Chatbots for Mental Health and Therapy Market Top Companies Study - Wysa Ltd, Ginger, Woebot Health, Marigold Health, Bark Technologies.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Chatbots for Mental Health and Therapy Market- (By Technology (Machine learning and Deep learning, Natural Language Processing, Others), By Application (Conversational Interfaces, Behavioral Pattern Recognition, Others), By Component (Saas, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Chatbots for Mental Health and Therapy Market is valued at US$ 1.09 Bn in 2022, and it is expected to reach US$ 1.71 Bn by 2031, with a CAGR of 5.3% during a forecast period of 2023-2031.

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Chatbots for mental health and treatment are electronic tools designed to offer assistance, support, and direction to those with mental health issues. By using AI, natural language processing, and other cutting-edge techniques, these chatbots communicate with people to establish proper mental health assistance. One of the major worldwide health issues is the increased frequency of mental diseases. According to estimates, 1 in 10 children and 1 in 4 adults experience mental health concerns yearly. Mental illness has a huge impact on Bns of people's lives, as well as on society and the economy as a whole.

Moreover, given the rising cost of mental illness, the need for chatbots for mental health and therapy is expected to increase. The market for chatbots for therapy and mental health will expand due to their accessibility, low cost, and ease of usage. The fact that many chatbots on the market are free to use and hence accessible to everyone drives the market's expansion. The gap must be filled since there is a large need for therapy. Chatbots for therapy and mental health can help with this. The usage of chatbots in therapy and mental health will grow in popularity.

List of Prominent 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 Dynamics:
Drivers-
Using sophisticated chatbots has been found to lessen the stigma associated with mental health. The usage of chatbots is noted to increase due to numerous developments in the field, including the penetration of speech recognition, picture recognition, and video analyzing systems. With so many prospects for market expansion, these developments will encourage the usage of chatbots for mental health and therapy. The demand for mental health services and therapies, which frequently don't involve clinic visits, increased throughout the pandemic. Therapy bots are quickly stepping in to fill the gap created by the absence of mental health resources worldwide; this development is expected to fuel the market's growth in the foreseeable future.

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Challenges:
Chatbots may need to fully grasp the nuances of human language and emotions, leading to miscommunications and potential misunderstandings, accelerating market growth. Chatbots may not be able to maintain a continuous therapeutic relationship or offer ongoing support, which is crucial in long-term mental health care and restraints the market growth. Chatbots have limitations in providing comprehensive mental health support, especially for severe and complex mental health conditions requiring professional intervention, negatively impacting market growth.

Regional Trends:
The North American chatbots for mental health and therapy market is expected to register a major market share. Digital wellness efforts like mental health chatbots have firmly established themselves to fill the holes in America's overburdened mental health care system. Although up to two-thirds of children in the United States experience trauma, there are frequently insufficient areas with mental health specialists prepared to handle it. Besides, the Asia Pacific region had a substantial share of the market. In the Asia Pacific region, chatbots are increasingly being used as psychologist substitutes.

Chatbots for therapeutic and mental health nevertheless offer considerable risks despite their flaws. To guide on reducing the risks posed to children and other vulnerable populations, the UNICEF East Asia and Pacific Regional Office has prepared a Safer Chatbots Implementation Guide. These regulations are further encouraging people in the area to adopt chatbots.

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Recent Developments:
• In January 2023, The London-based digital health business Limbic announced that Limbic Access, their mental health assessment tool, has been awarded Class IIa UKCA medical device approval. Limbic Access is the only AI mental health chatbot to win this award for security, therapeutic effectiveness, and risk management. According to the certification, with a 93% accuracy record for predicting mental health illnesses, the company's e-triage chatbot can be securely incorporated into the mental health therapy pathway to facilitate patient self-referral.
• In July 2022, Wysa successfully raised $20 Bn in funding to effectively respond to the growing global need for mental health solutions through the utilisation of AI-powered digital therapeutics. Financial resources facilitated the availability of scientifically supported digital therapies (DTx) in various international markets, including the United States, the United Kingdom, and India.

Segmentation of Chatbots for mental health and therapy Market-
By Technology
• Machine learning and Deep learning
• Natural Language Processing
• Others
By Application
• Conversational Interfaces
• Behavioral Pattern Recognition
• Others
By Component
• SaaS
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.