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Mental Health Software Market will grow at 12.7% CAGR, to be valued at US$ 9,129.9 Million by 2027 | Coherent Market Insights

December 3rd, 2020 Coherent Market Insights Releases

The Global Mental Health Software Market, by Deployment Mode(On-premise and Subscription (Cloud-based)), By Mode of Access(Desktops/Laptops and Tablets/Smartphones), by Function(Telehealth, Payroll, Revenue Cycle Management (RCM), Ledger, Business Intelligence, Electronic Health Record (EHR) and Clinical Decision Support), By Application(Commercial, Hospitals and Clinics, Others(Psychiatrists, Social Workers, Psychologists, Counsellors, Nurse Practitioners, Group Therapists) and Residential)  and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027”, is expected to be valued at US$ 9,129.9 Million by 2027, exhibiting a CAGR of 12.7 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.

Get FREE Sample PDF Including COVID-19 Impact Analysis: https://www.coherentmarketinsights.com/insight/request-sample/3605

Overview

Mental health is the state of an individual working at a satisfactory level of emotional and behavioral adjustment. Mental health also refers to the complete absence of mental illness such as anxiety, depression, stress, and addition. Mental health software is developed to efficiently manage mental health, behavioral health or addiction treatment. The software is used to manage, record, and maintain digital cases, general practice, medication, and administration of a patient. This software also allows users to schedule online appointments and facilitate medical bill payment via mobile devices such as laptops and smartphones. Moreover, it can retrieve radiology, pharmacy, and laboratory data of the patient that is being treated.

The global Mental Health Software Market was accounted for US$ 3,539.2 Mn in terms of value in 2019 and is expected to grow at CAGR of 12.7% for the period 2019-2027.

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Market Driver

Increasing per capita expenditure on healthcare is expected to drive growth of the global mental health software market during the forecast period

Increasing per capital expenditure on healthcare and associated facilities is boost the demand for mental healthcare solutions and services. Various government and healthcare organizations such as clinics and hospitals are increasing investments in the deployment of new and updated IT infrastructure, in order to gain a competitive advantage in the market. This, in turn, is expected to drive the global mental health software market growth over the forecast period. According to the World Bank Group, per capita, healthcare expenditure in the U.S. increased from US$ 8,845 in 2012 to US$ 9,146 in 2013.  According to the same source, in France and the U.K., per capita, healthcare expenditure was US$ 4,644 and US$ 3,595 respectively in 2012, which increased to US$ 4,864 and US$ 3,598 respectively in 2013. Furthermore, in Germany, per capita, healthcare expenditure was US$ 4,717 in 2012 and increased to US$ 5,006 in 2013.

Market Opportunity

Growing focus on subscription-based models can provide excellent growth opportunities in the near future

Many players in the market are focused on providing subscription-based models, especially in emerging economies. This is done to expand the consumer base and gain a major advantage in the highly competitive market. Providing a subscription-based model to clinicians can attract more consumers and offers greater revenue than through-up and cross-selling. Moreover, recurring billing offers predictable revenue. Key companies can lay emphasis on subscription-based models, in order to enhance their market presence.

For Any Queries Get Solutions With A FREE PDF Sample: https://www.coherentmarketinsights.com/insight/request-pdf/3605

Market Restraint

Dearth of skilled IT personnel is expected to hinder the global mental health software market growth over the forecast period

Lack of skilled IT personnel, especially in emerging economies such as Brazil, China, India, and South Africa is the major factor hampering adoption of mental health software. The mental health software requires timely upgradation, in order to function properly, which is not fulfilled in the aforementioned countries. Furthermore, low awareness regarding benefits of mental health software among clinicians is expected to hinder the global mental health software market growth in the near future.

