Mental Health Software Market To Experience Major Revenue Surge At 14.8%
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- What the market looks like?
- What are the key factors driving market growth?
Increasing adoption of mental health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage are the major factors driving the growth of mental health software market.
This report aims to provide detailed insights into the global mental health software market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
The mental health software market is expected to reach $2,306 million by 2022 from $1,155 million in 2017, at a CAGR of 14.8%.
Browse 255 Market Data Tables and 37 Figures spread through 222 Pages and in-depth TOC on "Behavioral/Mental Health Software Market by Component (Service, Software), Delivery (Subscription, Ownership), Functionality (Clinical, Administrative, Financial), End User (Clinic, Hospital, Private Practice, Payer), and Region - Global Forecast to 2022"
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Driver: Increasing Adoption of BHS:
High healthcare costs for the treatment of behavioral health-related problems or mental illnesses form a key concern for governments. The global cost of the treatment of mental illnesses was ~USD 2.5 trillion (of which two-thirds are indirect costs) in 2010; this is slated to reach USD 6 trillion by 2030 (Source: WHO). In 2013, the US spent an estimated USD 201 billion on mental disorders like anxiety and depression (Source: Health Affairs). Additionally, serious mental illness costs the US an estimated 193.2 billion in lost earnings per year (Source: National Alliance of Mental illness). Similarly, in Canada, mental health problems cost more than CAD 51 billion every year (Source: Centre for Addiction and Mental Health).
Major contributing factors to these high costs are the need for and generation of excessive paperwork, causing loss of productivity amongst clinicians and improper revenue cycle management by behavioral health organizations. The need to resolve these issues has boosted attention on and the adoption of behavioral health software, as a means of reducing medication errors and paperwork; enhancing productivity by ensuring quick patient data access; improving workflow efficiency; and minimizing healthcare costs. These benefits of behavioral health software have driven their adoption, especially among large hospitals and community clinics.
Opportunity: Growing Emphasis on Subscription Model:
For enhanced data accessibility and real-time analysis, the subscription model of delivery has emerged as a significant solution for integrated or standalone behavioral health software. This helps healthcare organizations to share information stored across different systems, in real time. Furthermore, the subscription model requires minimal upfront investment and also reduces the burden on healthcare systems. This results in increased productivity and cost-efficiency. Subscription model-based behavioral health software also ensures fast and secure transfer of data between organizations. These advantages will offer significant growth opportunities to behavioral health software vendors in mental health software market.
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Key Players In Mental Health Software Market:
Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Welligent (US), Valent (US), The Echo Group (US), Kareo (US), Meditab Software (US), Qualifacts (US), Mindlinc (US), Netsmart (US), and Nextgen Healthcare (US)
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