Rising Mental Health Awareness to Propel Behavioral Mental Health Software Market
The Behavioral Mental Health Software Market is projected to grow from USD 2.50 Billion in 2021 to USD 5.20 Billion by 2028, growing at the Compound Annual Growth Rate (CAGR) of 11.1% within forecast period. Behavioral Mental Health Software is a branch of healthcare management software that is capable of allowing psychologists, counselors, and mental health professionals to understand the mental and behavioral patterns of their patients by integrating personalized solutions. These solutions are designed to address a wide range of issues such as depression, anxiety, and depression at the personal level. The software has the added benefit of storing, retrieving, and sharing visual, medical, radiological, and laboratory data.
According to WHO reports, an estimated 264 million people suffer from depression globally. This is aimed at the need for Behavioral Mental Health Software. One of the most important benefits of Behavioral Mental Health Software is that it can be used by any practice or clinic of any size due to the software's functionality from basic to solid.
Key factors that promote market growth are the growing pressures that require mental health management, government support and EHR acceptance programs in behavioral health organizations, and improved health changes over time.
Growing problems of stress, anxiety, and depression are what drives patients to seek treatment, which is why healthcare facilities use advanced systems, such as various software, to control Behavioral/Mental health processes. However, one of the factors hindering the growth of the Behavioral Mental Health Software Market is the lack of awareness about Behavioral Mental Health Software among physicians and the shortage of psychologists. Data security issues and privacy issues are some of the expected challenges of the Behavioral Mental Health Software Market.
Depending upon functionality, the Behavioral Mental Health Software Market is divided into clinical, administrative, and financial functionalities. Based on segmental segregation, the Behavioral Mental Health Software Market is characterized by segments of support services and software based on components. The ongoing demand for support services such as software development and maintenance is expected to boost component growth by 2028. In addition, various organizations and companies plan to invest heavily in improving mental health by introducing a variety of support services. FIFA, for example, in August 2021, launched the #ReachOut mental health campaign with the support of former and current footballers, ASEAN, and WHO.
Behavioral Mental Health Software Market has been studied in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is expected to see the largest market share at the time of forecasting due to the increase in reimbursement services for telecommunications services accompanied by growing awareness among mental health services to name a few. In addition, the region is experiencing an increase in government support through various programs at the national level along with an increasing number of people in need of behavioral health services that are expected to boost the mental health software market tracking at the time of forecasting.
January 2021, Ehave, Inc. entered into a partnership with Cognitive Apps Software Solutions Inc to market Artificial Intelligence- (AI) based on the Workforce Mental Health Analytical Platform in the G20 countries. Such approaches to the mental health software market are expected to see significant market growth in the coming years. Some of the key market players in the Behavioral Mental Health Software Market include Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US),Kareo (US), Meditab Software (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US, Qualifacts (US), The Echo Group (US), Valant (US), Welligent (US), Cure MD(US), Epic systems corporations (US), Accumedic (US), Mediware(US), Allscripts (US).
Browse the full Report - Behavioral Mental Health Software Market by Component Outlook (Support Services, Software), by Delivery Model Outlook (Ownership, Subscription), by Function Outlook (Clinical, Administrative, Financial), by End-Use (Payers, Patients, Providers), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)