Mental Health Software Market : Competitive Benchmarking, Strategy And Demand Trend Analysis
Summary
- In July 2020, Cerner(US) collaborated with Nuance Communications, Inc. (US). This long-standing collaboration aimed to integrate Nuance’s virtual assistant technology into Cerner Millennium.
- In April 2020, Netsmart (US) partnered with The California Department of Veterans Affairs (CalVet, US). This partnership helped CalVet to implement Netsmart’s person-centered EHR platform, myUnity, to provide enhanced clinical.
Factors such as the increasing adoption of behavioral 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 driving the growth of this market.
Mental Health Software Market (MarketsandMarkets)
The major players in the behavioral health software market are Cerner (US), Netsmart (US), and Qualifacts (US). Analysis of the market developments between 2018 and 2020 revealed that partnerships & agreements, product launches, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the blood culture tests market.
Increasing adoption of behavioral health software
High healthcare costs for the treatment of behavioral health-related problems or mental illnesses form a key concern for governments. Globally, depression is a common mental disorder; more than 264 million people of all ages suffer from depression. The global cost for the treatment of mental illnesses was ~USD 2.5 trillion in 2020; this figure is projected to reach USD 6 trillion by 2030 (Source: Lancet Commission). Additionally, serious mental illnesses cost the US an estimated USD 193.2 billion in lost earnings per year (Source: National Alliance of Mental Illness). In Canada, mental health problems cost more than USD 42.4 billion (CAD 51 billion) every year (Source: Centre for Addiction and Mental Health).
The need for and generation of excessive paperwork (resulting in loss of productivity among clinicians) and improper revenue cycle management by behavioral health organizations are the major factors resulting in the high cost of treatments. 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.
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The global behavioral health software market is expected to reach USD 4.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 19.6%
Who are the leading players in the behavioral health software market?
- Advanced Data Systems (US),
- AdvancedMD (US),
- Cerner (US),
- Compulink (US),
- Core Solutions (US),
- Credible Behavioral Health (US),
- Kareo (US),
- Meditab Software (US),
- Mindlinc (US)
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