ARTIFICIAL INTELLIGENCE IN MENTAL HEALTH MARKET (2023 -2030)

Artificial Intelligence (AI) in Mental Health Market was valued at USD 15.96 billion in 2022 and is projected to reach USD 59.18 billion by 2030. The market is anticipated to expand at a CAGR of 17.8% over the forecast period.

INDUSTRY OVERVIEW

Artificial intelligence (AI) is used in healthcare to manage and analyse data to conduct clinical diagnoses and provide suitable treatment strategies for a condition. It analyses illness patterns and symptoms using a variety of technologies and advanced algorithms while also giving healthcare professionals improved direction, criticism, and support. In addition, AI-powered systems may analyse healthcare data through wearable smart devices, provide patients with digital and virtual consultations, and provide medication formulation and management services.

One of the main reasons fueling the market's expansion is the growing use of robots in surgical and rehabilitative treatments in the healthcare sector. Neurological, orthopaedic, and laparoscopic minimally invasive (MI) surgery can be successfully carried out by robots. Additionally, the market is benefiting from the growing trend of digitization in the healthcare industry. AI is being used in a variety of medical systems and gadgets to facilitate and secure data handling. Additionally, this helps to provide patient-specific data that is used to provide specialised pharmaceutical and diagnostic services. The ageing population and their growing reliance on healthcare services are further factors driving the market. Assisted living smart gadgets, fall detection technology, and virtual companions are just a few of the elderly care items that include AI. While industrial robots are utilised in healthcare facilities to carry out numerous repetitive duties, these empathic robots may also give care to patients who are physically and intellectually challenged. In the next years, the market is expected to be driven by several other factors, such as increased research and development (R&D) and favourable healthcare policies by several countries. Several AI projects are being worked on in the healthcare industry, some of which are intended to enhance mental health and well-being. These global AI initiatives aimed at enhancing mental health and well-being are anticipated to be the main factors propelling the market forward. In 2001, the World Health Organization (WHO) estimated that approximately 10% of death and 30% of all years spent with a handicap are related to mental health concerns. Additionally, lost productivity due to depression is estimated to cost American businesses between USD 17 and USD 44 billion annually. It is important to stress that it is challenging to precisely gauge or quantify the economic effect of mental health concerns. As a result, several AI businesses have changed the emphasis of their operations to focus on filling gaps in the mental health sector. Both conversational interfaces and patient behavioural pattern detection are now offered by the bulk of well-known AI suppliers in the mental health sector. Although there are many data sources available in this area, there are some significant obstacles to creating a good pattern recognition application for mental health. For instance, the application's capability to examine a patient's private text conversations presents several privacy concerns. These worries need more advancements in the area, opening doors for innovations and breakthroughs in this sector.

COVID-19 IMPACT ON THE ARTIFICIAL INTELLIGENCE IN MENTAL HEALTH MARKET

The market for artificial intelligence in mental health has been positively impacted by the COVID-19 pandemic. This is large because the healthcare business is becoming more aware of and accepting of digital health services. To accomplish process automation, enhance workflows across healthcare facilities, and provide high-end patient health monitoring, industry participants heavily focused on integrating AI technology in their healthcare solutions in the early 2020s. A further factor supporting the market expansion during the projection period is the growing potential of artificial intelligence in precision medicine, diagnostics, imaging, drug development, and genomics to combat the COVID-19 pandemic. The COVID-19 epidemic's mandated WFH (work-from-home) policy has led to an increase in income and development for the market for next-generation tech fields like artificial intelligence. Additionally, digital firms are expanding the range of goods and services they offer to make them more readily accessible globally. For instance, Google LLC unveiled Rapid Response Virtual Agent, an AI-enabled chatbot for call centres, in April 2020. The goal of this chatbot was to assist users via chat, voice, and other social media channels with issues relating to the coronavirus epidemic. All things considered, hiring, investment, and adoption of AI increased in 2020, showing long-term corporate trends that survive the pandemic's impact. Private businesses with an AI emphasis continued to get significant investment during the pandemic, especially in industries related to COVID. In contrast to the 12% growth from 2018 to 2019, the overall worldwide investment in AI climbed by 40% between 2019 and 2020.

