Polaris Market Research recently published a research report on “Behavioral and Mental Health Software Market Share, Size, Trends, Industry Analysis Report, By Component (Support Services, Software); By Delivery Model; By Functionality; By End-Use; By Region; Segment Forecast, 2022 – 2030” in its research database.
According to a recent research study, the global behavioral and mental health software market size & share was valued at USD 4.56 billion in 2021 and is expected to surpass USD 17.49 Billion By 2030, growing at a CAGR of 17.4% during the forecast period.
What is Behavioral and Mental Health Software? How Big is Behavioral and Mental Health Software Market Share?
Stress has been identified as one of the biggest health issues affecting people in a majority of countries worldwide. Mental health can be supported by behavioral and mental health software. Physicians or healthcare providers can use this software system to simplify and manage patient-facing and other healthcare processes. Like medical practice management software, behavioral and mental health software has a real-time monitoring feature that enables providers to keep track of patient progress. This system also simplifies the communication between providers and patients
The behavioral and mental health software is expected to streamline the clinics’ process and digitize paperwork in the coming years. Increasing adoption of behavioral and mental health software adoption rising initiatives by the government to encourage EHR adoption in behavioral health organizations are some of the primary factors driving the market’s growth. The software also integrates EHR software, LIMS software, pharmacy management software, and medical billing software.
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Key Aspects of the Report:
- Progressive industry trends in the global behavioral and mental health software market to help players develop effective long-term strategies
- Quantitative and qualitative analysis of the market
- Estimation of the demand for behavioral and mental health software across various industries
- Recent developments to understand the competitive scenario
- Trends and outlook coupled with factors driving and restraining the growth of the industry
- Detailed overview and segmentation of the global market as well as its dynamics
Some of the Top Market Players Are:
- Advanced Data Systems
- Core Solutions
- Credible Behavioral Health
- Meditab Software
- The Echo Group
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Behavioral and Mental Health Software Market: Growth Drivers
The use of management software by healthcare providers is expected to improve the treatment of mental health problems. The rising adoption of integrated EHRs by healthcare providers to effectively manage practices and save costs is expected to boost the growth of the behavioral and mental health software market. Beneficial behavioral health regulations available in the United States, coupled with a surge in demand for behavioral and mental well-being services, are supporting the growth of the market.
Lower medication errors and paperwork, increase productivity by taking into account quick patient data access, improved workflow effectiveness, and lower medical costs are several key benefits provided by behavioral and well-being software. These advantages are accelerating industry growth. Moreover, companies in this market are focusing on launching new products and services, which is expected to positively influence the expansion of the behavioral and mental health software market. Also, the growth of Medicare coverage by private health insurance is further anticipated to propel the market growth.
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Behavioral and Mental Health Software Market: Report Scope
|Market Outlook for 2030||USD 17.49 Billion|
|Market Size 2021 Value||USD 4.56 Billion|
|Expected CAGR Growth||17.4% from 2022 – 2030|
|Forecast Year||2022 – 2030|
|Top Market Players||Accumedic, Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Kareo, Meditab Software, and The Echo Group|
|Segments Covered||By Component, By Delivery Model, By Functionality, By End-user, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
Report Key Segmentation
- Insight by Component
The software segment recorded the largest market share in 2021
Based on component, the software segment dominated the behavioral and mental health software market with the largest revenue share in 2021, owing to the growing applications of technological solutions to manage the financial, administrative, and clinical factors of psychiatry practices. The mobile application of EHR systems comprises claims and billing capability that let patients manage billing procedures. The software segment is further segmented into integrated and standalone segments.
- Insight by Delivery Model
Subscription model is anticipated to account for the largest market share.
The delivery model segment is categorized into two segments including ownership and subscription. The subscription model segment of the behavioral and mental health software market held the largest share in 2021 and is anticipated to grow at the fastest CAGR during the forecast period. Small-scale mental medical providers usually prefer subscription-based services due to a lack of money to invest in technological solutions.
- Insight by Functionality
Clinical functionality is expected to witness a significant market share
Based on functionality, the clinical functionality segment witnessed the largest revenue growth in the behavioral and mental health software market in 2021 and is anticipated to retain this growth throughout the forecast period. Behavioral health services offer various clinical features, including claim filing, documentation, appointment scheduling, billing, and coding. However, the administrative functionality segment is likely to show the fastest growth during the study period.
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North America is expected to generate significant market growth
Based on geography, North America is expected to account for the largest revenue share in the behavioral and mental health software market due to the factors such as the increasing number of people requiring behavioral health services and favorable behavioral health reforms in the US. Also, growing funding by the government for behavioral health services in North America is fueling the market growth in the region. For instance, in November 2019, the Telemental Health Expansion Act (HR 5201) was introduced in the U.S. Congress. Under this act, the plan is to exempt the regional restrictions in the guidelines for mental health services delivered via telehealth.
Moreover, factors such as a surge in smartphone and internet penetration, as well as an increasing number of smartphone users in Asian nations like China and India, are expected to propel the expansion of the behavioral and mental health software market.
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- In February 2021, Netsmart purchased GPM, a provider of technologies and services for software as a service with headquarters in North Carolina. This partnership will provide interoperable data sharing between long-term care facilities and providers using the CareFabric platform from Netsmart.
- In July 2020, Cerner and Nuance Communications, Inc. announced the collaboration. The partnership aims to incorporate Cerner Millennium with Nuance’s virtual assistant technology.
Key Questions Answered in The Report Include
- What is the current market size?
- How will the global market change over the forecast period, and what will be the market size of behavioral and mental health software in the upcoming years?
- What are the main trends that have a positive impact on the growth of the global market?
- What are the growth opportunities that could emerge in the industry in the coming years?
- How is the market sub-categorized, and which are the leading segments?
- What strategies are the market players adopting?
- What are the critical concerns of the five forces analysis?
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