Artificial Intelligence (AI) in Mental Health Market Share, Size, Trends, Industry Analysis Report, By Component (Software-as-a-Service and Hardware); By Technology; By End User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Mar-2024
- Pages: 115
- Format: PDF
- Report ID: PM4689
- Base Year: 2023
- Historical Data: 2019 – 2022
Report Outlook
Artificial intelligence (AI) in mental health market size was valued at USD 921.53 million in 2023. The market is anticipated to grow from USD 1,202.50 million in 2024 to USD 10,334.09 million by 2032, exhibiting a CAGR of 30.8% during the forecast period.
Market Overview
The exponential rise of digital approaches to mental health has led to the development of effective treatment solutions, predictions, and detections based on artificial intelligence, propelling global artificial intelligence (AI) in mental health market growth. Additionally, the rapid advancements in AI (artificial intelligence), especially in natural language processing, machine learning, and predictive analytics, have enabled the development of more improved AI-based tools for mental health, further driving the market’s growth.
- For instance, in December 2023, MedByte announced the launch of Mia, a newly developed chatbot that is specially designed to diagnose and care for several mental health risks. The tool is projected to benefit about 50.8% of the Colombian population who have experienced mental health disorders and symptoms.
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Furthermore, there is a significant shortage of experienced mental health professionals, especially in underserved areas, that leads to longer wait times for diagnosis and treatment. Thereby, the role of AI in mental health became more crucial due to its ability to address several challenges faced by mental healthcare systems worldwide and its potential to revolutionize mental health treatment.
Growth Factors
An increasing number of complicated datasets driving Artificial intelligence (AI) in Mental Health market growth
The substantial increase in the number of huge and complicated data sets that are produced in the mental healthcare industry from various sources, including medical devices, wearables, and sensors, is driving the need for AI in mental health. As a large number of healthcare practitioners started using electronic health records, digitalized laboratory slides, and high-resolution radiological pictures, the usage of big data and other analytical tools increased dramatically. For instance, according to the WHO, there is a need for innovation in predictive analytics for improved health through AI and big data.
Increasing prevalence of mental health disorders to drive artificial intelligence (AI) in mental health market growth
There is a rapid increase in the prevalence of mental health disorders across the globe, including several conditions like depression, anxiety, and others. As such conditions are widely recognized and diagnosed, there is a greater need for effective treatment or diagnosis solutions to address these issues more efficiently, which propels the adoption of AI in mental health. For instance, according to our findings, more than 21 million people in the United States are suffering from depression, and about 21% of U.S. adults experienced some mental health condition in 2020.
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Restraining Factors
Concerns regarding data privacy and limited reach hamper Artificial intelligence (AI) in Mental Health market growth
As AI algorithms require the personal information of patients to provide accurate results, thereby, ensuring the data privacy of patients is a significant challenge for service providers. Also, innovative AI technologies are currently limited to developed and high-income countries, which restrains artificial intelligence (AI) in mental health market growth in emerging and low-income countries.
Report Segmentation
The market is primarily segmented based on component, technology, end user, and region.
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By Technology |
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By Region |
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By Component Insights
Software-as-a-Service segment captured the largest Artificial intelligence (AI) in Mental Health market share in 2023
The software-as-a-service segment captured the largest artificial intelligence (AI) in mental health market share. Segment’s dominance is attributed to its accessibility and affordability to a wide range of users, including healthcare institutions and individuals, coupled with its scalability that makes it highly attractive to mental health providers looking to expand its service to a larger patient base. In addition, SaaS solutions are gaining huge popularity across the globe as they facilitate remote access to several mental health services, which is becoming increasingly important after the evolution of telemedicine.
By Technology Insights
Machine Learning segment accounted for the significant artificial intelligence (AI) in mental health market share in 2023
The machine learning segment accounted for significant artificial intelligence (AI) in mental health market share. This dominance is due to the widespread utilization of machine learning algorithms across various mental health applications due to their ability to help mental health professionals determine whether an individual is at risk of acquiring any mental disorder. In addition, machine learning also aims at the development of computational algorithms or statistical models that can automatically infer the hidden patterns from data, which results in higher accuracy in results and better treatment outcomes.
By End User Insights
The hospitals and clinics segment is expected to witness the highest artificial intelligence (AI) in mental health market growth.
The hospitals and clinics segment will grow at the highest artificial intelligence (AI) in mental health market growth rate. This growth is attributable to increased demand for advanced treatment and diagnosis solutions for mental health disorders due to their large patient population in hospitals and clinics. Furthermore, the lack of experienced mental health professionals in certain regions of the world results in a higher need for automated solutions such as AI to boost their capabilities and address more patients.
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Regional Insights
North America region dominated the global market in 2023
The North American region dominated the global market. The region’s dominance is accelerated by high spending on healthcare infrastructure, rising incidences of mental disorders, and significant R&D investments focused on the creation of new innovative solutions for mental health. Moreover, the robust presence of healthcare regulatory bodies in the region, such as the Food and Drug Administration and the Agency for Healthcare Research and Quality, are actively engaging in the development of guidelines for AI-based medical technologies, contributing to the region’s growth. For instance, as per a report by Forbes Health, anxiety is the most common mental illness in the United States, affecting more than 40 million adults, accounting for almost 19.1% of the country’s population.
The Asia Pacific region is anticipated to emerge as the fastest growing region with a healthy CAGR, owing to increasing investments in healthcare AI and increased recognition of mental health issues in the APAC region that led to the adoption of effective and innovative mental health solutions, including AI-based solutions.
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Key Market Players & Competitive Insights
Collaborations and strategic partnerships to drive the competition
Artificial intelligence (AI) in the mental health market is moderately competitive, with a robust presence of global players. The key players are considerably contributing to the growth of the market with the adoption of various business development or expansion strategies such as mergers & acquisitions, strategic alliances, partnerships, funding, and new product development, with the aim to stay competitive and ahead of their competitors.
Some of the major players operating in the global market include:
- AiCure
- Calmerry
- Cognito Therapeutics
- Flow Neuroscience
- Mental Canvas
- Mental Health AI
- Moodpath
- Sonde Health
- Woebot Health
- Wysa
- X2AI
- XenZone
- Xiaoying Health
Recent Developments in the Industry
- In September 2023, Discovery Behavioral Health announced the launch of the latest innovation of a first-of-its-kind AI platform for mental health called “Discovery365” with Videra Health. This platform tracks the patient's progress for 12 months after discharge from the behavioral treatment program.
- In September 2022, The National Institutes of Health announced the launch Bridge2AI program to expand the use of AI in behavioral and biomedical research. This program is highly committed to fostering the formation of research teams that are richly diverse in perspectives, academic and technical disciplines, and backgrounds.
Report Coverage
The artificial intelligence (AI) in mental health market report emphasizes key regions across the globe to provide a better understanding of the product to the users. Also, the report provides market insights into recent developments and trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers an in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides a detailed analysis of the market while focusing on various key aspects such as competitive analysis, components, technology, end user, and their futuristic growth opportunities.
Artificial Intelligence (AI) in Mental Health Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 1,202.50 million |
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Revenue Forecast in 2032 |
USD 10,334.09 million |
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CAGR |
30.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The Artificial Intelligence (AI) in Mental Health Market report covering key segments are component, technology, end user, and region.
Artificial Intelligence (AI) in Mental Health Market Size Worth $10,334.09 Million By 2032
Artificial intelligence (AI) in mental health market exhibiting a CAGR of 30.8% during the forecast period.
North American is leading the global market
key driving factors in Artificial Intelligence (AI) in Mental Health Market are Increasing prevalence of mental health disorders
