Artificial Intelligence (AI) in Mental Health Market: Are you Ready for AI Therapist?

Artificial intelligence is changing and upending every sector of the industry. The use of AI in mental health is going to open a new chapter. What emotions does that give you? is the query that, instead of speaking with a real therapist, you may already be asking an AI chatbot. Furthermore, you may find that this virtual assistant is highly helpful in reducing your anxiety and depressive symptoms.

Also, the artificial intelligence (AI) in mental health market is expanding due to the quick developments in artificial intelligence (AI), particularly in the areas of machine learning, natural language processing, and predictive analytics. These developments have made it possible to create increasingly better AI-based tools for mental health. AI has huge potential to improve mental healthcare, even though it is unlikely to replace traditional therapy in the near future completely.

How is AI Used in Mental Healthcare?

Artificial intelligence (AI) in mental health refers to the integration of AI technology into mental health services and systems to enhance the understanding, assessment, and treatment of mental health problems. This involves using algorithms, data analysis, and machine learning models to improve overall mental health as well as identify behavioral patterns, identify early warning signs of mental health issues, and customize treatment plans.

Artificial intelligence can assess physiological and behavioral signs from those folks and provide appropriate recommendations and treatment based on their unique voice, expressions, and cerebral electricity.

Market Statistics

Artificial intelligence (AI) in mental health market size was valued at USD 921.53 million in 2023 and 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 of 2024-2032.

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Market’s Growth Factors

The need for AI in mental health is being driven by the significant expansion in the quantity of large and complicated data sets developed in the mental healthcare sector from many sources, including medical devices, wearables, and sensors. The use of big data and other analytical tools soared as more healthcare professionals began utilizing digitalized laboratory slides, high-resolution radiological pictures, and electronic health records.

Furthermore, 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 demand is being propelled by the rising diagnosis and recognition of these diseases, which creates a higher need for efficient diagnosis or treatment options to deal with these problems more quickly.

Industry’s Competitive Insights

The market for artificial intelligence (AI) in mental health is rather competitive, with a large number of international competitors. In an effort to stay competitive and ahead of their rivals, the major players are making a significant contribution to the market's growth through the adoption of various business development or expansion strategies. Here are some of the major players operating in artificial intelligence (AI) in mental health market:

• Cognito Therapeutics
• AiCure
• Mental Health AI
• Moodpath
• Woebot Health
• Mental Canvas
• X2AI
• Xiaoying Health

The Closure

The creation of extensive and complex healthcare datasets, the acute need to reduce healthcare costs, advancing processing power, and falling hardware costs are all contributing factors to the expansion of artificial intelligence (AI) in mental health market.