The ai in mental health global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI in Mental Health Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of AI in Mental Health Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI in Mental Health Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the AI in the mental health market are developing innovative technology, such as an AI-powered behavioral health system named Discovery365, to increase their market offerings. Discovery365 is a system that is used to monitor patient progress for one year after discharge from a behavioral treatment program, during which time relapse rates are high. For instance, in September 2023, Discovery Behavioral Health Inc., a US-based mental health service company, and Videra Health and Brigham and Women’s Hospital, a US-based academic medical center, launched Discovery365, which is the first of its kind AI-powered system that aims to address the one-year recovery gap in behavioral health. This platform utilizes advanced AI technology to analyze patient data post-discharge, focusing on video-captured analytics to evaluate patient progress and identify potential signs of struggle or relapse. Discovery365 aims to reduce relapse rates and support patients during the critical year following treatment completion by extending care beyond treatment programs.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. AI in Mental Health Market Report Structure
3. AI in Mental Health Market Trends And Strategies
4. AI in Mental Health Market – Macro Economic Scenario
5. AI in Mental Health Market Size And Growth
…..
27. AI in Mental Health Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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