Global Behavioral/Mental Health Market is set to witness a lucrative growth rate of 25%

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In recent years, the healthcare industry has witnessed 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.

Demand for Digital Behavioral/Mental Health Market Solutions Surge Amid Covid-19 Pandemic

With lockdowns implemented, social distancing mandated, and widespread apprehension – Covid-19 placed a dramatic burden on managed healthcare and especially on neurological and psychiatric disease care.

The ubiquity of personal digital devices—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 Market 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 waiting time for care and a growing number of kids being sent to the emergency room during mental health crisis situations has been a long-standing issue. To address these concerns, several digital health companies have entered the market.

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 pediatric 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

Competitive Landscape Analysis: Digital Behavioral/Mental Health Market

The global 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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