Global AI In Mental Health Market Insights Forecasts to 2033

• The Global AI In Mental Health Market Size was Valued at USD 912.67 Million in 2023
• The Market Size is Growing at a CAGR of 35.46% from 2023 to 2033
• The Worldwide AI In Mental Health Market Size is Expected to Reach USD 18986.45 Million by 2033
• Asia Pacific Market expected to grow the fastest during the forecast period.

 

Get more details on this report -

Request Free Sample PDF

The Global AI In Mental Health Market Size is Anticipated to Exceed USD 18986.45 Million by 2033, Growing at a CAGR of 35.46% from 2023 to 2033.

 

Market Overview

In order to improve the comprehension, evaluation, and treatment of mental health illnesses, artificial intelligence (AI) in mental health refers to the integration of AI technology into mental health services and systems. This includes analyzing behavioral patterns, seeing early warning signals of mental health problems, tailoring strategies for treatment, and enhancing general mental health through the use of algorithms, data analysis, and machine learning models. With the help of individual cerebral electricity, voice, and expressions, artificial intelligence can analyze the physiological and behavioral signals of those individuals and give necessary suggestions and treatment accordingly. In this way, this technology plays a fundamental role in increasing the accuracy and efficiency of mental health services by enhancing patient treatment experiences and outcomes. Patients with mental illness can get information and help thanks to AI-based technology. Furthermore, it is projected that the use of AI in remote mental health treatment will help healthcare organizations increase their market share. AI systems recognize people's behavior and mental activity and help prevent suicide by using trained data sets. By seeing trends and taking swift action to prevent unfavorable outcomes, suicide can be prevented.

 

Report Coverage

This research report categorizes the market for the global AI in mental health market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global AI in mental health market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global AI in mental health market.

 

Driving Factors

To provide personalized mental health care, AI is incorporated into smartphone apps and digital interventions and made available online in many easy ways that improve the user’s experience and help to treat patients' mental health. The emergence of the COVID-19 pandemic has given AI a chance to demonstrate the potential and modifications that AI can make to step into the health sector. AI-based virtual assistants, inpatient care bots, and AI-assisted surgery robots were functioning by hospitals and clinics worldwide during the second pandemic wave to manage the steady stream of patients that would have otherwise overwhelmed the hospital's whole operational cycle. Meanwhile, the industry is expanding due to rising internet and smartphone adoption. Furthermore, it is projected that during the projection period, many kinds of companies will engage in strategic collaborations and funding possibilities to drive market expansion.

 

Restraining Factors

Individual mental health data is highly personal and sensitive. Collecting, storing, and analyzing such large amounts of data is possible due to AI, but it raises concerns about privacy and security breaches. The strict regulations and ethical considerations can limit the accessibility and sharing of mental health data, hindering the development and deployment of AI solutions. However, for now, there is a decrease in demand for AI-driven systems in the mental health market because these AI systems are still unable to understand complete human emotions and behaviors, which affects market growth.

 

Market Segmentation

The Global AI in Mental Health Market share is classified into component, technology, and application.

• The software-as-a-service (SaaS) segment is expected to hold the largest share of the global AI in mental health market during the forecast period.   

Based on component, the global AI in mental health market is divided into software-as-a-service (SaaS) and hardware. Among these, the software-as-a-service (SaaS) segment is expected to hold the largest share of the AI in mental health market during the forecast period. The SaaS offers flexibility and adaptability, so that mental health providers can adjust their usage based on demand. In the context of providing mental health treatments and solutions when service needs change during times of crisis, this scalability is valuable. Additionally, SaaS solutions' accessibility makes it simpler for businesses to incorporate AI technology into their platforms, which increases market demand for this kind of solution.

 

• The natural language processing segment is expected to grow at fastest pace in the global AI In Mental Health market during the forecast period.    

