AI In Mental Health Market worth US$ 10.93 Billion by 2031 - Exclusive Report by InsightAce Analytic

JERSEY CITY, N.J., Dec. 7, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI In Mental Health Market- By Application (Conversational Interfaces, Patient Behavioral Pattern Recognition), By Technology (Machine Learning and Deep Learning, Natural Language Processing (NLP), Others), By Component (Software-as-a-Service (SaaS), Hardware), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the global AI In Mental Health Market is valued at US$ 0.91 Billion in 2022, and it is expected to reach US$ 10.93 Billion by 2031, with a CAGR of 31.2% during a forecast period of 2023-2031.

AI In Mental Health Market Report Scope

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With the emergence of digital methods for mental health, current artificial intelligence (AI) (machine learning in particular) is being utilized to build mental health care solutions for prediction, detection, and therapy. Despite major advancements in digital health and the application of AI to physical health in general, the use of AI in mental health is still in its infancy. However, opportunities are emerging.

The outbreak of the COVID-19 pandemic provided a chance to demonstrate AI's capabilities and complexity in the healthcare industry. During the pandemic's second wave, hospitals and clinics around the world used AI-based virtual assistants, inpatient care bots, and AI-assisted surgery robots to deal with the constant influx of patients, which would have otherwise swamped the entire hospital operation cycle.

The market is being driven by a growing number of cross-industry partnerships and collaborations, as well as an increasing imbalance between the health workforce and patients, which is driving the need for improved healthcare services.

The market is also being driven by the growing demand to reduce rising healthcare costs, improving computing power and declining hardware costs, and a growing number of cross-industry partnerships and collaborations. However, several healthcare practitioners are doubtful of AI's ability to diagnose patient ailments effectively.

Some Major Key Players in The AI In Mental Health Market:

• Wysa Ltd
• Woebot Health
• Ginger
• Marigold Health
• Mindstrong Health
• Bark Technologies
• BioBeats
• Cognoa
• Lyra Health
• MeQuilibrium
• Meru
• New life solution Inc.
• Quartet
• Spring Care Inc.
• Talkspace Inc.
• Others

Market Dynamics:

Drivers-

AI can be incorporated into digital interventions, especially online and smartphone apps, to improve user experience and improve personalized mental health care. Increased prevalence of mental disorders, growing patient base and number of people adopting mental health solutions, and increased focus of medical professionals on providing excellent treatment to patients with mental illness are anticipated to be the initial factors driving market expansion. With the use of AI mental health systems, physicians and physicists may simplify their operations. Moreover, increasing smartphone and internet penetration are driving market expansion. In addition, funding opportunities and strategic collaborations by a wide range of organizations are anticipated to fuel market expansion throughout the projection period.

Challenges:

AI has a number of uses in healthcare. However, due to data privacy issues, the industry's use of AI is limited. In several countries, patient health data is protected by federal regulations, and any breach or failure to maintain its integrity can result in legal and financial penalties. Because AI for patient care requires access to numerous health datasets, AI-based technologies must follow all data security regulations by governments and regulatory bodies. This is a challenging process because most AI platforms are concentrated and demand a lot of computational capacity, so patient data, or parts of it, may have to be stored in a vendor's data centre.

Regional Trends:

North America region is expected to dominate the artificial intelligence in the mental health market over the forecast period. The increasing implementation of AI technology across the continuum of care, particularly in the United States, and high healthcare spending, together with the advent of the COVID-19 pandemic, are the primary reasons driving the growth of the North American market. The increasing size and complexity of datasets driving the need for AI, rising demand to reduce rising healthcare costs, improving computing power and decreasing hardware costs, a growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patients driving the need for improved healthcare services are the major market drivers.

Recent Collaborations And Agreements In The Market:

• In March 2022, Woebot Health announced that Leaps by Bayer, the impact investing hand of Bayer AG, made a $9.5 million strategic investment in the firm in order to expedite the development of its AI-powered behavioural health platform and solutions. Woebot Health is opening a new frontier in behavioural health at a crucial global moment by emphasizing clinical evidence and utilizing an AI-based platform and solutions.
• In May 2021, The Series A fundraising round for Wysa, an AI-powered mental health app, was headed by Boston-based digital health investors W Health Ventures. The company will utilize the new capital to extend its solutions for B2B clients and recruit additional personnel to meet anticipated future demand.

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Market Segments

Global AI In Mental Health Market, by Application, 2023-2031 (Value US$ Mn)

• Conversational Interfaces
• Patient Behavioral Pattern Recognition

Global AI In Mental Health Market, by Technology, 2023-2031 (Value US$ Mn)

• Machine Learning and Deep Learning
• Natural Language Processing (NLP)
• Others

Global AI In Mental Health Market, by Component, 2023-2031 (Value US$ Mn)

• Software-as-a-Service (SaaS)
• Hardware

Global AI In Mental Health Market, by Region, 2023-2031 (Value US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America AI In Mental Health Market, by Country, 2023-2031 (Value US$ Mn)

• U.S.
• Canada

Europe AI In Mental Health Market, by Country, 2023-2031 (Value US$ Mn)

• Germany
• UK
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific AI In Mental Health Market, by Country, 2023-2031 (Value US$ Mn)

• India
• China
• Japan
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America AI In Mental Health Market, by Country, 2023-2031 (Value US$ Mn)

• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa AI In Mental Health Market, by Country, 2023-2031 (Value US$ Mn)

• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:

• To receive a comprehensive analysis of the prospects for the global AI In Mental Health market
• To receive an industry overview and future trends of the AI In Mental Health market
• To analyze the AI In Mental Health market drivers and challenges
• To get information on the AI In Mental Health market value (US$Mn) forecast to 2031
• Significant investments, mergers & acquisitions in the AI In Mental Health market industry

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