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Global Behavior/Mental Health Software Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Component, Delivery Model, Functionality, End-User & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 5934
Pages: 175
Formats: report pdf report excel report power bi report ppt

Behaviour/Mental Health Software Market Size & Growth (2022 to 2027)

As per the report, the global behavior/mental health software market size was worth USD 1.55 billion in 2022. This market is growing at a CAGR of 13.87% to reach USD 2.96 billion by 2027.

Some of the key Insights from the report:

  • Based on component, the integrated software segment has dominated the global market by acquiring 78% of the Behavior health software market share in 2021.
  • Based on Delivery Model, the subscription segment is projected to have the highest growth rate of 12.15% (CAGR) during the forecast period.
  • The North American Behaviour/Mental health market has the largest share globally, and it is expected to be worth USD 980 Million by 2027.
  • Asia pacific Behaviour/Mental health market is carrying the highest  CAGR of 15.94% and is expected to be worth USD 740 Million by 2027.

Mental health software aids behavioral health care providers in deciding the right treatment for a person suffering from stress, depression, alcohol, or anxiety. The patient's health records or details and the patient's medical history record are used to draft or construct the proposal. Patients increasingly seek care due to the rising prevalence of stress, anxiety, and depression. As a result, healthcare providers use automated technologies to monitor behavioral/mental well-being, such as software. According to WHO statistics from 2020, depression is the most common medical disease and one of the leading causes of disability worldwide. Depression is said to affect 264 million people worldwide, as per the same source. According to reports, the program allows users to schedule appointments online and pay medical bills using mobile devices such as smartphones and laptops.

MARKET DRIVERS:

The need for the generation of excess paperwork, loss of productivity among clinicians, improvement of workflow efficiency, minimizing healthcare costs, a decrease of medication errors and paperwork, and improving the quality of productivity that will have quick data access of patients are primarily driving the behavior/mental health software market growth.

Furthermore, good health reforms and, high demand for mental health services, a variant provider shortage are the factors that drive the global behavior/mental health software market. Many patients using behavioral health solutions at homes and offices for better self-care drive growth. Benefits that drive the business growth of this mental health software are improving workflow efficiency and reducing healthcare costs.

For inquiry of data accessibility and real-time analysis, the subscription model of delivery exists as an essential solution for integrated behavioral health software. It reduces the burden on healthcare systems. Subscription-based-model behavioral health software ensures fast and secure transfer of data between organizations. The benefits, as mentioned above, associated with mental health software are also excelling in market growth.

MARKET RESTRAINTS:

Data privacy is the main issue for providers. People who are not involved in treating that patient are not allowed to give information about the patient with mental illness. Cases of data infringement and data breaching are still high, which hinders the growth of the Global Behaviour/Mental Health Software Market.

Financial constraints are a major challenge for healthcare organizations, mainly in existing economies. Implementation and subscription/licensing fees for behavioral are also significant commercial drains. In addition, advanced healthcare solutions make it challenging for behavioral healthcare solutions to justify spending, at least in the short term.

Impact of COVID-19 on the global mental health software market:

Since the global pandemic COVID-19 arrived, it has been found that there has been a rise in stress, anxiety, depression, anger, and paranoia among the population, raising the incidence of mental health conditions. As a result of the growing mental health community, online sites for care and diagnosis will grow in popularity, driving the behavioral/mental health software market. During the COVID-19 global pandemic, the University of North Carolina (UNC) partnered with Google Cloud to create an app called Heroes Wellness in July 2020 to promote the mental health of first responders and healthcare staff.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Component, Delivery Model, Functionality, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Cerner Corporation, Core Solutions, Credible Behavioral Health, MindLinc, Epic Systems Corporation, Netsmart Technologies, NextGen Healthcare Information Systems, LLC, Qualifacts, The Echo Group, Valant, Medical Solutions Inc., and Welligent.

 

This research report on the global behavior/mental health software market has been segmented and sub-segmented based on the component, delivery model, functionality, end-user, and region.

Behaviour/Mental Health Software Market – By Component:

  • Support Services
  • Integrated Software
  • Standalone Software

Based on the component, the integrated software segment dominated the mental health software market in 2020 and is anticipated to continue its growth during the forecast period. The introduction of advanced technical services to manage mental healthcare practices' financial, administrative, and clinical functions is credited with the segment's growth. For example, EHR platforms provide streamlined claims and payment features that can handle complicated billing processes and a smartphone version that allows patients to access care when moving.

