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The Chatbots for Mental Health and Therapy Market Size is valued at USD 1.15 Bn in 2023 and is predicted to reach USD 1.77 Bn by the year 2031 at a 5.67 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The industry is driven by rising consumer spending on healthcare and substantial infrastructure upgrades, particularly in developing nations.
- There is a growing demand for accessible and easy mental healthcare services, which is driving the growth of the chatbot sector for mental health and therapy.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- For mental health support, chatbots could face regulatory checks and balances. To stay out of legal hot water and by privacy, data protection, and healthcare rules, market participants must master the systems put in place.
People are nowadays becoming more aware of mental health problems and the value of getting help. However, the demand for mental health services frequently outpaces the supply of human therapists. This gap can be filled, and more people may obtain support thanks to chatbots. The capabilities of mental health chatbots are being improved by developments in artificial intelligence (AI) and natural language processing (NLP) technology, enabling more complex and context-aware interactions that encourage industry growth.
Moreover, chatbots used for mental health solutions and therapies may result in incorrect diagnoses due to various factors. This factor hinders user adoption of chatbots for mental health while acting as a major market restraint. Throughout the pandemic, demand for these types of mental health services and therapies—which usually don't require clinic visits—rose.
Therapy bots are quickly filling the void left by the absence of mental health services worldwide; this development is anticipated to propel the market's growth shortly. Additionally, numerous AI initiatives are being developed in the healthcare industry, some geared toward enhancing mental health and well-being. The primary driver of the market is anticipated to be these AI initiatives that aim to improve mental health and well-being on a large scale.
Competitive Landscape:
Some Major Key Players In The Chatbots For Mental Health and Therapy Market:
- Wysa Ltd
- Ginger
- Woebot Health
- Marigold Health
- Bark Technologies
- Mindstrong Health
- BioBeats
- Lyra Health
- Cognoa
- MeQuilibrium
Market Segmentation:
The chatbots for mental health and therapy market is divided on the basis of the technology, application and components. Based on technology, the chatbots for mental health and therapy market is segmented as machine learning & deep learning, natural language processing, and others. By application, the market is segmented into conversational interfaces, behavioural pattern recognition, and others. By component, the market is segmented into SaaS and others.
Based On The Product, The Conversational Interfaces Segment Is A Major Contributor To The Chatbots For The Mental Health And Therapy Market
The conversational interfaces category is expected to hold a major share in the global chatbots for the mental health and therapy market in 2022. The terms "conversational agent" or "chatbot" refer to a class of digital tools that mimic human behaviour using AI and machine learning and provide a task-oriented framework with developing discourse that can participate in conversations. Examples of such technologies are Siri on Apple devices and Google Assistant on Android smartphones. People also like services or therapies that give them the impression they are speaking with the service provider in real time. The conversational interfaces use a natural language processing interface to provide these functions.
The SaaS Segment Witnessed Growth At A Rapid Rate
The SaaS category is projected to grow rapidly in the global chatbots for mental health and therapy market due to the extensive use of AI-based software. Software used in chatbots for therapy and mental health can provide a subjective, objective assessment and plan (SOAP), enabling people to arrange treatment appointments or support patient data. With the increase in chatbot users, managing and organizing huge databases to provide appropriate services and solutions has become increasingly important. This factor encourages the segment's expansion.
The North American Chatbots For Mental Health And Therapy Market Holds A Significant Revenue Share In The Region
The North American chatbots for mental health and therapy market is expected to register the highest market share. Chatbots for mental health and therapy have gained traction in the North American region due to the increasing demand for accessible mental health support and technological advancements. Several companies and organizations have developed chatbots and virtual assistants to provide emotional support, psychoeducation, and resources to individuals seeking mental health assistance.
In addition, Asia Pacific is projected to grow rapidly in the global chatbots for mental health and therapy market. As mental health awareness grows in Asia, chatbots are expected to be more significant in providing accessible and scalable mental health support. However, it's important to address cultural and regional diversity to ensure that chatbots are culturally relevant and effective in addressing mental health needs across the region. Additionally, ensuring data privacy and ethical considerations remains crucial as these technologies expand.
Recent Developments:
- In Aug 2021, Ginger and Headspace signed a binding agreement to merge and form a new firm called Headspace Health. This merger has been valued at $3 billion. According to the firms, Headspace Health currently has over 2,700 enterprise and health plan customers. By the end of 2021, these customers have made bookings totalling about $300 million. According to officials, the merged organization now possesses the greatest collection of mental health data in the world, which will be utilized to provide extremely customized care.
Chatbots for Mental Health and Therapy Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.15 Bn |
|
Revenue Forecast In 2031 |
USD 1.77 Bn |
|
Growth Rate CAGR |
CAGR of 5.67% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Technology, By Application, By Component |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Wysa Ltd, Ginger, Woebot Health, Marigold Health, Bark Technologies, Mindstrong Health, BioBeats, Lyra Health, Cognoa, MeQuilibrium |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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