Psychiatric Disorders Chatbots Market Size (2024 – 2030)

In 2023, the Global Psychiatric Disorders Chatbots Market was valued at $96 million, and is projected to reach a market size of $194.87 million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 10%.

Computer programs known as chatbots are designed to interact and converse with human users in spoken, written, and visual languages. Chatbots might be useful tools for people with mental disorders, especially for those who are reluctant to seek assistance out of fear of being stigmatized. This market was smaller in the past because of prejudice and a lack of knowledge. As mental health becomes more accepted and valued, this sector is now expanding well. This industry is expected to expand well in the future due to the increased focus on technical improvements and growing knowledge. There is a considerable growth rate expected throughout the projection period.

Key Market Insights:

22% of respondents have used a mental health chatbot, according to a national study conducted in 2021, and 47% stated they would be interested in employing one if necessary.

In a 2021 study of physicians, 53% of participants from the Asia Pacific and South America regions thought that by 2031, a significantly larger percentage of patients would utilize chatbots to oversee their care.

Chatbots may help lessen stress and depressive symptoms, according to preliminary research. According to Earkick's research, users who use the app for five months report a mood improvement of 34%.

The global market for artificial intelligence (AI) in healthcare was estimated to be valued at around 11 billion dollars in 2021. According to projections, the value of the worldwide healthcare artificial intelligence industry is expected to reach almost 188 billion dollars by 2030, growing at a compound annual growth rate of 37% between 2022 and 2030.

The majority of respondents (54%) concur that using chatbots for mental health services presents several difficulties for customers. 59% of respondents said it was difficult to keep client data private and confidential. To tackle this, measures are being taken to improve data security through encryption and authenticity models.

Psychiatric Disorders Chatbots Market Drivers:

Increasing mental health awareness has been facilitating this growth.

According to the World Health Organization, 20% of children and adolescents are known to suffer from some type of mental health disorder. Suicide is believed to be the second-most common reason for death. Although many individuals were not aware of these figures, the coronavirus pandemic led to a de-stigmatization of mental health. These illnesses are becoming more and more accepted. People are starting to contact psychologists and psychiatrists for assistance. Social media has helped bring attention to the seriousness and consequences of this condition. As a result, bias decreased. Because chatbots are always available, they have grown to be a reliable choice. Accurate clinical information on symptoms, therapy, and decrease is provided by these chatbots. Besides, many of these bots have been endorsed by famous and trusted personalities, thereby increasing their revenue share.

Technological advancements have been accelerating the expansion.

Chatbots that use artificial intelligence (AI) have become more popular since 2022. Driven by large data, natural language processing (NLP), and machine learning (ML) algorithms, they present opportunities to broaden capacities, enhance efficiency, and give direction and assistance across several fields. Data security is being improved via cloud-based solutions. Internet connections in remote and underdeveloped areas are being emphasized for equal accessibility. The advancement of current technology is being aided by investments from a variety of organizations and other investors. Moreover, research and development efforts are being increased to increase human comprehension.

Psychiatric Disorders Chatbots Market Restraints and Challenges:

Inaccuracy, data security, a lack of emotion, and network connectivity are the main concerns that the market is currently experiencing.

Certain chatbots designed for psychotherapy operate on the false presumption that users will be able to appropriately describe their moods. In addition, a lot of services are self-directed, meaning that tracking and reporting are the user's responsibility. This might make it more difficult to monitor behavioral and mental health issues, such as schizophrenia. The possibility of misdiagnosing exists as well. The incapacity of chatbots to comprehend the context of a discussion is another drawback. They can only react to the terms and expressions that they have been trained to identify, which may cause misunderstandings and confusion. Secondly, the protection of data is one of the major barriers. There have been various cases of data breaches. This can prevent the individual from trying out the new technology. Thirdly, chatbots and other virtual assistants do not display any emotion. Therefore, while opening up, the patient might experience a lack of empathy. Furthermore, internet instability is another hindrance. The problems that are challenging to resolve are Wi-Fi and other resources. Patients may experience problems as a result.

Psychiatric Disorders Chatbots Market Opportunities:

HAI has been providing the market with an ample number of possibilities. The goal of human-artificial intelligence (HAI) is to overcome the shortcomings of artificial intelligence (AI) chatbots and increase their efficacy by assisting in the integration of human values, empathy, and ethical considerations into AI. Secondly, a personalized patient-centric approach as per the data fed by the patient helps to improve the responses of the chatbots. Thirdly, efforts are being made to bridge the mental health gap among patients. This includes bursting myths and spreading awareness about the advantages of these bots. Moreover, this technology is being integrated into healthcare systems for better reach and trusted communication. Furthermore, corporate sectors have been promoting their usage for the benefit of employees by introducing various innovative methods for a better experience.