Behaviour/Mental Health Software Market – By Delivery Model:

  • Subscription Models
  • Ownership Models

The subscription model segment accounted for the largest market share of mental health software based on the delivery model and is likely to have a significant CAGR over the forecast period. Unlike major private practices or hospitals, many small-scale mental healthcare providers have little resources to spend on technical solutions. These practitioners are also unavailable for EHR incentive schemes due to their small practice scale. Due to a lack of reimbursement, EHRs in small-scale mental health practices are limited as a response. Mental health professionals are reluctant to spend thousands of dollars on software solutions. Where budgets are limited, small trends choose subscription-based software alternatives. The highest return on investment for mental health services would come from various low-cost options.

Behaviour/Mental Health Software Market – By Functionality:

  • Clinical Functionality
    • Electronic Health Records (EHRs)
    • Clinical Decision Support (CDS)
    • Care Plans/Health Management
    • E-Prescribing
    • Telehealth
  • Administrative Functionality           
    • Patient/Client Scheduling
    • Document/Image Management
    • Case Management
    • Workforce Management
    • Business Intelligence (BI)
  • Financial Functionality       
    • Revenue Cycle Management
    • Managed Care
    • Accounts Payable/General Ledger
    • Managed Care

Based on functionality, the Clinical Functionality segment is expected to account for the most substantial share value. It is also likely to have a high CAGR during the period. The reasons for high demand in the clinical functionality segment are increasing government initiatives to boost clinicians' adoption of the software to provide quality care to patients at lower costs.

Behaviour/Mental Health Software Market – By End-User:

  • Hospitals
  • Private Practices
  • Patients
  • Payers

Based on end-users, in terms of revenue, the patient segment had the highest market share in 2020 and was estimated to register the highest CAGR during the forecast period. The vast number of people who use mental health solutions in their homes or hospitals for improved self-care is a significant driver of the behavioral health software market for patients.

On the other hand, the Payers segment is projected to grow with an increasing CAGR during the forecast period. Favorable reimbursement policies drive segment growth. Medicare covers telehealth programs for mental health.

Behaviour/Mental Health Software Market – By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

In 2019, North America was the market leader in the global behavioral health software market, owing to behavioral health reforms and the rising number of behavioral health services. The Asia Pacific and Europe have the second and third largest markets, respectively.

The European market is expected to widen at a high CAGR due to an increase in behavioral disorders and the steps taken by the government to bring awareness regarding behavioral health.

Asia Pacific region is expected to have the fastest growth rate during the forecast period. Latin America and Middle East & Africa are attributed to a lack of awareness among clinicians and behavioral health. Disgrace is related to behavioral or mental health.

KEY MARKET PARTICIPANTS:

Some of the notable companies operating in the global behavior/mental health software market profiled in the report are Cerner Corporation (U.S.), Core Solutions (U.S.), Credible Behavioral Health (U.S.), MindLinc (U.S.), Epic Systems Corporation (U.S.), Netsmart Technologies (U.S.), NextGen Healthcare Information Systems, LLC (U.S.), Qualifacts (U.S.), The Echo Group (U.S.), Valant Medical Solutions Inc. (U.S.) and Welligent (U.S.).

RECENT MARKET DEVELOPMENTS:

  • On October 15, 2019, Netsmart, a leading health information technology partner for behavioral health, home care, senior living, and social services organizations, announced that it had achieved a record of more than a 300million health data transactions facilitated through its Care Fabric. 
  • On April 24, 2019, Plum Healthcare, a leading senior living provider and Netsmart Partner, joined to innovate new technology to enhance integrated care. 
  • On August 17, 2019, Cantex caring network and Diakon Lutheran Social Ministries came together.
  • Netsmart has announced the successful launch of an industrial breakthrough solution. 
  • On May 02, 2019, Netsmart, a healthcare IT provider, announced that it had acquired a Pennsylvania–based healthcare consulting firm. 

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FAQ's

Which product segment will dominate the behavioral health software market in the future?

The integrated Software segment will dominate the Behaviour/Mental health software market in future

What is the projected market value of Behavior/Mental Health market by 2027?

The Behavior/Mental Health market is growing at a CAGR of 13.87% and is expected to reach USD 2.96 billion by 2027.

Does this report include the impact of COVID-19 on the Behavior/Mental health market?

Yes, we have studied and included the COVID-19 impact on the Behavior/Mental Health market in this report. 

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