating in the digital psychotherapeutics market are AbleTo Inc., BetterHelp Inc., Ginger.io Inc., Meru Health Inc., Novartis International AG, Pear Therapeutics Inc., SilverCloud Health Limited, Spring Health Inc., Starling Minds Inc., SwissDT AG, Talkspace Inc., Woebot Health Inc., CBT Nuggets LLC, Quartet Health Inc., Neurotrack Technologies Inc., Limbix Health Inc., Happify Health LLC, Mindstrong Health Inc., Minddistrict B.V., Ieso Digital Health, Eleos Health, MDLIVE, Lyra Health
North America was the largest region in the digital psychotherapeutics market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital psychotherapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital psychotherapeutics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital psychotherapeutics market consists of revenues earned by entities by providing services such as virtual counseling sessions, online therapy, and teletherapy services that assist in delivering mental health support and interventions remotely. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital psychotherapeutics market also includes sales of digital therapy devices, remote monitoring tools, interactive online programs, and computer-based cognitive behavioral therapy (CBT) platforms that help in mental health management. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Digital Psychotherapeutics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital psychotherapeutics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital psychotherapeutics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital psychotherapeutics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.