In-depth insights into behavioral health software market

In-depth insights into behavioral health software market

strategicmarket
24 January 2023

The behavioral, cognitive, and addictive data of patients are tracked and managed through behavioral health software. The program also manages invoices, appointments, and bed management, improving the business’s efficiency. Software for behavioral and mental health is typically designed to manage clinical, administrative, and operational responsibilities connected to the clinic and hospital procedures. Case management and result management are other uses for it. Customers are encouraged to utilize behavioral health software because it is readily available in various forms and helps with clinic operations.

 

The market share of behavioral health software in 2021 was USD 2.44 billion and will be worth USD 7.61 billion by 2030 at a 13.39% CAGR during 2021-2030.

 

High demand for mental health services despite a provider shortage and rising adoption of behavioral health software will boost the market for behavioral health software over the anticipated period. Additionally, government initiatives to encourage behavioral health institutions to use EHRs and government funding for the same will improve the sector in the coming years.

 

Market Dynamics 

 

Drivers

 

The global behavioral health software market is expanding due to the rising adoption of technological and IT solutions in healthcare and medical infrastructure in developed and developing economies and the rising demand for the best and most efficient behavioral or mental health services. The experts in the behavioral health field can effectively handle administrative, clinical, and financial tasks using these software solutions. The global market for behavioral health software will benefit due to the growing usage of electronic health records (EHR) in numerous healthcare facilities worldwide.

 

Restraints

 

The primary concern for providers in behavioral health is data privacy. Behavioral health professionals cannot disclose information on patients who take drugs or have mental illnesses to anybody who is not under the patient’s care or their immediate family. Thanks to data integration using behavioral IT technology, the patient’s data can now be viewed by any healthcare professional, even if they are not involved in the case.

 

Opportunity

 

For producers of behavioral health software, emerging markets in the Asia-Pacific region, Latin America, the Middle East, and Africa will probably offer significant development opportunities. Healthcare providers in many countries will be encouraged to embrace EMR and EHR technologies by government initiatives to develop standards, rules, and infrastructure. An NCBI study found that 2322 Chinese hospitals now use EHRs, and that number is likely to rise soon.

 

Market Segmentation

 

By Component, in 2021, the software segment ruled the market with the largest share of 83.0%. The segment is expanding due to an increase in the use of technological solutions to handle the financial, administrative, and clinical aspects of psychiatry practices. The claims process is streamlined by the revenue cycle management offered by the program. These tools enable medical practitioners to create and select the best treatment program for a patient with depression, stress, anxiety, substance abuse, and addiction.

 

By function, with the largest revenue share of 33% in 2021, the business intelligence segment ruled the overall market. It is because business intelligence is used more frequently in remote healthcare, patient safety, and cost control.

 

Regional Insights

 

North America held the largest market position, with a revenue share of 45% in 2021. The market size of US behavioral health in 2020 was worth USD 90.5 billion. The burden of unhappiness and stress in work and personal life is growing, which fuels regional growth and the adoption of behavioral health-related software. More than 45 million Americans, or 18.57% of the population, have a mental health issue, according to Mental Health America 2020. In addition, there were 99,000 more young people than the previous year who reported having major depressive episodes (MDE).

 

Asia Pacific will grow at a rapid 13.38% CAGR during the forecast period. The regional expansion will be driven 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.

 

Key Players 

 

  • Cerner
  • m&m behavioural health solutions
  • Advanced-Data Systems,
  • AdvancedMD
  • DrChrono
  • athenahealth inc
  • ClinicSour
  • ChartLogic
  • CareCloud
  • Credible Behavioral Health
  • Kareo
  • Compulink
  • Core Solutions
  • Meditab Software
  • Nextgen Healthcare
  • Qualifacts
  • Mindlin
  • Netsmart
  • The Echo Group
  • Valant
  • Epic systems corporations
  • Accumedic
  • Welligent
  • Cure MD
  • Mediware
  • Allscripts

 

The market share of behavioral health software in 2021 was USD 2.44 billion and will be worth USD 7.61 billion by 2030 at a 13.39% CAGR during 2021-2030. Factors driving the expansion of the global market for behavioral health software include rising healthcare costs, increasing government funding and support for the improvement of behavioral healthcare services, behavioral health modifications, and an increase in the number of people seeking behavioral health support.

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