The mental health app market is projected to be valued at $9.9 billion by 2028, an increase of about 240 percent from 2021's value of $4.1 billion, according to a report by Vantage Market Research.
The market is expected to grow at a compound annual growth rate of 15.9 percent over the next six years, according to Vantage Market Research's August report.
The report attributes the rapid growth of the market to a global rise of mental health diagnoses, the ease of access to care provided by the apps and increased awareness of mental health problems and treatment options.
The app companies leading the market growth, according to report, are:
- Mindscape
- Calm
- MoodMission
- Sanvello Health
- Headspace
- Flow Youper
- Happify
- Talkspace