Mental health software and devices is concerned with the application of information technology and advancements in devices for the diagnosis, treatment and prevention of mental disorders. Major areas of mental health software and devices include diagnostic systems, analytics, electronic health record systems (EHRs), terminology and coding systems, tele-psychiatry, telemedicine, and others.
The drivers of the market are the growing demand for cost effective solutions owing to concerns over healthcare delivery cost, growing per capita income, reduced manual intervention and concurrent elimination of errors, faster information collection, access and analysis.
The advantages of information management such as informed decision making results in improvements in performance and returns on investment. Real-time monitoring of patient health and direct provision of healthcare via telemedicine are other drivers of the market.
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The economic drivers of the market are pricing pressures on hospitals, growing adoption and affordability of devices, rapid development of wireless technology and integration, concerns over growing healthcare costs, greater patient satisfaction, and growing healthcare infrastructure. The growing functionality of mental health software and devices systems is reflected by the plethora of function additions representing the dashboard of a financial company! The list includes but is not limited to clinical statistics, case cancellation rate, revenue cycle management, scheduling and others. The impetus provided by governments towards development of psychiatric care and a drive towards patient centric healthcare are regulatory drivers of the market.
High costs of installation and maintenance, scarcity of trained manpower, limited reimbursement for mental healthcare, digital divide, concerns over information security and privacy are the critical restraints on the market.
Market players of Global Mental health software and devices Industry:
Advanced Data Systems (US), McKesson Corporation (US), AdvancedMD (US), Compulink (US), Athena health (US), Core Solutions (US), Sigmund Software (US), IBM (US), Credible Behavioral Health (US), ICANotes (US), NextStep Solutions (US), InSync Healthcare Solutions (US), iSalus Healthcare (US), The Echo Group (US), Kareo (US), Cerner Corporation (US), Meditab Software (US), Mentegram (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US), Nuesoft Technologies (US), Qualifacts (US), Raintree Systems (US), TheraNest (US), Valant (US), Welligent (US), and WRS Health (US). Allscripts (US), Orion Health (New Zealand) and others.
To generate a bird’s view, the global mental health software and devices market is segmented on the basis of solution, deployment, end users and regions.
By component, the market has been segmented by software and devices. The software has been sub segmented into web based, and standalone software.
By functionality, the market has been segmented by clinical, administrative, financial and others. The clinical has been sub segmented into electronic health records (EHRs), clinical decision support, health management, E-prescribing, Tele-health, and others. The administrative has been sub segmented into information management, scheduling, workforce management, and others.
The financial has been sub segmented into accounting, revenue cycle management, business intelligence, and others.
By end user, the market has been segmented by providers, payers, and patients.
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To generate a bird’s view of the intricacies of the market, the report has been segmented into regions of North America, Europe, Asia-Pacific and Middle East and Africa.
North America led by the U.S. accounts for the largest market share owing to the faster uptake of new technology, presence of developed healthcare, focus on mental health of the governments and others. Europe accounts for the second largest market led by Germany, France and the U.K.
Asia Pacific region is expected to generate the fastest CAGR growth led by Japan, China and India. The Middle East & African region, is expected to generate moderate growth skewed in favor of Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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