The artificial intelligence mental healthcare market is projected to be valued at $11.4 billion by 2030, growing at a compounded annual rate of 37.2 percent from 2023 to 2030, according to a report from Cognitive Market Research.
The mental health AI market was valued at $910.6 million in 2022. Here are four factors driving market growth:
1. The growing prevalence of suicide and suicidality.
2. An increased awareness of mental illness.
3. The development of new technology in healthcare.
4. The increasing use of machine learning and deep learning artificial intelligence to predict mental health crises, identify symptoms of poor mental health, diagnose mental illnesses and develop treatment plans.