During the projected period, the Global AI in Mental Health market is expected to grow at a 38.14 % compound annual growth rate (CAGR).
Many AI activities are underway in the healthcare industry, some of which are geared at enhancing mental health and well-being. These AI projects aimed at improving mental health and well-being worldwide are likely to be the market's primary driving force. AI in the healthcare market has historically been showcasing significant growth owing to the rapid adoption of ML and AI software in the healthcare sector. The emergence of the COVID-19 pandemic provided a chance to demonstrate the power and sophistication that AI can bring to the healthcare sector. During the second pandemic wave, hospitals and clinics around the world used AI-based virtual assistants, inpatient care bots, and AI-assisted surgery robots to deal with the constant influx of patients, which would otherwise have overrun the entire hospital operation cycle. The increasing size and complexity of datasets driving the need for AI, rising demand to reduce rising healthcare costs, and increasing imbalance between the health workforce and patients driving the need for improved healthcare services are the major market drivers.
Several healthcare practitioners are skeptical of AI solutions' ability to diagnose medical problems effectively. Given this, convincing providers that AI-based solutions are cost-effective, efficient, and safe solutions that bring convenience to doctors and better care for patients is difficult. On the other hand, healthcare providers are increasingly accepting of the potential benefits of AI-based solutions and the range of applications they serve.
The AI in Mental Health market is segmented on the basis of application, technology and component. Based on application, the market is segmented into Conversational Interfaces and Patient Behavioral Pattern Recognition. The technology segment includes Machine Learning, Deep Learning, Natural Language Processing (NLP), and Others. By component, the market is segmented into Software-as-a-Service (SaaS) and Hardware.
Based on components, the Software-as-a-Service (SaaS) segment is accounted as a major contributor to the AI in the Mental Health market.
The Software-as-a-Service (SaaS) segment is expected to account for the majority of the artificial intelligence in the healthcare market. Many organizations are developing software solutions for various healthcare applications, which is a crucial factor contributing to the Software-as-a-Service (SaaS) segment's growth. Strong demand among Software-as-a-Service (SaaS) developers (particularly at medical institutions and universities) and expanding AI applications in the healthcare industry are among the primary factors driving the AI platform's growth in the Software-as-a-Service (SaaS) market. Some of the best AI platforms are Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd.
Machine learning and deep learning segment witness growth at a rapid rate
Machine learning (ML) and deep learning are expected to gain the most significant proportion because ML, a commonly used type of AI, is one of the most rapidly growing sectors in technology. Machine learning is contributing to the transformation of mental health in two ways: crisis prediction and the formulation of treatment plans/identification of biomarkers. By studying critical behavioural biomarkers, machine learning algorithms can assist mental health doctors in determining whether a patient is at risk of developing any mental health illness. Furthermore, the algorithms may aid in monitoring a treatment plan's efficacy.
The North America AI in Mental Health market holds a significant revenue share in the region.
The North America region is expected to hold the largest share of artificial intelligence in the mental health market over the forecast period. The primary factors driving the growth of the North American market are the increasing adoption of AI technology across the continuum of care, particularly in the United States, and high healthcare spending combined with the onset of the COVID-19, which has accelerated the adoption of AI in clinics and hospitals across the region. Asia-Pacific, on the other hand, is expected to expand quickly during the projection period due to increased investment in AI across Asian countries. One of the important reasons driving the market is the expansion of global market participants in Asian markets such as China, India, and others. Furthermore, significant IT infrastructure innovation and development, as well as entrepreneurial firms focusing on AI-based solutions, are generating revenue in this region.
The key players in the AI in Mental Health market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their market footprint across the globe. Some of the major key players in the AI in Mental Health market are Marigold Health, Mindstrong Health, Bark Technologies, Wysa Ltd, Woebot Health, Ginger, BioBeats, Cognoa, Lyra Health, and MeQuilibrium.