New York, NY, March 08, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “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 by Polaris Market.
The global artificial intelligence (AI) in mental health market size and share is currently valued at USD 921.53 million in 2023. It is anticipated to generate an estimated revenue of USD 10,334.09 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 30.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- How is AI Used in Mental Health? How Big is AI (Artificial Intelligence) in Mental Health Market Size & Share?
AI for mental health has become a ground-breaking tool for tackling issues related to mental health. As communities begin to acknowledge the significance of mental health, the need for innovative and effective solutions is rising. The integration of artificial intelligence promises to revolutionize mental health care.
With its innovative approaches to enhancing diagnosis, treatment, and support services, artificial intelligence is a vital component of the mental healthcare industry. AI is capable of evaluating people's speech, behaviors, and social interactions with the use of machine learning algorithms. This promotes the expansion of artificial intelligence (AI) in mental health market growth by enabling the earlier and more accurate detection of mental diseases. Additionally, AI has the power to revolutionize mental health care by providing patients with more convenient and ethically tailored services.
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AI (Artificial Intelligence) in Mental Health Market Key Companies
- AiCure
- Calmerry
- Cognito Therapeutics
- Flow Neuroscience
- Mental Canvas
- Mental Health AI
- Moodpath
- Sonde Health
- Woebot Health
- Wysa
- X2AI
- XenZone
- Xiaoying Health
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Key Highlights
- The production of vast and complicated healthcare datasets, the urgent need to lower healthcare costs, advances in computing power, and falling hardware costs are what are propelling the market's growth.
- Artificial intelligence (AI) in mental health market analysis is mainly based on technology, end users, components, and regions.
- North America dominated the market in 2023.
Market Developments
Growth Drivers:
- Rising Number of Complicated Datasets: The need for AI in mental health is being driven by the significant expansion in the quantity of large and complex data sets generated in the mental healthcare sector from many sources, including wearables, medical devices, and sensors. The use of big data and other analytical tools skyrocketed as more healthcare professionals began utilizing digitalized laboratory slides, high-resolution radiological images, and electronic health records.
- Increased Prevalence of Mental Health Disorders: There is a sharp rise in the prevalence of mental health illnesses, including anxiety, depression, and other ailments. Artificial intelligence (AI) in mental health market size is being driven by the increased recognition and diagnosis of these diseases, which creates a higher need for efficient diagnosis or treatment options to deal with these problems more quickly.
Industry Trends:
- Rise of Digital Approaches: Artificial intelligence (AI) in mental health is growing globally due to the exponential expansion of digital approaches and the resulting creation of efficient treatment options, forecasts, and detections based on AI.
- Rapid Advancements: Rapid advances in AI, particularly in machine learning, natural language processing, and predictive analytics, have made the creation of increasingly better AI-based solutions for mental health possible, contributing to the increased artificial intelligence (AI) in mental health market demand.
Restraints:
- Data Privacy and Limited Reach: Ensuring patient data privacy is a major concern for service providers because AI algorithms need personal information from patients in order to produce reliable results. Additionally, the development of artificial intelligence (AI) in the field of mental health is now restricted to industrialized, high-income nations, which limits the market's expansion in emerging and low-income nations.
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Segmentation Overview
- Software-As-A-Service Sector Holds the Largest Market Share
The dominance of this sector is ascribed to its cost and accessibility for a broad spectrum of users, including individuals and healthcare institutions. Additionally, its scalability renders it highly appealing to mental health professionals seeking to broaden their patient base.
Furthermore, SaaS solutions are becoming extremely popular worldwide because they allow people to receive various mental health services remotely, which is becoming increasingly crucial as telemedicine has developed.
- Machine Learning Sector Accounts for the Significant Market Share
The machine learning sector accounts for the influential artificial intelligence (AI) in mental health market share due to machine learning algorithms' widespread use in mental health applications. These algorithms assist mental health professionals in determining whether a patient is in danger of developing a mental condition.
Furthermore, machine learning endeavors to create statistical models or computational algorithms that can autonomously deduce hidden patterns from data, leading to improved treatment outcomes and increased accuracy in results.
AI (Artificial Intelligence) in Mental Health Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 10,334.09 Million |
| Market size value in 2024 | USD 1,202.50 Million |
| Expected CAGR Growth | 30.8% from 2024 – 2032 |
| Forecast Year | 2024 – 2032 |
| Top Market Players |
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| Segments Covered |
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| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: The region's increasing prevalence of mental illnesses, large investments in R&D aimed at developing innovative, advanced treatments for mental health, and heavy spending on healthcare infrastructure all contribute to its supremacy. Also, the artificial intelligence (AI) in mental health market in North America is growing because of the strong presence of healthcare regulatory organizations like the Food and Drug Administration and the Agency for Healthcare Research and Quality, which are actively involved in creating rules for AI-based medical technologies.
Asia Pacific: Due to rising investments in healthcare AI and growing awareness of mental health issues in the APAC region, which prompted the adoption of advanced and successful mental health solutions, including AI-based ones, the Asia Pacific region is predicted to grow at the fastest rate with a healthy CAGR.
Browse the Detail Report “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” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/artificial-intelligence-ai-in-mental-health-market
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Key Questions Addressed in the Report:
- What is the expected CAGR of AI in the mental health market?
Ans: The report notes that the market exhibits a robust 30.8% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
- How big is artificial intelligence (AI) in mental health market?
Ans: The global market size and share will be USD 921.53 million in 2023 and is anticipated to generate an estimated revenue of USD 10,334.09 million by 2032.
- Which region is expected to dominate the market?
Ans: North America dominated the market in 2023.
- Which key factors are driving the market growth?
Ans: The production of vast and complicated healthcare datasets, the urgent need to lower healthcare costs, advances in computing power, and falling hardware costs are what are propelling the market's growth.
- Who are the major players in the mental health industry?
Ans: Some of the artificial intelligence (AI) in mental health market key players are Calmerry, Flow Neuroscience, Mental Canvas, Woebot Health, XenZone, and AiCure.
Polaris Market Research has segmented the artificial intelligence (AI) in mental health market report based on component, technology, end user, and region:
By Component Outlook
- Software-as-a-Service
- Hardware
By Technology Outlook
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Machine Learning
By End User Outlook
- Hospitals and Clinics
- Mental Health Centers
- Research Institutions
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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