Global Mental Health Software Market Share Is Likely to Grow at A CAGR Value of Around 21.83% By 2032

08-Apr-2024 | Facts and Factors

According to Facts and Factors, the Global Mental health software market size was worth USD 4.37 billion in 2023 and is estimated to grow to about USD 25.84 billion by 2032, with a compound annual growth rate (CAGR) of approximately 21.83% 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. 

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Browse the full “ Mental Health Software Market Size, Share, Insights Report By Component (Software [Integrated Software & Standalone Software] and Services), By Delivery Model (Subscription and Ownership), By Application (Clinical [EHR for Behavioral Health, Therapy Management Software, Telehealth Platforms For Mental Health] and Administrative), and By Region – Global Industry Analysis, Emerging Trends, Demand and Forecast Report 2024 – 2032" report at https://www.fnfresearch.com/mental-health-software-market-report

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, application, 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 2023. 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 2023. 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 2023.

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 2023.

Regional Overview

North America accounted for 41.8% of the market revenue in 2023. 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 2023

USD 4.37 Billion

Projected Market Size in 2032

USD 25.84 Billion

CAGR Growth Rate

21.83% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

The Echo Group, Qualifacts, Nextgen Healthcare, Netsmart, Mindlinc, Meditab Software, Credible Behavioral Health, Core Solutions, Compulink, Cerner, AdvancedMD, Advanced Data Systems, and Others.

Key Segment

By Component, By Delivery Model, By Application, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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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 The Echo Group, Qualifacts, Nextgen Healthcare, Netsmart, Mindlinc, Meditab Software, Credible Behavioral Health, Core Solutions, Compulink, Cerner, AdvancedMD, Advanced Data Systems, and others.

Recent developments:

  •  InSync Healthcare Solutions, a top supplier of EHR and practice management software as well as revenue cycle management services for behavioural, medical, and rehabilitation specialists were acquired by Qualifacts and Credible in December 2021. Because of this merger, both companies were able to offer the mental health and human services sector innovation, technology, customer support, and complementary solutions.
  •  American Well, a top supplier of a digital mental health platform, completed the acquisition of SilverCloud Health and Conversa Health in August 2021. By improving and bolstering the connection between real and virtual care, the acquisition hoped to improve its market position.

The Mental Health Software market is segmented as follows:

By Component

  • Software
    • Integrated Software
    • Standalone Software
  • Services

By Delivery Model

  • Subscription
  • Ownership

By Application

  • Clinical
    • EHR for Behavioral Health
    • Therapy Management Software
    • Telehealth Platforms for Mental Health
  • Administrative
    • Document Management
    • Patient Scheduling
    • Workforce Management
    • Case Management

By Regional Outlook

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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