Based on the technology, the global AI in mental health market is divided into natural language processing (NLP), context-aware computing, computer vision, and machine learning. The natural language processing segment is expected to grow at fastest pace in the AI in mental health market during the forecast period. AI-powered chatbots and virtual therapists use NLP to engage in conversations with users. They can provide support, offer coping strategies, and even deliver therapeutic interventions. Additionally, these tools can assist individuals in managing stress, anxiety, and other mental health issues because they are more affordable, easy to access and available 24/7. NLP algorithms analyze text and speech to detect emotions and sentiments. In this way, AI technology is used to understand the emotional state of users through their communication, which further contributes to market growth.

 

• The hospitals and clinics segment are expected to grow at greatest pace in the global AI In Mental Health market during the forecast period.

Based on the end-user, the global AI in mental health market is divided into hospitals and clinics, mental health centers, research institutions, others. The hospitals and clinics segment is expected to grow at greatest pace in the AI in mental health market during the forecast period. Hospitals and clinics can apply AI tools to support psychiatrists in the diagnostic process, improving accuracy and efficiency. AI-powered telepsychiatry platforms enable remote consultations and therapy sessions, making mental health services more accessible. Hospitals can use AI to analyze population health data to identify trends, allocate resources efficiently, and implement preventive measures on a broader scale, which further contributes to market growth.

 

Regional Segment Analysis of the Global AI In Mental Health Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global AI In mental health market over the predicted timeframe.

Get more details on this report -

Request Free Sample PDF

North America is anticipated to hold the largest share of the global AI In mental health market over the predicted timeframe. The rising use of AI technology throughout the healthcare continuum, especially in the United States, and high healthcare costs coupled with the COVID-19 pandemic have sped up the adoption of AI in clinics and hospitals throughout the region are the main factors propelling the growth of the North American market. In addition, there is an increasing recognition and acknowledgement of mental health issues in the field, which is increasing the need for innovative mental health therapies. Moreover, North America is home to a number of leading AI technology companies with a focus on mental health applications.

 

Asia Pacific is expected to grow at the fastest pace in the global AI in mental health market during the forecast period. Resources are being invested heavily in AI development, including applications in healthcare, by nations like China, India, and Singapore. Due to the region's large population and lack of mental health specialists, AI-powered solutions seem appealing. AI-based mental health products are becoming more widely available and accessible due to rising smartphone and internet usage rates.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global AI in mental health along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Marigold Health
• Quartet
• Mindstrong Health
• New life solution Inc.
• Bark Technologies
• Wysa Ltd
• Ginger
• Cognoa
• Lyra Health
• MeQuilibrium
• Meru
• BioBeats
• Spring Care Inc.
• Talkspace Inc.
• Woebot Health
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In March 2022, Leaps by Bayer, the impact investing arm of Bayer AG, has made a $9.5 million strategic investment in Woebot Health to accelerate the development of the company's AI-powered behavioral health platform and solutions, the company stated. By putting a strong emphasis on clinical evidence and leveraging an AI-based platform and solutions, Woebot Health is paving the way for new developments in behavioural health at a pivotal global time.

 

• In July 2022, the top AI digital platform for mental health, Wysa, announced that it has raised $20 million in funding. With the help of this funding, Wysa plans to further develop into the US, UK, India, and other international markets for businesses, payors, and providers. It also plans to enhance usability by adding multilingual assistance and facilitating access through WhatsApp. Leading the round is HealthQuad, which joins previous investors W Health Ventures, Kae Capital, Google Assistant Investments, and pi Ventures, among others, together with British International Investment (BII), the UK's development finance organization.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global AI In Mental Health Market based on the below-mentioned segments: 

 

Global AI In Mental Health Market, By Component

• Software-as-a-Service (SaaS)
• Hardware

 

Global AI In Mental Health Market, By Technology

• Natural Language Processing (NLP)
• Context-Aware Computing
• Computer Vision
• Machine learning

 

Global AI In Mental Health Market, By End-user

• Hospitals And Clinics
• Mental Health Centers
• Research Institutions
• Others

 

Global AI In Mental Health Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa