As per industry analysis on mental fitness apps, the market is foreseen to close in on a value of US$ 1.9 Bn by the end of 2031, surging at CAGR of 16.4% during the same period. Demand for mental fitness apps for co- occurring disorders grew 1.8X over the last 5 years.
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As per Fact.MR – a market research and competitive intelligence provider, the global mental fitness apps market is anticipated to close in on a value of US$ 1.9 Bn by the end of 2031, surging at a CAGR of 16.4%.
Changing lifestyles and increasing work pressure have led to increase in demand for mental fitness apps over the years. Fact.MR, anticipates significant potential in market, owing to factors such as increasing healthcare spending and growing collaboration between app developers and schools and colleges.
COVID-19 has had a positive impact on demand for mental fitness apps, which increased the number of downloads in the short term. North America is the market leader with early adoption due to high spending on healthcare. Increasing penetration of smartphones all across the globe is also boosting demand for mental fitness apps.
Several app developers are coming out with additional features that encourage people to take subscriptions and opt for virtual consultations in real time.
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“Initiatives by government and private sectors to improve the lifestyle of employees due to rising stress conditions are providing opportunity for mental fitness app developers to add new features, ensuring maximum benefit for users,” says a Fact.MR analyst.
As per the latest report on the mental fitness apps industry by Fact.MR – a market research and competitive intelligence provider, from 2016-2020, the market expanded at a CAGR of 17.9%, in which countries such as the U.S., China, and Japan are playing a crucial role, as these countries stand among the top 5 countries in the number of cases for anxiety, depression, and alcohol and drug use.
With growing millennial population percentage owing to rise in young immigrants, millennials hold the largest market share of 41.4% in 2021.
The healthcare industry accounts for more than 10% of GDP in developed countries. Global healthcare spending is estimated reach a value of US$ 9.5 trillion by 2022. Penetration of mobile phones around the globe is also increasing. Approximately 5.2 Bn people all around the globe are utilizing mobile phones, with the dominance of the Android segment.
Factors such as increasing stress levels in the society due to addiction of harmful substances, rising cases of mental health disorders, growing awareness programs that are being marketed by the World Health Organization (WHO) regarding importance of mental health condition, and 24×7 assistance offered online are some of the factors driving the mental fitness apps domain.
Rising stress levels in people due to prolonged working hours and changing lifestyles have degraded health conditions. Many companies are providing life insurance to their employees, which include premium subscriptions of top mental fitness apps.
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App developers are collaborating with schools and institutes for helping students overcome stress-related issues.
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