PSYCHIATRIC DISORDERS CHATBOTS MARKET REPORT COVERAGE:

Psychiatric Disorders Chatbots Market Segmentation: By Deployment Mode

• Mobile-Based

• Web-Based

• Others

Based on deployment mode, mobile-based platforms are the largest segment holding the majority of the market shares. This is because of trust, authenticity, convenience, easy accessibility, immediate support, and user-friendly features. Besides, over the past 2 years, there have been many launches and collaborations concerning various kinds of chatbots and other virtual assistants, driving growth. Web-based mode is the fastest-growing. They offer flexibility and come in a multitude of options. Furthermore, they do not require any sort of downloading of apps.

Psychiatric Disorders Chatbots Market Segmentation: By Application

• Conversational Interfaces

• Behavioral Pattern Recognition

• Others

Based on application, conversational interfaces are the largest in this market. This digital interface allows users to communicate with software using the same rules that apply to in-person communication. As opposed to merely surfing or browsing, CI is more social and organic in that it allows users to chat, ask questions, agree, or disagree. Behavioral pattern recognition is the fastest-growing. Identifying patterns in behavior, highlighting issues with aviation security, and offering workable solutions are the main tasks performed by this category. Additionally, it identifies emotional cues.

Psychiatric Disorders Chatbots Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

North America, which includes the United States and Canada as the leaders, is the largest market by region, holding a rough share of 35%. According to John Hopkins Medicine, 26% of Americans are diagnosed with some sort of mental health illness. This figure highlights the necessity for counseling services. Furthermore, this area has all the necessary personnel, resources, infrastructure, and technology. In addition, success is attributed to the existence of important actors, investments, and economic expansion. Asia-Pacific is considered to be the region with the fastest rate of growth with an approximate share of 21%. The market is dominated by nations like Australia, Japan, China, and India. There have been notable advancements in this area in terms of economics, public awareness, the number of counselors, partnerships, funding, launches, and government backing. In addition, the need for practical solutions is growing due to the increased occurrence of sickness.

COVID-19 Impact Analysis on the Global Psychiatric Disorders Chatbots Market:

On the market, the pandemic had a favorable impact. The new normal included social isolation, movement limitations, and lockdowns. Numerous company divisions and industrial facilities were shut down as a result of rules and regulations. People stayed at home as a result of this. The opportunity to work from home has become more popular. Numerous disturbances occurred in the social sphere of existence. Various polls and data points showed that loneliness, despair, and anxiety began to affect individuals. There was a high level of knowledge of the significance of mental health because the majority of the families suffered from mental health diseases and disorders. In addition, social media networks made it easier for users to get in touch with reputable apps and certified specialists. About 60% of respondents said they began using the mental health chatbot during the COVID-19 epidemic, according to Psychiatric News. The market has continued to rise after the outbreak.

Latest Trends/ Developments:

The companies in this market are motivated to achieve a higher market share by implementing different strategies, such as acquisitions, partnerships, and investments. Companies are also spending heavily to improve existing creations while maintaining competitive pricing.

Virtual reality (VR) in chatbots has been a promising field. Numerous studies examined for this study attest to the efficacy of chatbot treatment in lowering anxiety levels. Virtual reality has also given patients access to a platform that can help them focus and participate. An examination of research on games confirmed that they make people feel good and help them feel less anxious.

Key Players:

1. Woebot

2. Wysa

3. Your.MD

4. X2AI - Tess

5. Ginger

6. Talkspace

7. Kara

8. SilverCloud Health

9. Cups

10. Kintsugi

• In July 2023, in a significant move to improve mental health care, the first chatbot of its kind in India, Tele-MANAS, was launched in Jammu and Kashmir (J&K). This innovative concept aims to provide quick assistance and talk to those in need. The round-the-clock access to licensed psychologists, health counselors, and consultants implies that this chatbot will significantly influence the area's efforts to address mental health concerns.

• In July 2022, after reaching 4.5 million users across 65 countries, Wysa, a well-known mental health app that was first developed in India and is centered around an AI chatbot that assists users in talking through their emotions, acquired $20 million in a Series B fundraising round to grow its company. With the money, the business plans to grow into the US, UK, India, and other international markets. It also plans to enhance usability by adding multilingual assistance and facilitating quicker access via the instant messaging app WhatsApp.

• In January 2022, the AI-powered mental health and wellness startup Sayana was purchased by Headspace Health. According to Headspace Health, the acquisition of the San Francisco-based business would increase its capacity to provide its consumers with individualized self-care. Through the merger, Headspace's mindfulness and meditation services were combined with Ginger's therapeutic and coaching products.