Global Ai In Mental Health Market Growth 2024, Forecast To 2033

17 Apr, 2024

The AI in mental health market has witnessed exponential growth, surging from $1.10 billion in 2023 to $1.49 billion in 2024, showcasing a compound annual growth rate (CAGR) of 35.4%. This remarkable growth can be attributed to the rapid adoption of machine learning and AI within the healthcare industry, heightened awareness of mental health and well-being, the increasing prevalence of mental health disorders, rising healthcare costs, and growing demand for personalized treatment and care. Looking forward, the market is poised for continued exponential growth, projected to reach $4.94 billion in 2028, with a CAGR of 34.9%. Anticipated growth drivers include 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, and the growing use of wearables and social media data for mental health analysis. Major trends in the forecast period encompass personalized treatment approaches, integration with wearables, telemedicine and virtual care solutions, expansion of AI applications in mental health care, and growing demand for conversational interfaces.

Global AI in Mental Health Market Key Driver

The expansion of AI in the mental health market is expected to be fueled by the increasing number of suicidal cases worldwide. Suicidal cases, encompassing thoughts, feelings, or behaviors aimed at self-harm with the intention of ending one's life, are often linked to various mental health disorders. AI applications in mental health play a vital role in identifying early signs of suicidal risk through the analysis of user data, enabling timely intervention and support mechanisms. For instance, in 2022, the United States witnessed 49,449 suicide deaths, marking a 2.6% increase from the previous year. Males accounted for a higher proportion of suicides compared to females, emphasizing the urgency of addressing mental health concerns. Thus, the escalating number of suicidal cases is expected to drive the growth of AI in the mental health market, with market size projections extending into 2028.

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Global AI in Mental Health Market Segments

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
By Geography:The regions 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. 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.

Major AI in Mental Health Market Industry Players

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.

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AI in Mental Health Market Overview

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.

AI in Mental Health Global Market Report 2023 provides data on the global ai in mental health market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ai in mental health market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.