Global Digital Behavioral/Mental Health Market is projected to grow at a CAGR of 25% by 2026

BRUSSELS - Dec. 8, 2022 - PRLog -- In recent years, the healthcare industry has observed the foray of several providers that offer software for behavioral and mental health practices: EHR, teletherapy, scheduling, client engagement, billing, and digital therapeutics to prevent, manage and treat medical disorders.

The Global Digital Behavioral/Mental Health Market is set to witness an exponential growth rate of 25% in the next 5 years.  Penetration of personal digital devices, favorable funding environment, and growing healthcare IT infrastructure in developed and developing countries are some of the key factors driving the Global Behavioral/Mental Health Market. 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

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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.