The mental health software market is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. Behavioral health software is used to track and monitor the behavioral data of patients besides offering features to be used for billing and appointments.
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The software is designed to handle clinical, organizational, and operational undertakings related to the practices of hospitals. Moreover, it is used for case outcome management. The availability of diverse varieties of mental health software in the market is a key factor that attracts several end-users.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising adoption of mental health software, increasing government funding to encourage EHR adoption in mental health institutes, and positive mental health amendments in several countries are the main driving factors for the growth of the market.
- Growing prevalence of stress conditions and upgraded health reforms across several countries are projected to fuel the market expansion during the forecast period.
- Emerging developments of advanced software to propel the market growth during the forecast period as new software facilitates ease of operational management, administrative functionality, and financial management.
- Surmounting financial constraints for the development of healthcare organizations, particularly in emerging economies is the foremost challenge that can hamper the market growth.
Clinical Segment is Expected to Grow Fastest During the Forecast Period
On the basis of functions, the global mental health software market can be segmented into clinical, administrative, and financial. Consumer preference for the clinical function segment is due to the wide adoption of electronic health record (EHR)sideman the increasing prevalence of mental diseases like Parkinson’s, mainly in developed nations. The clinical functions assist the medical staff and the patients to manage behavioral/mental health by enhancing practice management.
Hospitals to occupy major market share
In terms of end users, the global mental health software market can be divided into clinics, hospitals, private practices, and patients. The hospitals segment is anticipated to witness a substantial growth rate due to increased preference for treatment of mental health patients in hospitals. Adoption of mental health software is thereby anticipated to grow rapidly as hospitals require managing loads of data for better treatment of patient and efficient operational management.
North America constitutes a large share of the global market
Based on regions, the global mental health software market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to account for a key share in terms of revenue and is anticipated to retain its position during the forecast period. Increasing affliction of depression and anxiety owing to work-life imbalance among a large number of the population is pushing to
increase the adoption rate of behavioral/mental health software in the region.
Compititive Landscape
Major players in the global behavioral/mental health software market include Academic Computer Systems, Inc, AdvancedMD, BestNotes, Cerner Corporation, Compulink Healthcare Solutions, Core Solutions, Inc, Credible Behavioral Health Software, Kareo, Inc, Valant Inc., and Welligent. Many companies have adopted research and development as a market strategy tool to withstand the competition. The strategy is widely adopted to provide better quality and new features of the medical devices to treat patient effectively.
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Increasing adoption of behavior health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage are the major factors driving the growth of this market.What the Behavioral Health Software Market Looks Like?Predicted to grow at a CAGR of 14.8 % during the forecast period, the global behavioral health software market is estimated to reach USD 2.31 billion by 2022.
In 2017, North America is expected to dominate the mental health software market, followed by Europe.What are the Behavioral Health Software Market Segments?This report segments the behavioral health software market into component, delivery model, functionality, end user, and region.
Based on component, the market is segmented into software and support services.
The support services segment is expected to account for the largest share of the market in 2017.
The recurring requirement of support services (such as for software upgrades and maintenance) is the major factor supporting its growth.Based on delivery model, the mental health software market is segmented into ownership models and subscription models.
High growth in the clinical functionality segment is attributed to the increasing government initiatives to boost adoption of this software by clinicians to provide quality care to their patients at lower costs.Based on the end user, the behavioral health software market is segmented into providers, payers, and patients.
