Overview and Scope
Artificial Intelligence (AI) in mental health refers to the application of advanced technology, particularly AI algorithms and computational models, to enhance the understanding, diagnosis, treatment, and support mental health conditions. It enhance overall support for individuals facing mental health challenges to track progress and identify potential issues.
Sizing and Forecast
The AI In mental health market size has grown exponentially in recent years. It will grow from $1.10 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 35.4%. The growth in the historic period can be attributed to rapid adoption of machine learning and AI in the healthcare industry, growing awareness of mental health and well-being, increasing prevalence of mental health disorders, rising healthcare costs, and growing demand for personalized treatment and care.
The AI In mental health market size is expected to see exponential growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 34.9%. The growth in the forecast period can be attributed to increasing adoption of advanced technologies in mental health care, rising mental health concerns and awareness, shortage of mental health professionals driving the need for ai-powered solutions, regulatory support for ai in mental health care, increasing use of wearables and social media data for mental health analysis. Major trends in the forecast period include personalized treatment, integration with wearables, telemedicine and virtual care, expansion of ai applications, growing demand for conversational interfaces.
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Segmentation & Regional Insights
The AI in mental health market covered in this report is segmented –
1) By Component: Software-as-a-Service (SaaS), Hardware
2) By Technology: Natural Language Processing (NLP), Context-Aware Computing, Computer Vision, Machine learning
3) By Application: Conversational Interfaces, Patient Behavioral Pattern Recognition
4) By End-user: Hospitals And Clinics, Mental Health Centers, Research Institutions
North America was the largest region in the AI in mental health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in mental health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increasing number of suicidal cases is expected to propel the growth of AI in the mental health market going forward. Suicidal cases refer to situations in which individuals experience thoughts, feelings, or behaviors related to intentionally causing harm to themselves with the intent to end their own lives. Mental health disorders, such as depression, bipolar disorder, schizophrenia, and substance abuse, are significant contributors to suicidal thoughts and behaviors. AI in mental health is used to identify early signs of suicidal risk by analyzing patterns in user data and facilitating timely intervention and support. For instance, in November 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, there were 49,449 suicide deaths in the United States in 2022, marking a 2.6% increase from the 2021 figure of 48,183 suicide deaths. Males accounted for a higher number of suicides compared to females, with 39,255 male deaths and 10,194 female deaths in 2022. Therefore, the increasing number of suicidal cases is driving the growth of AI in the mental health market.
Key Industry Players
Major companies operating in the AI in mental health market are BetterHelp, Lyra Health, American Well Corporation, Doctor on Demand, Cerebral, MDLive, Talkspace Inc., Ginger, Quartet Health, Meditopia, Mantra Health, Happify Health, Woebot Health, Kintsugi, Marigold Health, SilverCloud Health, Cognoa, BioBeats, MeQuilibrium, Mightier, Nue Life, Mindstrong Health, Oliva Health, Wysa Ltd., New life solution Inc.
The ai in mental health market report table of contents includes:
1. Executive Summary
2. AI in Mental Health Market Characteristics
3. AI in Mental Health Market Trends And Strategies
4. AI in Mental Health Market – Macro Economic Scenario
5. Global AI in Mental Health Market Size and Growth
..
32. Global AI in Mental Health Market Competitive Benchmarking
33. Global AI in Mental Health Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI in Mental Health Market
35.AI in Mental Health Market Future Outlook and Potential Analysis
36. Appendix
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