Top Mental Health Business Ideas for Entrepreneurs

Mental health is undeniably one of the most pressing issues in the world today. According to estimates from the Centers for Disease Control and Prevention (CDC), approximately 20% of adults encounter a mental health issue annually. Furthermore, a study by the Anxiety and Depression Association of America indicates that anxiety disorders afflict an estimated 40 million American adults. Such numbers not only highlight the deep-seated issues in mental well-being but also hint at a vast opportunity.

As we delve into this blog, we'll explore innovative mental health business ideas that can bridge the gap between the growing demand and the supply of digital mental health solutions.

Why Starting A Mental Health Care Business Is A Good Idea?

• According to Statista, adults in the United States primarily use e-health apps or devices to improve their mental health.
• Between 2014 and 2018, mental health apps in the UK experienced a 566% increase in demand. Acumen Research and Consulting projects the growth of the global market for mental health apps to $10.2 billion by 2027. 

From the shared statistics, it's evident that investing in mental health businesses can be beneficial given their rising demand. But you might be wondering which mental health business to invest in? The pointers below will give you an insight into which app investments might be most profitable.

Common Mental Health Disorders in the United States & Worldwide

Mental health disorder is a generalized term that represents a group of mental illnesses that impact an individual ability to think, work, behave, and function at home, office, or school. MedlinePlus, an official US government website, has listed over 200 mental health and behavioral illnesses.

Before transforming your mental health startup idea into a fully-funtional business, it’s best that you understand:

• What are the common mental health disorders?
• What users are looking for?
• How can your mental health startup idea assist users with mental health disorders?

Let's delve deep into the topic and know the most common mental health issues.

Anxiety Disorders - reports suggest that over 4% of the global population suffers from an anxiety disorder.

Bipolar Disorders - More than 4% of U.S. adults experience bipolar disorder at some time in their lives

Depression - according to a recent survey, approximately 280 million people worldwide have depression.

Dissociative Disorders - 1% to 5% of people worldwide experience a dissociative disorder, and women are more likely to be diagnosed.

Attention Deficit Hyperactivity Disorder (ADHD) - More than 6 million children between the ages of 4 to 17 have been diagnosed with ADHD.

Post-Traumatic Stress Disorder - 6% of the U.S. population have PTSD at some point in their lives. 

Schizophrenia  - Approximately 3.2 million Americans (1.2 percent of the population) have schizophrenia disorder.

Obsessive-Compulsive Disorders - reports suggest that obsessive-compulsive disorder affects 1 out of 40 adults and 1 out of 100 children in the United States.

Eating Disorders - 30 million Americans have eating disorders.

Addiction & Substance Abuse - 9.5 million users worldwide have substance abuse disorder (SUD) and mental illness.

Generalized Anxiety Disorder (GAD) - only 43.2% of people suffering from Generalized Anxiety Disorder (GAD) receive treatment.

Top Mental Health Business Ideas To Start In 2024

VR Mental Health Apps

Mental health disorders and diseases are a global problem. And investing in VR mental health mobile app development becomes a lucrative online health opportunity enterprises worldwide can explore.

• According to Fortune Business Insights, the global Virtual reality in healthcare market is projected to reach $25.22 billion in 2030 at a CAGR of 34.9 percent.

With virtual reality mental health software, provides immersive treatment for patients in remote locations and beyond geographies. VR-based mental health apps are beneficial for the treatment of conditions like anxiety, sleeping disorders, post-traumatic stress disorder, and other mental disorders and phobias.

Connect with our expert today to discuss your VR-based mental health app idea on a free business consultation call.

Metaverse Mental Health Hospital

Metaverse is a rapidly emerging technology that offers a unique opportunity to provide patients with more immersive, engaging, and effective treatment options. Entreprenuers who are looking for futuristic online mental healthcare business opportunities should consider starting a metaverse mental health hospital. 

Providing virtual access to patients worldwide helps reduce the stigma associated with mental disorders and offers innovative treatment options. Integrated next-gen technologies assist in making therapy sessions more engaging, private, and affordable for users. This encourages patients to seek help sooner and gain better treatment outcomes.

The growing popularity of Metaverse will revolutionize the way mental health care is delivered. In the future, Metaverse mental healthcare hospitals will pave the way for effective and anonymous treatment of mental disorders. 

Read our blog to know the cost to develop hospital in Metaverse.

Virtual Corporate Mental Health Event Platform

Virtual corporate mental health event platforms represent a promising investment opportunity in the corporate mental health space that entreprenuers can explore in 2024. A virtual corporate mental health event platform poised to play a significant role in providing health training sessions, workshops, and one-on-one counseling services.

Organizations and employees worldwide have adopted hybrid and remote work environments, the VCMHE platform has become a convenient medium for employees to attend mental health sessions and workshops from the comfort of their homes

Further, virtual mental events and training can be tailored for companies to support their employees' mental well-being.

