Behavioral Mental Health Software Market
Behavioral Mental Health Software Market - Global Industry Assessment & Forecast
- By Component Outlook Support Services, Software
- By Delivery Model Outlook Ownership, Subscription
- By Function Outlook Clinical, Administrative, Financial
- By End Users Payers, Patients, Providers
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 2.5 Billion|
|Revenue 2028:||USD 5.2 Billion|
|Revenue CAGR (2021 - 2028):||11.1%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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Global Behavioral Mental Health Software Market is valued at USD 2.5 Billion in 2021 and is projected to reach a value of USD 5.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 11.1% over the forecast period.
The need to save healthcare expenses, reduce prescription errors and paperwork, improve workflow efficiency, and enhance the level of productivity that will give patients easy access to their data are all factors that are driving the expansion of the Behavioral Mental Health Software industry. The Global Behavioral Mental Health Software Market is also driven by positive health reforms, high demand for mental health services, and a lack of a variety of service providers. Additionally, an increase in people's living and working spaces fuels the demand for many patients' behavioral health treatments. One of the benefits of using Behavioral Mental Health Software to manage mental health is that it can improve efficiency in the workplace and reduce costs associated with medical treatment.
Behavioral Mental Health Software Market Size, 2021 To 2028 (USD Billion)
When it comes to integrated behavioral health software, the subscription delivery model is a vital choice for data accessibility and real-time analysis queries. In turn, the burden on healthcare facilities is reduced. Subscription-based behavioral health software facilitates the safe and efficient transfer of information between organizations. As was mentioned before, the benefits of Behavioral Mental Health Software also encourage brisk market expansion.
More and more people are experiencing mental health problems like stress, anxiety, depression, anger, and paranoia as a result of the global COVID-19 pandemic. The Behavioral Mental Health Software Market will be driven by the expanding mental health community and the growing popularity of online resources for treatment and diagnosis.
However, a major concern for suppliers is data privacy. Information regarding the patient with mental disorders cannot be disclosed by others who are not involved in their care. The Global Behavioral Mental Health Software Market is struggling to expand due to many data breaches and infringement cases.
Top Market Trends
- The market is also driven by positive health reforms, high demand for mental health services, and a shortage of a variety of providers.
- In 2021, the software sector represented 55.1% of the highest market share.
- In 2021, the Hospital segment dominated the market with more than 47% of the share.
- Market participants routinely introduce new items and use additional expansion techniques to strengthen their regional position.
The Behavioral Mental Health Software Market is segmented based on Component Outlook, Delivery Model Outlook, Function Outlook, End Users, and Region. Based on Component Outlook, the Behavioral Mental Health Software Market is further segmented into Support Services and Software. Furthermore, based on the Delivery Model Outlook the market is bifurcated into Ownership and Subscription. In addition, based on the Function Outlook, the market is further divided into Clinical, Administrative, and Financial. Moreover, based on End Users, the market is further segmented into Payers, Patients, and Providers.
Below tree is interactive. You can click the nodes to get more information.
Based on Component Outlook:
The Software Category Dominated the Market in 2021
The Software segment led the market because of the prevalence of tools that streamline the business and patient care functions of psychiatry clinics. As more and more psychiatry practices use electronic solutions for managing their clinical, financial, and administrative processes, the market for Behavioral Mental Health Software is also expected to grow. Hospitals and clinics can save time and energy by using the mental health software's streamlined claims process, made possible by the program's revenue cycle management component. Electronic health record (HER) systems, in their mobile iteration, allow patients to gain access to care no matter where they may be. These systems can handle intricate billing processes with their integrated claims and billing functionality.
A Behavioral Mental Health Software also manages invoices, appointments, and bed availability, which helps the business run more smoothly. In addition, the clinical, administrative, and financial tasks associated with hospital and clinic operations are often managed using software designed specifically for behavioral and mental health. The software also takes care of things like billing, appointments, and bed management, which helps the business run smoothly.
Based on End Users:
The Providers Category Dominated the Market in 2021
The Providers segment dominated the Behavioral Mental Health Software Market during the forecast period due to the hospital's high percentage of use of the Behavioral Mental Health Software. Rising rates of stress and anxiety, rising use of mobile apps, and better network connectivity all contribute to the expansion of this sector.
In addition, the trend toward digital health is likely to benefit from the expanding Behavioral Mental Health Software sector. Hospitals will continue to see an uptick in business as a whole, thanks to the large number of patients who seek care for mental health issues there.
Demand for Behavioral Mental Health Software in healthcare facilities would also increase due to the growing stress among the elderly. Expanding government efforts to aid these facilities and rising patient preference for hospitals are likely driving the adoption of behavioral health software in this industry.
Based on Regional Analysis:
North America had the Largest Share in 2021
North America dominated the Behavioral Mental Health Software Market. The regional behavioral & mental health software business statistics will likely increase in the following years due to several variables, including rising rates of mental health disorders, improved healthcare infrastructure, and rising healthcare spending throughout the region. The region's Behavioral Mental Health Software Market statistics will be influenced by several factors, including the rising prevalence of mental health disorders, improved healthcare infrastructure, and rising healthcare spending. The market size will also increase due to the increasing use of Behavioral Mental Health Software to treat various psychological illnesses. Furthermore, it is anticipated that the presence of notable competitors in the area, including American Well, NextGen Healthcare, Teladoc Health Inc, and AdvancedMD, Inc., will further accelerate North American market statistics.
- In September 2021, Relic Health Technologies Inc. announced that it had secured a new contract with digitized to supply its I UGO Care platform and Care Management Services to more than 1500 patients through local health clinics in the US Virgin Islands.
- In August 2021, SilverCloud Health and Conversa Health, a top supplier of a digital mental health platform, were successfully acquired by American Well.
- In February 2021, GPM acquired Netsmart, a North Carolina-based SaaS technology and services provider, acquired by GPM. This will help Netsmart's Care Fabric technology and allow interoperable data sharing across long-term care institutions and providers.
- In July 2020, Cooperation between Cerner and Nuance Communications, Inc. The integration of Cerner Millennium with Nuance's virtual assistant technology was the aim of this ongoing relationship.
The key players in the Global 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) and others.
Segmentation of the Global Behavioral Mental Health Software Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Behavioral Mental Health Software in terms of revenue?
The global Behavioral Mental Health Software valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 11.1%.
Which are the prominent players in the market?
The prominent players in the 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).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 11.1% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Behavioral Mental Health Software include
- Increasing Adoption of Behavioral Health Software
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Behavioral Mental Health Software in 2020.