MARKET DRIVERS: 

An increasing number of global huge and complicated healthcare datasets is creating a demand for AI in the mental health industry

Large sets of complex data, or big data, are produced annually in the healthcare industry from a variety of sources, including wearables, sensors, medical devices like pulse oximeters, X-ray machines, electrocardiogram (ECG) machines, electronic medical records (EMRs), social media interactions, and biometric data. As healthcare practitioners began using digitalized laboratory slides, electronic health records (EHRs), and high-resolution radiological pictures a decade ago, big data and new analytical tools increased dramatically in sophistication and usage. Big data is produced at many phases of the care delivery process as a result of the industry's growing digitalization and adoption of information technology. As a result, one of the principal industries in the market producing big data in healthcare. Furthermore, the usage of bidirectional patient portals, which enable patients to submit their data and photographs to their electronic medical records, is anticipated to result in an increase in the volume of big data in healthcare during the ensuing years (EMRs).

Growing Senior Population Will Fuel Growth

By the end of 2028, it is anticipated that the Asia-Pacific region would have the greatest share of the market. The market's expansion may be attributed to the region's expanding geriatric population, rising rates of neurological illnesses among the elderly, and expanding healthcare infrastructure. For instance, by 2050, one in four people in the Asia-Pacific area will be older than 60, and in developed nations like Singapore and Thailand, 2.12 million elderly people are predicted to be depressed. There are also an estimated 1.2 million seniors with dementia in the region. Additionally, it is predicted that over the course of the forecast period, the market would develop faster due to the increasing acceptance of AI technology in the mental health industry.

MARKET RESTRAINTS:

Medical personnel having a false impression that artificial intelligence is hampering the market growth

Many medical practitioners are sceptical about the ability of AI solutions to correctly diagnose patient ailments. Given this, it is difficult to persuade providers that AI-based solutions are affordable, effective, and secure solutions that provide doctors with convenience and better patient care. The idea that AI technology would soon replace doctors in the medical field is another widespread myth. This is one of the main barriers to AI adoption in the mental health industry. Robotics and AI, however, struggle to replicate human abilities like persuasion and empathy; as a result, physicians cannot be replaced by these technologies.

Concerns regarding data privacy is stifling market growth

There are several practical uses for AI in the medical field. However, due to worries about data protection, AI use in the sector is constrained. In some nations, patient health data is protected by federal regulations, and any violations or failures to preserve its integrity may result in monetary and legal consequences. Since patient care utilizing AI necessitates access to numerous health datasets, AI-based technologies must follow all data security regulations put in place by regulatory and governmental bodies. This is a challenging undertaking because the majority of AI platforms are concentrated and demand a lot of processing capacity. As a result, patient data or portions of it may need to live in a vendor's data center. The vendor data centers are not secure enough to prevent data breaches since a variety of staff may access the data, making it much harder to control breaches. Even an accidental breach of patient data from these data centers might result in significant legal action and payment demands from harmed parties. This is a significant market challenge.

ARTIFICIAL INTELLIGENCE IN MENTAL HEALTH MARKET REPORT COVERAGE:

This research report on Artificial Intelligence in Mental Health Market has been segmented and sub-segmented based on Component, By Technology, Application and By Region.

ARTIFICIAL INTELLIGENCE IN THE MENTAL HEALTH MARKET – BY COMPONENT

• Software-as-a-Service (SaaS)

• Hardware

• Based on the component, Artificial intelligence in the mental health market is segmented into Software-as-a-Service (SaaS) and Hardware. The Software-as-a-Service (SaaS) sector is anticipated to dominate the market over the forecast period of 2023-2028. The expansion of the Software-as-a-Service (SaaS) market is significantly attributed to the large number of businesses creating software solutions for various healthcare applications. One of the main drivers propelling the AI platform's growth in the Software-as-a-Service (SaaS) market is the high demand from Software-as-a-Service (SaaS) developers (especially at medical institutions and colleges) and rising AI applications in the healthcare industry. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.

