PUBLISHER: The Business Research Company | PRODUCT CODE: 1465647
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465647
Artificial Intelligence (AI) in mental health involves leveraging advanced technology, particularly AI algorithms and computational models, to improve the understanding, diagnosis, treatment, and support for mental health conditions. It aims to provide comprehensive support for individuals facing mental health challenges by enabling better tracking of progress and identification of potential issues.
The main types of AI in mental health include Software-as-a-Service (SaaS) and hardware solutions. Software-as-a-Service (SaaS) is a software licensing and delivery model where software is licensed on a subscription basis and hosted centrally by a third-party provider, allowing users to access it via the internet. These solutions utilize technologies such as natural language processing (NLP), context-aware computing, computer vision, and machine learning. They are applied in various applications including conversational interfaces and patient behavioral pattern recognition. These solutions find application across various end-users such as hospitals and clinics, mental health centers, and research institutions.
The AI in mental health market research report is one of a series of new reports from The Business Research Company that provides AI in mental health market statistics, including AI in mental health industry global market size, regional shares, competitors with a AI in mental health market share, detailed AI in mental health market segments, market trends and opportunities, and any further data you may need to thrive in the AI in mental health industry. This AI in mental health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historical period can be attributed to several factors, including the rapid adoption of machine learning and AI technologies in the healthcare industry, a growing awareness of mental health and well-being, an increasing prevalence of mental health disorders, rising healthcare costs, and a 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 projected growth in the forecast period can be attributed to several key factors, including the increasing adoption of advanced technologies in mental health care, rising concerns and awareness regarding mental health issues, a shortage of mental health professionals driving the need for AI-powered solutions, regulatory support for AI in mental health care, and the increasing use of wearables and social media data for mental health analysis. Major trends expected during this period include personalized treatment approaches, integration with wearables for continuous monitoring, the expansion of AI applications in mental health care, the growing demand for telemedicine and virtual care solutions, and the increasing use of conversational interfaces to enhance patient engagement and support.
The escalating number of suicidal cases is poised to propel the growth of AI in the mental health market in the coming years. Suicidal cases encompass instances where individuals experience thoughts, feelings, or behaviors indicative of intentionally causing harm to themselves with the aim of terminating their lives. Mental health disorders, including depression, bipolar disorder, schizophrenia, and substance abuse, significantly contribute to the emergence of suicidal thoughts and behaviors. AI technology in mental health plays a pivotal role in identifying early signs of suicidal risk by analyzing patterns in user data, thereby facilitating timely intervention and support. For instance, data from the Centers for Disease Control and Prevention reveals a concerning increase in suicide deaths in the United States, reaching 49,449 in 2022, representing a 2.6% rise from the previous year. Notably, males accounted for a higher number of suicides compared to females, with 39,255 male deaths and 10,194 female deaths in 2022. Consequently, the growing prevalence of suicidal cases emerges as a primary driver propelling the adoption of AI in the mental health market.
Leading entities in the AI in mental health market are actively engaged in developing innovative technologies to expand their market offerings and address critical mental health challenges. One such advancement is the Discovery365, an AI-powered behavioral health system designed to monitor patient progress for one year following discharge from behavioral treatment programs, a period characterized by elevated relapse rates. For instance, in September 2023, Discovery Behavioral Health Inc., in collaboration with Videra Health and Brigham and Women's Hospital, launched Discovery365. This pioneering platform utilizes advanced AI technology to analyze patient data post-discharge, focusing on video-captured analytics to assess patient progress and detect potential signs of struggle or relapse. By extending care beyond treatment programs, Discovery365 aims to mitigate relapse rates and provide vital support to patients during the critical year following treatment completion, thereby bridging the recovery gap in behavioral health care.
In January 2022, Headspace, a leading telehealth company headquartered in the United States, completed the acquisition of Sayana for an undisclosed sum. This strategic move expanded the capabilities of Headspace Health in providing AI-driven mental health and wellness solutions. By integrating Sayana's expertise and technologies, Headspace aims to enhance accessibility and efficiency within its mental health ecosystem, ultimately benefiting its user base. Sayana, also based in the US, specializes in AI-driven mental health and wellness solutions, making it a fitting addition to Headspace's portfolio.
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.
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.
The countries covered in the ai in mental health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The AI in mental health market consist of revenues earned by entities by providing services such as assessment and screening, therapy and support, monitoring and tracking, research, and analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in mental health market also includes sales of wearable devices, predictive analytics, and mental health chatbots. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
AI in Mental Health Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on AI in mental health market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for AI in mental health ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The AI in mental health market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.