Remote Patient Monitoring Apps

• The global remote healthcare market is expected to grow at a CAGR of 17 percent from 2020 to 2028. (Grand View Research)

In 2024, you can build a remote patient monitoring application for patients with mental disorders and illnesses. Mobile applications allow patients and healthcare providers to track health conditions accurately in real time in order to reduce hospitalization frequency and cost.

Integrated features of remote patient monitoring apps, such as pill reminders, medication details, real-time consultation, and others, assist in reducing stress and tracking health conditions effectively.

Subscription-based Mental Health Software

The global mental health market is expected to reach $1 trillion by 2030, and subscription-based mental health platforms are expected to play a major role in this growth. The platform makes mental healthcare more affordable and accessible for people in remote locations or have busy schedules. 

With subscription-based mental health software, providing users with regular access to self-care resources, personalized plans, live therapy sessions, and a variety of other services becomes easy.

Increasing awareness and conversation around mental health-related disorders makes it a great time to invest and launch a subscription-based mental health software. We can help you create a more inclusive and easily accessible mental health care system that anyone can access regardless of their income or geographic location.

Online Yoga Platform

Multiple reports and scientific studies over the internet prove the effectiveness of yoga in healing the mind and mental disorders. Investing in a mental health yoga platform or application can be an effective online medium to address patients' mental health problems.

An online yoga platform with pre-recorded yoga courses, soothing music, live group or one-on-one sessions, and yoga ebooks will attract a large number of patients beyond the geographies. An experienced app development company can launch your online yoga platform within four to eight weeks.

Pro Tip: Use the freemium model so that users can avail of basic yoga courses and engage with the platform before buying premium services. 

E-commerce for Mental Wellness Products

• The global mental wellness market is expected to generate a market revenue of $226.1 billion by 2030 with a CAGR of 6.2 percent. (PS Market Research)

Investing in an ecommerce marketplace that sells mental wellness products becomes a lucrative business opportunity to enter the billion-dollar mental wellness market. Partner with an ecommerce website development company and build your digital platform in 2024.

Targeting niche user base and product segments, combined with powerful SEO strategies, can do wonders. Start selling mental wellness products such as calm strips, stress balls, sound machines, stress relief toys, self-help books, online courses, sleep tracking devices, and others.

Meditation Mobile Apps

• The global mobile phone users are projected to reach 7.49 billion in 2025 from 7.26 billion in 2022. (Statista)

Launching a meditation mobile application provides users easy access to meditation resources, yoga techniques, mental health sessions, and other health practices. The meditation mobile app empowers users to manage their entire day effectively, reduce stress, and sleep soundly.

Design a mobile app that assists users in adding new daily habits and implementing stress management techniques to improve focus and release stress. Offer well-designed and structured mental health programms like Stress Management, Sleep Management, and Digital Detox to help manage stress and make new habits.

Our prior experience in the mobile app development domain enables us to design and develop feature-rich and user-friendly applications. 

Mental Health GPT Software

The popularity of chatGPT - a GPT-based model trained to process natural language and generate human-like responses. Leveraging the GPT algorithm content creation, answering questions, text summarizing, and translation capabilities to build a mental health GPT software.

Mental health GPT will be trained on a wide range of mental health-related books, resources, and authentic information available from multiple internet resources. The software will provide users with authentic information and resources related to mental health disorders and assist them in multiple ways.

GPT-based mental health software can be leveraged to assist users in enrolling in different mental health courses that are beneficial in the long run. Providing answers like a professional psychiatrist, the software will provide a platform for patients with mental disorders and illnesses to find perfect advice.

Medical Insurance Aggregator Platform

This is one of the most profitable mental healthcare business ideas that you can start in 2024. The idea is simple yet impactful, as you are catering to a niche target audience and assisting them in choosing the best healthcare insurance plan. 

To transform this idea into reality, you just need a website, entrepreneurial ability, and strong networking skills. Enter into a partnership with the insurance companies and, with the help of AI tools or a support team, help users choose the best insurance plan that covers the medical condition they have.

Connect with our expert and discuss your medical insurance aggregator idea today!

Pro Tip: Keep in mind that you are targeting a niche audience and insurance policy. Ensure the aggregator platform has a user-friendly interface and includes features that assist in choosing the right medical insurance policy.

How Can RisingMax Inc. Help in Transforming Mental Health Business Ideas Into Reality?

We have been providing high-end development services for our clients in the healthcare domain for over 10 years. Over the years, we have designed and developed multiple innovative healthcare apps and software solutions.

Our team leverages its development expertise and extensive domain knowledge to transform your unique mental health business idea into a fully funtional application or software.

Ready to start your entrepreneurial journey in 2024?

Feel free to contact us and discuss your online mental health startup idea today!