ARTIFICIAL INTELLIGENCE IN THE MENTAL HEALTH MARKET - BY TECHNOLOGY

• Machine Learning

• Natural Language Processing

• Context-aware Computing

• Computer Vision

Based on the technology, Artificial intelligence in the mental health market is segmented into Machine Learning, Natural Language Processing, Context-aware Computing and Computer Vision. Given that ML, a widely utilized form of AI, is one of the most quickly expanding industries in technology, deep learning and machine learning (ML) are anticipated to obtain the most substantial share. Through the discovery of biomarkers and the construction of treatment regimens, machine learning is transforming the field of mental health. Machine learning algorithms can help mental health professionals determine whether a patient is at risk of acquiring any mental health illnesses by examining key behavioral biomarkers. The algorithms could also help in tracking the success of a treatment strategy.

ARTIFICIAL INTELLIGENCE IN THE MENTAL HEALTH MARKET - BY APPLICATION

• Conversational Interfaces

• Patient Behavioral Pattern Recognition

Based on the application, Artificial intelligence in the mental health market is segmented into Conversational Interfaces and Patient Behavioral Pattern Recognition. According to estimates, a sizable portion of the market for conversational interfaces will exist in 2022. Wysa Ltd, Ginger, and Woebot Health are a few businesses in this market that provide solutions. Some AI vendors provide automated text conversations to make people feel better. The technology may be used to encourage individuals to make appointments with experts and to follow up on those visits, even if it is not meant to replace a real therapist or psychiatrist. Due to growing public awareness of mental health issues and the popularity of mental health chatbots, this market is seeing rising demand. One of the bigger AI developments that are anticipated to become more significant in the upcoming years is behavioral pattern recognition, which is expanding at a profitable CAGR. In many different situations, the capacity to identify behavioral patterns in patients, consumers, or users of any sort is used to address a range of business issues. This emphasizes the importance of data accessibility and traceability, making future AI projects more approachable. Among the businesses in this sector are Marigold Health, Ginger, and Mindstrong.

ARTIFICIAL INTELLIGENCE IN THE MENTAL HEALTH MARKET - BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East

• Africa

By region, the Artificial Intelligence in Mental Health Market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. Over the course of the estimate, North America is anticipated to have the greatest market share for artificial intelligence in the field of mental health. COVID-19 and high healthcare spending, together with their onset, are the main reasons propelling the expansion of the North American market. COVID-19 has hastened the adoption of AI in clinics and hospitals throughout the area. On the other hand, Asia-Pacific is anticipated to grow significantly throughout the projected period as a result of increased investment in AI across Asian nations. The growth of international market players in Asian markets like China, India, and others is one of the key factors driving the industry. Additionally, this region is producing money thanks to major IT infrastructure innovation and development as well as entrepreneurial companies that specialize in AI-based solutions.

ARTIFICIAL INTELLIGENCE IN THE MENTAL HEALTH MARKET - BY COMPANIES

Some of the major players operating in Artificial Intelligence in the Mental Health Market include:

1. MARIGOLD HEALTH

2. MINDSTRONG HEALTH

3. BARK TECHNOLOGIES

4. WYSA LTD

5. WOEBOT HEALTH

6. GINGER

7. BIOBEATS

8. COGNOSOA

9. LYRA HEALTH

10. MEQUILIBRIUM

NOTABLE HAPPENING IN THE ARTIFICIAL INTELLIGENCE IN THE MENTAL HEALTH MARKET

• PRODUCT LAUNCH- Google LLC unveiled Rapid Response Virtual Agent, an AI-enabled chatbot for call centers, in April 2020. The goal of this chatbot was to assist users via chat, voice, and other social media channels with issues relating to the coronavirus epidemic.

• COLLABORATION- Scientist Rosalind Picard of MIT announced in January 2022 a partnership with physicians for the creation of tools to improve the provision of mental health treatment. The project's goal is to create machine-learning algorithms that will make diagnosis easier and allow researchers to track symptom changes in people with severe depressive disorder. It is projected that these changes would propel segment revenue at a profitable increase.