Mental Fitness Apps to Witness High Demand for Co-occurring Disorders, States Fact.MR
Published : 17 Aug 2021 Industry: Technology
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.
Key Takeaways from Market Study
- The global mental fitness apps market is poised to rise at a CAGR of 16.4% and witness an absolute dollar opportunity of US$ 1.4 Bn by 2031.
- Under operation system, Android is a prominent share holder capturing 68.1% of the market share in 2021, but this share is expected to decline 10% by 2031.
- Based on application, co-occurring disorder apps are anticipated to reach a market value of US$ 776 Mn by 2031, offering an incremental opportunity of US$ 27.3 Mn (2021-2022).
- Under demographics, baby boomers will hold the lowest market share of 6% and 10.8% in 2021 and 2031, respectively.
- Out of 100 app subscriptions, 35 are from North America, with this regional market poised to expand at a CAGR of 17.2% during the forecast period.
- The market in East Asia will gain 24 BPS from 2021 to 2031 and generate a global market value of US$ 381 Mn.
“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.
Some mental fitness app developers are collaborating with influencers to create extra revenue. Tie-ups with life insurance companies as a complementary premium subscription to gain consumer base is also being witnessed in this space.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global mental fitness apps market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of operation system (iOS, Android, and others), revenue (free/ freemium, paid, and others), application (mental disorder apps, substance-use disorder apps, and co-occurring disorders apps), demographics (baby boomers, generation X, millennials, and generation Z), and region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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Shambhu Nath Jha
Consultant – ICT Division