AI in the Mental Healthcare Market to Reach $11,371.0 Million by 2030: Cognitive Market Research
CHICAGO, April 20, 2023 /PRNewswire/ -- The Global AI in the mental healthcare Market size was valued at USD 910.6 Million in 2022 and is projected to be USD 11,371.0 Million by 2030, growing at a CAGR of 37.2% from 2023 to 2030, as per a recent market analysis report published by Cognitive Market Research. Artificial intelligence (AI) is an intelligent system that applies several human intelligence-based functions like learning, reasoning, and problem-solving skills in various disciplines such as biology, linguistics, engineering, computer science, mathematics, and psychology. AI in mental healthcare is majorly used for algorithms and software to analyze complex medical data so physicians can treat patients accurately with better treatment plans.
Major Findings During the Study of AI in the Mental Healthcare Market:
- The increasing number of suicide cases globally and growing awareness about the mental disorder, are significant factors driving the market growth
- Lack of skilled professionals and complex structure of AI is expected to restrain the market growth to a certain extent
- The emergence of new technology in the healthcare industry is expected to fuel the market growth during the forecast period
- In 2022, North America dominated AI in the mental healthcare market with a market share due to the rapid growth of new technology in the healthcare sector
- The machine learning and deep learning segment dominated the global AI in the mental healthcare market due to the increasing usage of machine learning to predict crises, followed by the development of treatment plans or identification of biomarkers
- Asia Pacific is expected to grow the fastest CAGR over the forecast period due to the rising number of suicide cases
- Market players operating in the report are Meru, New life solution Inc., Ginger, Lyra Health Inc., Quartet, Spring Care Inc., Talkspace Inc., Mindstrong Health, Woebot Health, and Wysa LTD., among others
View Detailed Report Description:
AI in the Mental Healthcare Market:
Global AI in the Mental Healthcare Market |
2022 |
Global AI in the mental healthcare Market Revenue (USD Billion) |
910.6 |
Compound Annual Growth Rate (2023-2030) |
37.2 % |
Global AI in the mental healthcare Machine Learning and Deep Learning technology revenue market share (%) |
64.3 % |
Global AI in the Mental Healthcare Conversational Interfaces application revenue market share (%) |
71.8 % |
North America AI in the mental healthcare revenue market share (%) |
58.3 % |
What are the Drivers of AI in the Mental Healthcare Market?
An increasing number of stressful or traumatic events and generic mental disorders history are some of the major factors that may lead to mental illness. The data assembly and recognition allow clinical institutions and physicians to analyze the prediction for mental health issues in the patient. More specifically, AI helps to diagnose mental illness symptoms more accurately and quickly so that physicians can provide the proper treatment with the right diagnosis. Thus, the emergence of AI and its several benefits in the healthcare industry has augmented market growth.
What are the Restrains of AI in the Mental Healthcare Market?
The governments of several nations have imposed different rules and regulations for adopting new technologies. For instance, in the U.S., companies must comply with HIPAA, GDPR, and other guidelines to launch their products and services. These factors can obstruct market growth. In addition, the increasing prevalence of data theft and cyber-attacks is expected to hinder market growth to a certain extent. For instance, in 2020, around 58% of data theft increased in the healthcare industry compared to the previous year.
What are the Opportunities for AI in the Mental Healthcare Market?
Conventional treatment for mental illness comprises medications and patient counseling. However, with the help of AI, health practitioners can monitor patients' treatment and medications. In addition. In the depression phase when patients lose their interest and mood in day-to-day activities, AI plays an important role in the treatment process. Thus, the rising need for AI solutions to treat mental illness is projected to propel the market growth over the forecast period.
Check the Full Report, Including Global, Regional, and Country Level Analysis:
https://www.cognitivemarketresearch.com/ai-in-mental-health-market-report
Our free sample report includes:
- 2023 Updated Report Introduction, Overview, and In-depth industry analysis
- Included COVID-19 Impact Analysis
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· Provide Chapter-wise guidance on the Request
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How did COVID-19 Impact AI in the mental healthcare Market?
AI in the mental healthcare market is expected to witness a significant impact from the outbreak of COVID-19. Governments across several nations have imposed lockdowns resulting in limitations to stepping out, financial pressures, and social isolation. In 2021, around 150 million people in the WHO European Region lived with a mental health condition. The COVID-19 pandemic has made the situation worse. People have been less able to access services resulting in increased stress, economic problems, conflict, and violence, which have increased the number of mental illness patients.
However, AI is playing a cog role in preventing the worsening of the situation in the mental healthcare sector. It helps to identify and monitor health disorders to provide better treatment, including maintaining electronic health records and supporting physicians in understanding the causes of mental disorders. Therefore, several benefits of the AI revolution in mental disorders are expected to fuel the market growth post-pandemic.
AI in the mental healthcare Market Report Scope
- AI in the mental healthcare Market – Technology Outlook (Revenue, USD Billion, 2018 – 2030)
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
- Others
- AI in the mental healthcare Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Conversational Interfaces
- Patient Behavioral Pattern Recognition
- AI in the mental healthcare Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America (U.S., Canada, Mexico)
- Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Luxembourg, Netherlands, Switzerland, Belgium, Rest of Europe)
- Asia Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore Malaysia, Thailand, Indonesia, and Rest of APAC)
- Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
- Middle East & Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, and the Rest of MEA)
List Of Key Players in the AI in the mental healthcare Market:
- Meru
- New life solution inc.
- Ginger
- Lyra health inc.
- Quartet
- Spring care inc.
- Talkspace Inc.
- Mindstrong health
- Woebot health
- Wysa Ltd.
- Others
Recent developments:
Company Name |
Date |
Development/News |
Microsoft |
November 2022 |
Microsoft supports IWill with an 'AI for Accessibility' grant to develop AI CBT |
MIT scientist Rosalind Picard |
January 2022 |
MIT scientist Rosalind Picard collaborates with clinicians to improve mental |
Related Reports on AI in the mental healthcare Market:
- Global AI in Healthcare Market is expected to reach USD 239.11 Billion by 2030
Global AI in the Healthcare market size will be valued at USD 239.11 Billion by 2030, at 43.2% CAGR.
Factors such as the growing adoption of new technologies in the healthcare sector globally coupled with high investment in R&D by governments have majorly driven market growth. In addition, the growing datasets of patient health-related digital information, increasing demand for personalized medicine, and reduced care expenses are other market growth factors. Moreover, the lack of a healthcare workforce increased the adoption of AI/ML technologies. Thereby, AI algorithms are used to analyze patient health information, which further helps care providers to quickly diagnose health conditions and devise an accurate treatment regime.
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AI in the education industry aims to provide a better experience to students, teachers, and educators. Various service providers are innovating different solutions for AI in education that connect to other education platforms. In addition, the increasing adoption of online education to develop skills is surging the demand for AI in education.
Other Related Reports:
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