Behavioral Health Software Market

Behavioral Health Software Market Size & Growth - (2019-2024)

The global Behavioral Health Software Market size is valued at USD 1.35 Billion in 2019 and is expected to reach to a decent USD 2.7 Billion by 2024, growing at a CAGR of 14.91 % during the forecast period 2019-2024.

MARKET OVERVIEW

The Behavioral Health Software market is a rapidly growing global market that is mainly driven by the need for a solution for the current-day levels of human stress and the self-curing people associated with them. The Behavioral Health Software market is expected to reach a total of USD 2.7 Billion by the end of 2023 with a 14.91 % CAGR. a leading provider of virtual behavioral health care has announced it's purchasing of Joyable, an app-based virtual therapy innovator, to become a multi-billion-dollar firm in the global market.

DRIVERS

The global market for behavioral health software is majorly driven by the need for a mode to self-heal to facilitate the human mind with the current day activities. The clinical applications of the software are another reason for the fast growth of the global market.

RESTRAINS

However, the accuracy-related to the software when compared between two individual persons is one of the major restraints to the growth of the global market. Also, the global market is concentrated in North America, and Europe may be the primary restraint to the global market expansion to the regions like Africa and the Middle East.

REPORT COVERAGE

This research report on the Global Behavioral Health Software Market has been segmented and sub-segmented into the following categories and calculated market size and forecast for each segment until 2024.

Behavioral Health Software Market - By Component            

• Support Service    
• Software  
• Integrated Software           
• Standalone Software         

On the basis of component, among the mentioned components the support services segment had the largest share of revenue generated in 2018 and is anticipated to lead the global market in the projected forecast periods.

Behavioral Health Software Market - By Delivery  

• Subscription models           
• Ownership models                   

On the basis of delivery, the subscription models’ segment is calculated to have the largest share of the market in the forecast as mentioned earlier period. The growth of this segment is mainly attributed to its flexibility, interoperability, and cost-effectiveness.

Behavioral Health Software Market - By Functionality

• Clinical       
• Administrative       
• Financial   

On the basis of functionality, Among the mentioned segments the clinical segment is the largest and fastest-growing in terms of both value and volume. The growth is attributed to the increasing government initiatives to support the adoption of this software by clinicians to give proper care at low costs.

Behavioral Health Software Market - By End User

• Community Clinics               
• Hospitals  
• Private Practices   
• Payers       
• Providers 
• Patients    

On the basis of end-user, the patients' segment is expected to be the fastest-growing in the forecast as mentioned earlier period due to a large number of users of such software by patients at homes and offices in the present-day scenario. The rising self-care for mental health in the growing population is the driving force to this segment.

Regional Analysis

North America leads the global Behavioral Health Software market by both value and volume, as of 2018. The situation of all the market key players in this region is the main reason for its leading market position. However, this region is only the second-fastest growing in the world following Europe.

Europe is the second in the lead in the global market in the year 2018. The presence of a vast customer base in and around this region is helping in the growth of the Behavioral Health Software market in Europe. This makes this the fastest growing regional market in the projected forecast period. Also, the technological supremacy of Europe and North America over the rest of the world is the necessary condition that facilitates them to develop in this emerging field, creating an eye-catching performance in the global market.

The Asia Pacific region has the next most significant market share in the year of 2018, in terms of value and volume. The regional advantages offered this region, such as ease of setup and cheap resources, and a large number of skilled populations is a significant reason for this region’s position in the global market. However, the lack of healthcare-related advancements in this region makes it only the third fastest-growing region.

On the other hand, the Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer opportunities for market growth. Hence, the Behavioral Health Software Market grows at a slow pace in these regions.

Some of the prominent companies dominating the Behavioral Health Software Market profiled in the market are

1. Advanced-Data Systems (US)
2. Epic Systems Corporation (US)
3. AdvancedMD (US)
4. Allscripts, Cerner (US)
5. Practice Fusion (US)
6. NextStep Solutions (US)
7. Compulink (US)
8. Raintree Systems (US)
9. Sigmund Software (US)
10. General Electric Company (US)