Behavioural/Mental Health Software Market size to exceed $5.9 Billion by 2027
The global Behavioural/Mental Health Software market gathered revenue around USD 1.9 Billion in 2020 and market is set to grow USD 5.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 18.9% during the prediction period 2021 to 2027.
Report Coverage
| Report Scope | Details |
| Market Size | USD 5.9 Billion by 2027 |
| Growth Rate | CAGR of 18.9% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Component, Delivery Model,Functionality End User and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Advanced Data Systems, AdvancedMD , Cerner , Compulink , Core Solutions , Credible Behavioral Health , Kareo , Meditab Software , Mindlinc , Netsmart , Nextgen Healthcare , Qualifacts , The Echo Group , Valant , Welligent , Cure MD, Epic systems corporations , Accumedic , Mediware, Allscripts |
Growth Factors:
Factors such as the increasing adoption of behavioral 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 driving the growth of this market.
The major factors driving the growth of behavioral health software market are the increasing adoption of behavioral 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. On the other hand, data privacy concerns and a shortage of HCIT personnel are expected to restrain the growth of this market.
Based on components, the behavioral health software market is segmented into software and support services. The support services segment is expected to account for the largest share of the behavioral health software market in 2020. The recurring requirement of support services (such as software upgrades and maintenance) is the major factor supporting its growth.
Based on end users, the behavioral health software market has been segmented into community clinics, hospitals, and private practices. In 2021, the community clinics segment is expected to account for the largest share. Growing government initiatives to support these facilities and growing patient preference for community clinics are likely to drive behavioral health software adoption in this segment.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Behavioural/Mental Health Software market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Behavioural/Mental Health Software market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Market Dynamics
Driver:
High healthcare costs for the treatment of behavioral health-related problems or mental illnesses form a key concern for governments. Globally, depression is a common mental disorder; more than 264 million people of all ages suffer from depression. The global cost for the treatment of mental illnesses was ~USD 2.5 trillion in 2020; this figure is projected to reach USD 6 trillion by 2030 (Source: Lancet Commission). Additionally, serious mental illnesses cost the US an estimated USD 193.2 billion in lost earnings per year (Source: National Alliance of Mental Illness). In Canada, mental health problems cost more than USD 42.4 billion (CAD 51 billion) every year (Source: Centre for Addiction and Mental Health). The need for and generation of excessive paperwork (resulting in loss of productivity among clinicians) and improper revenue cycle management by behavioral health organizations are the major factors resulting in the high cost of treatments.
Restraint:
In behavioral health, the privacy of data is the biggest concern for providers. Behavioral health providers are not allowed to share information on patients suffering from some mental illness or substance abuse with anyone who is not involved in the treatment of that particular patient. However, with the integration of data using behavioral IT tools, any healthcare professional unrelated to that case can access the patient’s data. In the US, the HIPAA Journal recorded 365 healthcare data breaches in its 2018 breach list, an increase of 68% over the total number of breaches tracked in 2012.
Challenge:
Overcoming financial constraints is the biggest challenge for healthcare organizations, especially in emerging economies. Nevertheless, the extent of data that is stored proves to be so important that IT infrastructure has started becoming the backbone of healthcare institutions. Currently, behavioral health software solutions are relatively high-priced software solutions. The maintenance and software update costs of these systems may sometimes be more than the actual price of the software.
Opportunity:
Emerging markets such as the Asia Pacific, Latin America, and the Middle East and Africa are expected to offer significant growth opportunities for players operating in the behavioral health software market, especially those that are unable to meet the standards set by the Federal Government in the US. Government initiatives to establish standards, regulations, and infrastructure will encourage healthcare providers to adopt EMR and EHR technology in Australia. The Australian government has been taking several initiatives to increase the adoption of IT in healthcare to reduce errors and increase efficiency.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Behavioural/Mental Health Software market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America to dominate the behavioral health software market
On the basis of region, the behavioral health software market has been segmented into four major regions, namely, North America, Europe, the Asia Pacific and rest of the world. In 2021, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as the growing number of people requiring behavioral health services, behavioral health reforms in the US, and government funding for behavioral health services in the region.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the Behavioural/Mental Health Software Market are: Advanced Data Systems, AdvancedMD , Cerner , Compulink , Core Solutions , Credible Behavioral Health , Kareo , Meditab Software , Mindlinc , Netsmart , Nextgen Healthcare , Qualifacts , The Echo Group , Valant , Welligent , Cure MD, Epic systems corporations , Accumedic , Mediware, Allscripts
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Component
By Delivery Model
By Functionality
By End User
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Benefits For Stakeholders
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers