Global Artificial Intelligence (AI) in Mental Health Market 2023-2030

Global Artificial Intelligence (AI) in Mental Health Market 2023-2030

Global Artificial Intelligence (AI) in Mental Health Market Size, Share & Trends Analysis Report by Technology (Machine Learning and Deep Learning, Natural Language Processing (NLP)), by Application (Conversational Interfaces, Patient Behavioral Pattern Recognition), and by Component (Software-as-a-Service (SaaS), Hardware), Forecast Period (2023-2030)

The global artificial Intelligence (AI) in mental health market is anticipated to grow at a CAGR of 38.1% during the forecast period (2023-2030). Globally increasing number of suicide cases and growing awareness of mental disorder are significant driving factors of the market According to a report published by the World Health Organization (WTO) on August 2023, more than 7,00,000 people die due to suicide every year. The link between suicide and mental disorders (in particular, depression and alcohol use disorders) and a previous suicide attempt is well established in high-income countries, many suicides happen impulsively in moments of crisis with a breakdown in the ability to deal with life stresses, such as financial problems, relationship break-up or chronic pain and illness. Hence, the market players are focusing on advanced AI-based mental health solutions across the healthcare sector for instance, In June 2020, Biobeat was mentioned in the MediCompare ""Top 10 Mental Health Medtech Startups"". Biobeats devices can be utilized to help aid mental healthcare providers in monitoring their patients from crisis to recovery.

Segmental Outlook

The global artificial Intelligence (AI) in mental health market is segmented on the technology, application, and component. Based on the technology, the market is sub-segmented into machine learning deep learning, and natural language processing (NLP). Based on the application, the market is sub-segmented into conversational interfaces and patient behavioral pattern recognition. Further, on the basis of components, the market is sub-segmented into software-as-a-service (SaaS) and hardware. Among all the natural language processing (NLP) sub-segments is anticipated to hold a considerable share of the market

because NLP is essential in psychiatry language-based deficits are common symptoms of depression, behavioral disorder, ASD, personality disorder, and schizophrenia.

The Machine Learning and Deep Learning Sub-Segment is Anticipated to Hold a Considerable Share of the Global Artificial Intelligence (AI) in the Mental Health Market

Among the vertical, the machine learning and deep learning sub-segment is expected to hold a considerable share of the global artificial Intelligence (AI) in mental health. According to the National Library of Medicine, ML systems automatically learn models from data to make better decisions. As such, they are part of a major subfield of artificial intelligence (AI). There are three main approaches to learning from data such as supervised, unsupervised, and reinforcement learning, especially web and smartphone apps, are incorporating AI to enhance mental health care for Instance, in January 2023, Ginger.io, Inc. On-demand, self-guided activities through the Headspace app to build proactive skills and enhance everyday wellbeing. Employees can access more than 1,000 hours of mindfulness content from evidence-based guided meditations, eyes-open exercises like mindful walks and runs, breathing and wind-down exercises, focus music, sleep content, and more.

Regional Outlook

The global artificial Intelligence (AI) in the mental health market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, due to the well-established healthcare infrastructure, availability of high-quality professional assistance, and a strong focus on mental health awareness and treatments.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Artificial Intelligence (AI) in Mental Health

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to increasing investment flow in AI across Asian countries. Expansion of global market players in the Asian markets including China, and India, and in development such as IT infrastructure innovation and development, and also the entrepreneurial companies concentrating on AI-based technologies is driving the market according to The Hong Kong Polytechnic University, The mental health research entre (MHRC) strives to triangulate basic science, clinical intervention and social policy in our core research so that we can comprehensively explore the mechanisms behind mental illnesses and the practical measures for treating them, to make an impact on individual well-being and the social policy in Hong Kong and beyond.

Market Players Outlook

The major companies serving the global artificial Intelligence (AI) in the mental health market include Lyra Health, Inc., Marigold Health, New Life Counseling, Mental Health LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Lyra Health acquired ICAS World to expand its mental health care services globally with this acquisition, lyra, and ICAS are setting a new standard for global mental health care. Companies around the world will now have a single source for innovative, evidence-based, culturally responsive mental health benefits for employees and their families

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global artificial Intelligence (AI) in mental health market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.