Behavioral Health Software Market Trends and Insights by Functionality (Clinical Functionality [Electronic Health Records (EHRs), Clinical Decision Support (CDS), Telehealth, and Others], Administrative Functionality [Patient/Client Scheduling, Workforce Management, and Others], Financial Functionality [Revenue Cycle Management, Managed Care, and Others], by Delivery Method (Subscription Model and Ownership Model), by Type (Standalone and Integrated), by End User (Payers, Providers, and Patients) and by Region (North America, Europe, Asia-Pacific, Rest of the World), Competitive Market Growth, Size, Share and Forecast to 2027
New York, USA, June 02, 2022 (GLOBE NEWSWIRE) — Behavioral Health Software Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Behavioral Health Software Market Information by Functionality, by Delivery Method, by Type, by End User, by Region – Forecast till 2027”, the market size is projected to be worth USD 5,861.78 million by 2027, registering a CAGR of 19.13% during the forecast period (2021 – 2027).
Market Scope:
The association between everyday cognitive behaviors and mental and physical health is referred to as behavioral health. Behavioral health and mental health are typically used interchangeably. Team underperformance, presenteeism, and absenteeism are problems associated with a detrimental effect on behavioral health. Behavioral health software can be characterized as custom-built, specialized software used by psychologists to assess behavioral patterns in patients and recommend treatment for a variety of behavioral conditions, including anxiety, stress, addiction, and depression. It can retrieve laboratory, pharmacy, and radiological data observations on individuals receiving treatment. In addition, the program provides a comprehensive report addressing the needs of each unique patient.
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Report Scope:
|
Report Attribute |
Details |
|
Market Size |
USD 5,861.78 Million |
|
CAGR |
19.13% |
|
Base Year |
2020 |
|
Forecast Period |
2021-2027 |
|
Historical Data |
2019 |
|
Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Functionality, by Delivery Method, by Type, by End User, by Region |
|
Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|
Key Market Drivers |
Increasing levels of stress, anxiety, and depression |
|
Rising government initiatives • Increase in adoption of EHR solutions |
Behavioral Health Software Market Competitive Dynamics:
The industry participants are employing a variety of business tactics to expand their market position. They are investing considerably in R&D to increase their product line, hence propelling the behavioral health software industry. In addition, market participants are implementing a number of strategic measures, including as new product launches, contractual agreements, mergers & acquisitions, rising investments, and partnerships with other market participants, in order to increase their global footprint. The major market players are:
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Cerner Corporation (US)
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Credible Behavioral Health (US)
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Meditab Software, Inc. (US)
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Mindlinc (US)
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Netsmart Technologies (US)
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Epic Systems Corporation (US)
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Mediware (US)
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Allscripts Healthcare LLC (US)
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Valent Medical Solutions Inc. (US)
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Core Solutions Inc. (US)
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Others
Market Dynamics:
Market Drivers:
Growing adoption of technological and IT solutions in especially in healthcare infrastructure in developed and developing economies, as well as the rising demand for optimal and effective behavioral or mental health services, will drive the growth of the global behavioral health software market over the next few years. These software applications can be applied by experts in the field of behavioral health to properly manage administrative, clinical, and financial responsibilities. In the future years, the increasing usage of electronic health records (EHR) in various healthcare institutions throughout the world is anticipated to have a beneficial impact on the worldwide behavioral health software market.
Increasing popularity of telephonic mental health services such as counseling and talk therapy via video conferencing or audio calls has enabled people living in the most remote regions of the world to access these services independent of their physical whereabouts. This rising tendency, which is directly backed by the COVID-19 pandemic, is projected to stimulate the demand for behavioral health software in the near future. As a result of the pandemic, there are more cases of anxiety, fear, despair, and frustration, which increases the demand for effective solutions on the worldwide behavioral health software market.
Market Limitations:
The expansion of the behavioral health software industry is hindered by the likelihood of data breaches involving data privacy. Medical personnel who provide behavioral mental health care cannot disclose patient information to anybody not directly involved in the patient’s care. Therefore, maintaining data confidentiality is essential. Several data breaches have occurred in the past, undermining confidence in the data confidentiality of behavioral health software.
COVID-19 Analysis:
COVID-19 has had a huge impact on the mental health of individuals worldwide. According to the World Federation for Mental Health, COVID-19 has greatly raised the pre-pandemic demand for mental health services. In addition to disrupting mental health therapy, the pandemic has raised the need for digital intervention.
Such effects have heightened the need for sophisticated behavioral health software to counteract the pandemic’s disturbances. During the pandemic, medical institutions relied significantly on EHR and telehealth systems to offer care remotely. Consequently, the pandemic favorably impacted the behavioral health software market by generating several growth prospects.
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Behavioral Health Software Market Segmentation:
By Functionality
Clinical functionality retained the biggest market share in 2020 as a result of doctors’ high demand for behavioral health software and favorable government efforts.
By Delivery Method
In 2020, the subscription model category held the biggest market share due to its popularity among small and medium-sized mental health providers. The lack of sufficient funds prevents them from obtaining full software ownership and paying a substantial cost.
By type
In 2020, the integrated market category held the greatest market share. Different functionalities, such as clinical, administrative, and financial assistance, are incorporated into a single platform by integrated software. This enables customers to subscribe to a single software platform that provides access to the most prominent services.
By end-use
In 2020, the Patients category maintained the greatest market share due to the huge number of patients utilizing behavioral health software in homecare settings and hospitals. People suffering from a behavioral or mental disease who are undergoing treatment from mental health specialists are classified as patients. Patients utilize software for behavioral health for self-care goals. Increasing mental health awareness is also anticipated to contribute to the expansion of this market sector.
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Behavioral Health Software Market Regional Analysis:
In terms of revenue, North America commanded the biggest market share. It is projected that the tendency would continue during the projection period. Market expansion in the region can be ascribed to an increase in the number of patients with behavioral health difficulties, a rise in the adoption of behavioral health software, and an increase in public awareness.
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Increased access to behavioral health care, a rise in the frequency of behavioral diseases, and government initiatives to raise awareness about behavioral health are expected to propel the growth of the European market at a rapid rate throughout the forecast period.
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