InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Mental Health Psychedelic Apps Market – (By Therapy Type (Music/ Creative/ Artistic, Visual/ Patterns/ Puzzle, Guidance/ Lifestyle), By O.S. Type (Android & iOS, iOS)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Mental Health Psychedelic Apps Market is expected to expand with a CAGR of 19.2% during the forecast period of 2023-2031.
Psychedelic mental health apps are mobile applications explicitly crafted to aid individuals in enhancing their mental well-being by incorporating the use of psychedelics or psychedelic-assisted therapies. The global market for these apps is experiencing growth primarily due to the rising incidences of mental health challenges and a heightened awareness and advocacy for mental health concerns. Moreover, the surge in conditions like depression, anxiety, PTSD, and bipolar disorders, among others, is fueling the demand for mental health interventions and self-guided therapies.
Psychedelic treatments tend to exert a profound influence on individuals. However, apps offering access to these therapies must incorporate more clinical data and research to establish credibility and address safety concerns. Some users may rely exclusively on these apps as their primary source of mental healthcare, potentially limiting their overall effectiveness.
Recent Developments:
- In January 2023, Field Trip Health introduced a novel online therapy program that offers a blend of talk therapy, holistic well-being tools, and knowledge gained from its extensive involvement in ketamine-assisted therapy. This fresh online therapy platform is designed to cater to individuals in search of therapeutic assistance for specific mental or physical health issues. Additionally, it is open to those interested in incorporating insights and lessons from ketamine infusions or other psychedelic encounters.
- In Sept 2022, Mydecine Innovations Group Inc. and PanGenomic Health Inc. have entered into an arm’s-length, non-binding LOI (Letter of Intent) for the acquisition of all issued and outstanding shares of Mindleap Health Inc., the wholly-owned subsidiary of Mydecine. With more than 40,000 organic downloads, the Mindleap App enabled PanGenomic to provide its users with a digital telehealth platform centered on the burgeoning psychedelics sector.
List of Prominent Players in the Mental Health Psychedelic Apps Market:
- Field Trip Health
- Mindleap,
- Homecoming
- Mindbloom,
- Microdose.me,
- Polyfauna, PsycheDev
- Wavepaths
- TripApp
- Hypnoglyph
- Fraksl ,
- Lumenate
- Last Voyage
- PsyStation
- Others
Mental Health Psychedelic Apps Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 19.2% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Therapy Type, O.S. Type |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers-
Rising growing awareness about mental health issues and the importance of seeking treatment has driven demand for mental health solutions, including psychedelic apps. Ongoing advocacy efforts and support from mental health organizations and professionals have highlighted the potential benefits of psychedelic therapies and apps, fostering market growth. The broader digital health trend, with the proliferation of health and wellness apps, has provided a favorable environment for the emergence of mental health psychedelic apps. The rising growth of the global market for mental health psychedelic apps is fueled by factors such as the rising incidence of mental health challenges and the increasing recognition and promotion of mental health concerns.
Challenges:
The mental health app market is becoming increasingly crowded, making it challenging for new entrants to stand out and establish credibility. The regulatory environment for psychedelic therapies is evolving, and navigating through the complex legal and ethical considerations can be challenging for app developers and providers. Ensuring equitable access to mental health psychedelic apps is crucial, but disparities in access to technology and healthcare services can limit their reach, particularly in underserved communities.
Regional Trends:
The North American mental Health Psychedelic Apps market is expected to register a major market share. North American mental health psychedelic apps market is characterized by a blend of innovation, regulatory challenges, and a growing recognition of the role these apps can play in supporting mental health and well-being. It continues to evolve as research and awareness in this field expand. Besides, Europe has a substantial share in the market is competitive, with various companies and developers offering a range of mental health psychedelic apps. This competition drives innovation and diversification in the offerings available to consumers.
Segmentation of Mental Health Psychedelic Apps Market-
By Therapy Type
- Music/ Creative/ Artistic,
- Visual/ Patterns/ Puzzle
- Guidance/ Lifestyle
By O.S. Type
- Android & iOS
- iOS
By Region-
North America-
- The US
- Canada
- Mexico
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.