Market Snapshot

Market Synopsis:

Global Behavioral Mental Health Software market is valued at USD 2.50 Billion in 2021 and is projected to attain a value of USD 5.20 Billion by 2028 at a CAGR of 11.1% during the forecast period, 2022–2028. The growth of this market is being fueled by factors such as increasing adoption of behavioral health software, government funding, government initiatives to encourage EHR adoption in behavioral health organisations, favorable behavioral health reforms in the United States, and high demand for mental health services despite a provider shortage.

It has also been noticed that, as a result of the recent COVID–19 pandemic, there is an increase in stress, worry, despair, frustration, and fear among the people, which can lead to an increase in the prevalence of mental health issues. As a result of the growing mental health population, online platforms for treatment and diagnosis will grow in popularity, driving the Behavioral Mental Health Software market. During the COVID-19 worldwide pandemic, the University of North Carolina (UNC) worked with Google Cloud to produce an app called Heroes Health in July 2020 to support the mental health of first responders and healthcare personnel.

Increasing Adoption of Behavioral Health Software

Governments are concerned about high healthcare expenses for the treatment of behavioral health-related issues or mental diseases. Depression is a common mental condition worldwide, affecting more than 264 million individuals of all ages. In 2020, the global cost of treating mental diseases was USD 2.5 trillion; by 2030, this amount is expected to rise to USD 6 trillion. The need to address these difficulties has increased interest in and use of Behavioral Mental Health Software as a means of decreasing prescription errors and paperwork, increasing productivity by ensuring quick access to patient data, improving workflow efficiency, and lowering healthcare costs. These advantages have prompted widespread use of Behavioral Mental Health Software, particularly among large hospitals and community clinics.

Data Privacy Concern

Providers in behavioral health are most concerned about data privacy. Behavioral Mental Health Software providers are not permitted to discuss information about patients with mental illnesses or substance abuse with anybody who is not involved in the patient's treatment. Any healthcare practitioner unrelated to the case can view the patient's data thanks to the integration of data using behavioral IT solutions.

Market Segmentation:

The Behavioral Mental Health Software is generally designed to manage clinical, administrative, and operational tasks associated with the practices of clinics and hospitals. The Behavioral Mental Health Software Market is segmented by function (Clinical Functionality, Administrative Functionality, and Financial Functionality), by solution (Software and Services), by end user (Community Clinics, Hospitals, Private Practices, and Other End Users). Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Behavioral Mental Health Software Market

In terms of revenue, North America had the highest share of the market in 2021. Asia Pacific, on the other hand, is predicted to grow at the fastest rate during the forecast period. Regional development is expected to be fueled by China's and Japan's growing senior populations. The implementation of new behavioral health integration codes in January 2017 aided in the integration of physical and behavioral treatment regimens. Under the chronic care management services strategy, the CMS established the behavioral health integration and psychiatric collaborative care model in 2017.

Key Players:

Some of the players operating in Global Behavioral/Mental Health Software Market are 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).

Behavioral Mental Health Software market is segmented as follows:

• Component Outlook
  • Support Services
  • Software

Behavioral Mental Health Software market is tabulated as follows: