01-Aug-2022 | Facts and Factors
According to Facts and Factors, the Global Mental health software market size was worth USD 2,014.10 million in 2021 and is estimated to grow to about USD 5,576.88 million by 2028, with a compound annual growth rate (CAGR) of approximately 18.50% over the forecast period. The report analyzes the Mental Health Software market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Mental Health Software market.
Any counselor or mental health specialist can use behavioral and mental health software to comprehend the patient's behavioral and mental patterns and assist them in coming up with a personalized treatment. The management and recording of patient cognitive and behavioral data are also done using mental health software. Additionally, the program handles billing, appointments, and bed management, all of which contribute to the organization's efficiency. Additionally, behavioral or mental health software is often used to manage the clinical, administrative, and financial obligations associated with clinic and hospital processes.
Browse the full “ Mental Health Software Market Size, Share, Growth Analysis Report By Component (Software, Integrated, Standalone, Support Services), By Function (Clinical, EHRs, Clinical Decision Support, Care Plans, E-prescribing, Telehealth, Administrative, Patient/Client Scheduling, Document Management, Case Management, Workforce Management, Business Intelligence, Financial, Revenue Cycle Management, Managed Care, General Ledger, Payroll), By Delivery Model (Ownership, Subscription), By End-use (Providers, Hospitals & Clinics, Community Centers, Payers, Patients), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/mental-health-software-market
Additionally, the COVID-19 epidemic has led to an upsurge in cases of stress, despair, paranoia, and anxiety, among other mental health issues. As a result, the prevalence of mental health issues increased quickly. Consequently, the utilization and demand for mental health software greatly rose as a result of the rising number of people with mental illnesses during COVID-19. Furthermore, cooperation in developing new services to address the surge in demand brought on by the pandemic has improved market data.
The global mental health software market will expand over the coming years due to the increasing adoption of technological and I.T. solutions, particularly in the healthcare infrastructure of developed and developing economies, as well as the rising demand for the best and most efficient behavioral or mental health services. Experts in the mental health field can use these software programs to manage administrative, clinical, and financial duties effectively. In the upcoming years, the global market for behavioral health software is anticipated to benefit from more healthcare institutions using electronic health records.
Segmental Overview
The mental health software market is segregated based on component, delivery model, function, and end user.
The market is segmented on components: software, integrated, standalone and support services. The support services sector is anticipated to hold the biggest market share in 2021. Based on the delivery model, the market has been segmented into ownership and subscription. The subscription segment dominated the market with a share of more than half in 2021. Clinical, EHRs, care planning, E-prescribing, telehealth, administrative, patient scheduling, document management, case management, workforce management, financial, revenue cycle management, and payroll are the different functional segments of the market. The clinical segment held the largest revenue share of over 50.0% in 2021.
Based on end users, the market has been segmented into community clinics, hospitals, and private practices. Community clinics are anticipated to hold the highest proportion in 2021.
Regional Overview
North America accounted for 41.8% of the market revenue in 2021. The reimbursement scenario is favorable because Medicare in the U.S. pays for telepsychiatry services. In addition, Medicare policies continue to be improved as mental health software becomes more widely known. As an illustration, the Telemental Health Expansion Act (HR 5201) was presented in the U.S. Congress in November 2019 and sought to exempt the regional limitations in the standards for mental health treatments provided via telehealth.
On the other side, Asia Pacific is anticipated to experience the greatest CAGR throughout the projected period, at 13.38%. Regional expansion is predicted to be fueled by rising older populations in China and Japan, increasing smartphone and internet usage, and combined factors. Numerous smartphone users in Asian nations like China and India present enormous industry growth prospects.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 2,014.10 Million |
Projected Market Size in 2028 |
USD 5,576.88 Million |
CAGR Growth Rate |
18.50% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Meditab Software, Mindlinc, Netsmart, Nextgen Healthcare, Qualifacts, The Echo Group, and Others |
Key Segment |
By Component, Function, Delivery Model, End-use, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Key Players Insights
The report contains qualitative and quantitative research on the global mental health software market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Key players functioning in the mental health software market include Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Meditab Software, Mindlinc, Netsmart, Nextgen Healthcare, Qualifacts, and The Echo Group.
Recent developments:
The Mental Health Software market is segmented as follows:
By Component Outlook
By Function Outlook
By Delivery Model Outlook
By End-use Outlook
By Regional Outlook
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