Overview and Scope
Chatbots for mental health and therapy refer to software applications powered by artificial intelligence (AI) and natural language processing (NLP) technologies, designed to provide mental health support and therapy services through text- or voice-based interactions. These chatbots aim to democratize access to mental health services, increase self-awareness and emotional resilience, and build a proactive mental health care culture.
Sizing and Forecast
The chatbots for mental health and therapy market size has grown strongly in recent years. It will grow from $1.17 billion in 2023 to $1.27 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to rise in the demand for accessible mental health services, growth in awareness of mental health, increased mental health awareness, increased prevalence of mental health disorders, advancements in natural language processing (NLP) and machine learning algorithms.
The chatbots for mental health and therapy market size is expected to see strong growth in the next few years. It will grow to $1.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to the growing need for scalable therapy solutions, growing acceptance and adoption of digital health technologies, rising awareness about mental health issues, rising awareness towards the benefits of chatbots for mental health, growing need for scalable therapy solutions. Major trends in the forecast period include technological advancements, expansion of teletherapy capabilities, integration of virtual reality for immersive experiences, integration with wearable devices and other digital health tools, and expansion of crisis intervention features.
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Segmentation & Regional Insights
The chatbots for mental health and therapy market covered in this report is segmented –
1) By Component: Software As A Service (SaaS), Other Components
2) By Technology: Machine Learning And Deep Learning, Natural Language Processing, Other Technologies
3) By Application: Conversational Interfaces, Behavioral Pattern Recognition, Other Applications
North America was the largest region in the chatbots for mental health and therapy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the chatbots for mental health and therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in mental health demand is expected to propel the growth of chatbots in the mental health and therapy markets going forward. Mental health demand refers to the increasing need for mental health services, resources, and support systems to address the growing prevalence of mental health disorders and related challenges within a population. The demand for mental health is rising due to increased awareness about mental health issues, accessibility and availability, trauma and adverse experiences, and workplace stress. Chatbots provide psychoeducational resources, self-help tools, and evidence-based treatments to assist users in gaining knowledge and skills for managing their mental health efficiently. It also provides round-the-clock availability, allowing anyone to seek help at any time, regardless of their location or time zone. For instance, in May 2022, according to the NHS Confederation, a UK-based organization that represents and supports the entire healthcare system, there were 2,234,856 million contacts with mental health services of all ages, an increase of 4.9% from February 2020 prior to the pandemic (2,131,113). Therefore, the rise in mental health demand is driving the growth of chatbots in the mental health and therapy market.
Key Industry Players
Major companies operating in the chatbots for mental health and therapy market are Talkspace Online Therapy Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Twilio Inc., Teladoc Health Inc., BetterHelp, Calm.com Inc., American Well Corp., Headspace Inc., Doctor On Demand Inc., MDLIVE, HelloSelf Limited, Mindstrong Inc., Lyra Health Inc., Valant, Welligent, Sensely Inc. , LISSUN, Wysa Ltd., Happify Inc.
The chatbots for mental health and therapy market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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