How AI Is Expanding The Mental Health Market

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Eugene Klishevich is the Founder and CEO of Moodmate Inc. and an Impact Entrepreneur in AI and HealthTech. Read Eugene Klishevich's full executive profile here.

However, high demand and a shortage of psychotherapists can mean that therapy must be paid out-of-pocket. Even for U.S. residents who have insurance, there are also barriers to obtaining care, like inadequate insurance coverage, fragmented care and a lack of providers.

So, AI-powered services can deliver cognitive-behavioral therapy, offer personalized recommendations, provide coping strategies tailored to individual needs and more. That implies that a single service could potentially function at the scale of a whole mental health clinic and meet the requests of individuals suffering from mental health problems.

Many large companies cover the cost of their employees' access to mental health treatment. However, according to a 2023 survey,of workers don't use that benefit. The same survey found that"about two-thirds of respondents...would use a digital mental health benefit if it was offered to them."

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