Market Trends

  1. Major shift from desktop tools to mobile applications

Mental health software providers are laying emphasis on providing healthcare mobile applications, in order to allow healthcare professionals and other users such as patients get access to their health records and other related information regardless of their location via smartphones or mobile phones or tablets. These mobile applications are compatible with most mobile operating systems such as iOS and Android OS. For instance, in June 2015, the Centre for Addiction and Mental Health (CAMH) introduced a mobile application that helps users quit or reduce consumption of alcoholic drinks. Furthermore, in September 2014, Coast Capital Savings and Victoria Hospitals Foundation launched BoosterBuddy, a mental health mobile application, especially for youths experiencing anxiety, depression or psychosis

  1. Increasing research and development activities among key players

Key players operating in the global mental health software market are focused on research and development activities, in order to introduce technologically advanced patient care solutions. For instance, in 2013, Foothold Technology, a provider of EHR solutions for behavioral health and human services, partnered with InterSystems Corporation, a connected care software provider, to support interoperability with regional human service agencies and health information exchanges. Furthermore, in September 2015, Cerner Corporation and Glens Falls Hospital entered into strategic alignment, in order to integrate the health system of Glens Falls Hospital on the Cerner’s EHR platform. According to this agreement, the company’s product Millennium EHR would be integrated with Glen Falls Hospital’s ambulatory facilities and clinical processes system.

  1. North America Trends

According to Coherent Market Insights, North America is expected to hold a dominant position in the global mental health software market during the forecast period. This is owing to advancements in digital technology and government initiatives, and plans regarding adopt digital transformation in the healthcare sector. Healthcare organizations such as clinics and hospitals in the U.S. and Canada are focused on adopting remote patient monitoring solutions (Telehealth), healthcare information systems, clinical decision support solutions, and other cloud-based solutions, in order to fulfill increasing demand for real-time healthcare services from residential users.

Europe

Electronic Health Records Act (EHR-Act), 2012

“In December 2012 Austria introduced an Electronic Health Records Act (EHR-Act). These provisions are the legal foundation for a national EHR system based upon a substantial public interest according to Article 8(4) of the Data Protection Directive 95/46/EC. The Austrian EHR-Act pursues an opt-out approach in order to harmonize the interests of public health and privacy issues. Tests are being carried out in the country and the system would be fully rolled out by 2017. The implementation of the new EHR system has followed a number of other tests and pilot projects. For example, the results of an independent scientific evaluation of the “e-Medikation pilot project”, which was carried out under Austria’s electronic health records project – ELGA (Elektronische Gesundheitsakte), were presented in May 2012. The aim of the e-Medikation pilot was to provide support to physicians regarding the electronic prescription of medication in a way that it would help in contributing to patients’ safety.”

Competitive Section

Key players operating in the global mental health software market are Welligent Inc., Netsmart Technologies Inc., Cerner Corporation, Valant Medical Solutions Inc., Qualifacts Systems Inc., Nextgen Healthcare Information Systems LLC, MindLinc, Credible Behavioral Health Inc. (Credible), Core Solutions Inc., and Epic Systems Corporation.

Read Press Release: https://www.coherentmarketinsights.com/press-release/mental-health-software-market-2904

Key Developments

  1. Major market players are involved in partnerships and collaborations, in order to enhance the market presence. For instance, in December 2019, Qualifacts Systems Inc., a provider of electronic health records (EHR), partnered with Violence Intervention Protection (VIP), a U.S.-based community mental health center, to deliver EHR services.
  2. Key companies in the market are focused on mergers and acquisitions, in order to gain competitive edge in the market. For instance, in October 2019, Healthcare Information Systems LLC, a U.S.-based healthcare service provider, acquired Topaz Information LLC, a behavioral health and social service provider.

Segmentation

Market Taxonomy:

  1. By Deployment Mode
  • On-premise
  • Subscription (Cloud-based)
  1. By Mode of Access
  • Desktops/ Laptops
  • Tablets/ Smartphones
  1. By Function
  • Telehealth
  • Payroll
  • Revenue Cycle Management (RCM)
  • Ledger
  • Business Intelligence
  • Electronic Health Record (EHR)
  • Clinical Decision Support
  1. By Application
  • Commercial
  • Hospitals and Clinics
  • Others
    • Psychiatrists
    • Social Workers
    • Psychologists
    • Counsellors
    • Nurse Practitioners
    • Group Therapists
  • Residential
  1. By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa
About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

To know more about us, please visit our website – www.coherentmarketinsights.com

Contact:

Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

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