PUBLISHER: Grand View Research | PRODUCT CODE: 1529656
PUBLISHER: Grand View Research | PRODUCT CODE: 1529656
Artificial Intelligence In Mental Health Market & Trends
The global AI in mental health market size is expected to reach USD 5.08 billion by 2030, growing at a CAGR of 24.10% from 2024 to 2030, according to a new report by Grand View Research, Inc. Mental health has become a major concern nowadays; increasing prevalence of mental health disorders including anxiety, depression, schizophrenia lead to the rapid adoption of mental health apps, where technologies such as AI can leverage several advantages, including personalized therapies and predicting disorders. According to WHO January 2022 insights, Schizophrenia affects nearly 24 million people or 1 in 300 people (0.32%) worldwide. This rate is 1 in 222 people (0.45%) among adults.
According to February 2023 insights from WHO, in 2021, over 150 million individuals were grappling with mental health issues in Europe. The COVID-19 pandemic has intensified these problems over recent years, with reduced access to healthcare services. The surge in stress, economic downturns, conflicts, and violence has highlighted the fragility of mental well-being. Simultaneously, the field of artificial intelligence (AI) is revolutionizing medicine and healthcare. AI is emerging as a crucial tool in planning mental health services identifying and monitoring mental health conditions among individuals and communities. Utilizing digitized healthcare data, including electronic health records, medical imaging, and handwritten clinical notes, AI-powered tools enhance task automation, support healthcare professionals, and enrich our understanding of complex mental health disorders.
Technological advancements in AI algorithms such as speech and text analytics, therapeutic chatbot to detect signs of mental health conditions such as depression, anxiety, and PTSD. Applications like Woebot and Wysa use conversational AI to interact with users and provide real-time mental health support. Virtual therapists powered by AI provide cognitive behavioral therapy (CBT) and other therapeutic modalities through chat interfaces or voice conversations. These tools are available 24/7, offering immediate support. Such factors are expected to fuel the demand for AI technologies in mental health.
The emergence of numerous startups in the AI in mental health market has been notable. The proliferation of numerous startups is a significant driver of market growth. Their entry into the market stimulates investment, encourages technological advancements, and expands the scope of AI applications in healthcare. The collective efforts of these startups fuel momentum in the AI healthcare market, propelling it towards greater innovation, efficiency, and effectiveness in delivering healthcare solutions. Some of the startup companies are Activa Health, Kahuna, and Likeminded among others.