Global Digital Brain Health Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2032

Global Digital Brain Health Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2032

Global Digital Brain Health Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 – 2032

Global Digital Brain Health market was valued at US $198.1 Billion in 2022 and is expected to reach ~US $400 Billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.

Digital wellness is the use of technology to enhance one's mental and physical health. The whole functioning of the brain in all of its domains—cognitive, social-emotional, sensory, behavioural, and motor—is referred to as brain health. Dementia is a condition marked by significant mental abnormalities that results from many diseases affecting the brain. Alzheimer's disease, vascular dementia, frontotemporal dementia, and dementia with Lewy bodies are among the different mental illnesses that fall under the umbrella term dementia. Additional types of dementia include mixed dementia, Parkinson's disease, Huntington's disease, HIV dementia, and Korsakoff syndrome.

Self-management, skill development, monitoring, and other mental health therapies are provided by several digital tools and applications, which may enhance behaviour and mood. To fully understand the underlying mechanisms and causal relationships pertaining to the impact of technology on both positive and negative aspects of brain health, more research is required. Less than half of those in the US who require mental health therapy do so, despite the fact that mental health problems are common and frequently go untreated.

The growing incidence of neurological diseases and mental health issues like Alzheimer's disease, Parkinson's disease, depression, anxiety, and ADHD has drawn a lot of attention to the digital brain health sector. When it comes to maintaining or improving cognitive well-being and performance, digital tools provide easy, affordable, and customised solutions. With ongoing technological improvements driving the trend of more people turning to digital solutions to support their brain health, this industry is expected to increase in the coming years. Importantly, though, the scientific community is still debating and researching how beneficial these digital tools are in improving cognitive function and preventing neurological illnesses.

The digital brain health market, which offers a broad range of goods and services intended to enhance cognitive function and promote brain health, has also grown quickly as a result of factors including the ageing population and the focus on cost-effectiveness. Additionally, as the importance of mental health is becoming more widely acknowledged, interest in digital solutions that help manage disorders like depression, anxiety, and ADHD has increased.

Nonetheless, a lack of regulations, moral dilemmas, and restricted accessibility could impede market expansion. The absence of regulations in the digital health sector raises concerns about the efficacy, privacy, and safety of digital brain health services, which could impede their uptake. Furthermore, there is still scepticism among medical professionals and the general public about these technologies' ability to improve cognitive function and avoid neurological illnesses.

“Clinical functionality segment, by functionality, to be largest market from 2023 to 2030.”

Based on functionality, the market is segmented into clinical functionality, administrative functionality and financial functionality. The clinical functionality segment dominates the market, primarily because clinical functionality tools are tailored for healthcare providers and are employed in the clinical assessment, diagnosis, and treatment of brain health disorders. Anxiety disorders, bipolar disorders, eating disorders, post-traumatic stress disorder (PTSD), drug abuse disorders, and other disorders are included in the market segmentation of digital mental health. The anxiety disorder market category entered a dominating position in 2022 and is expected to develop at a faster rate between 2022 and 2030. This increased rise is mostly ascribed to the rising incidence of anxiety and depression as well as the expanding knowledge of the effectiveness of mental health apps in treating these illnesses. Panic disorder (PD), generalised anxiety disorder (GAD), social anxiety disorder (SAD), and other phobia-related disorders are among the conditions that make up the majority of this market.

“Software segment, by component, to be largest market from 2023 to 2030.”

Regarding the component breakdown, the digital brain health market is categorized into devices and software, constituting a larger market share. Software solutions are generally favoured due to their greater flexibility, scalability, and cost-effectiveness compared to hardware counterparts. Moreover, software solutions offer the advantage of easier updates and customization to align with the evolving requirements of healthcare providers and patients. Within the context of the digital mental health market, the data is age-group split and includes children, adolescents, adults, and older persons. The children and adolescents segment gained significant traction in the market in 2022 and is anticipated to develop at a quicker rate between 2022 and 2030. The crucial developmental phases of childhood and adolescence, which are both essential for mental health, are thought to be responsible for this faster expansion. Mental health issues include developmental disabilities, childhood epilepsy, depression, anxiety, and behavioural health disorders are common in these age groups.

“North America to be largest region in Digital Brain Health Market.”

North America accounted for a sizable share of the global market for digital brain health in 2022. Between 2023 and 2032, the area is expected to increase rapidly, mostly as a result of the growing use of mental health apps. The National Institute of Mental Health estimates that 14.2 million adults in the United States who are 18 years of age and older will have a major mental illness in 2020, out of the approximately 52.9 million adults who live with mental illnesses in the country. Notably, women were more likely than men to experience severe mental illness.

Asia Pacific, on the other hand, is expected to increase significantly between 2023 and 2032 at a high rate of growth. Increased mental health awareness campaigns, a rise in the interest shown by non-governmental organisations (NGOs) in mental health initiatives, and a spike in investments in the digital brain health industry are all credited with this expansion. One in seven Singaporeans, according to the 2018 National Survey, reported having a mental health issue.

Moreover, the World Health Organisation (WHO) reports that 15% of the world's cases of mental, neurological, and drug misuse diseases are in India. According to a meta-analysis of community surveys, there may be up to 33 cases of anxiety and depression for every 1,000 people in India. As a result, the Asia Pacific market for brain health supplements is anticipated to grow rapidly in the near future due to the growing use of these supplements.

Digital Brain Health Competitive Landscape

The competitive landscape of the Digital Brain Health Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Digital Brain Health technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Digital Brain Health Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Digital Brain Health Market include:

Major Players:

Cerner Corporation (Oracle)

Core Solutions, Inc.

Holmusk

IBM

Netsmart Technologies, Inc.

NXGN Management, LLC

Qualifacts Systems, Inc.

Spring Care, Inc.

The Echo Group

Medibio,

Linus Health

Recent Developments:

To expand its capabilities in the digital mental health area, Headspace, a digital health firm, revealed in November 2021 that it had acquired Alpine AI, an AI-powered mental health app.

Cognivue launched a comprehensive research in July 2022 with the goal of better defining the efficacy of its cognitive evaluation tools in the US.

Headspace Health broadened its scope in January 2022 by the acquisition of Sayana, an AI-driven enterprise that specialised in digital mental health remedies. The goal of this acquisition was to improve their mood and increase their capacity for conversation and comprehension while also offering more substantial support.

Additionally, in January 2022, CloudMD Software & Services Inc. strengthened its position in the digital mental health industry by acquiring MindBeacon Holdings Inc., one of the major suppliers of digital mental health services.

Leading virtual behavioural health services provider Talkspace launched Talkspace Self-Guided in April 2022. It is a toolkit for employers that helps managers, teams, and executives prioritise and improve mental health and interpersonal skills (EQ) both inside and outside the workplace.