The global behavioral health software market was valued at $1.92 billion in 2021 and it is expected to reach $2.38 billion at a CAGR of 15.8% between 2022 and 2032. Major drivers of market expansion include government funding, rising use of mental health software, positive behavioral health reforms in the US, government initiatives to encourage EHR adoption in psychiatry hospitals and facilities, and high demand for mental health services despite a shortage of providers.
Software for electronic medical records specifically created for the demands of behavioral health specialty is known as "mental and behavioral health software." Patients now anticipate the simplicity of use and connectivity offered by specialist practice management software, thanks to government changes to medical practice laws, more access to the internet and mobile technologies, and increased adoption of EMR software. Moreover, compared to many other medical specialties, practitioners of mental and behavioral health have particular demands. Professionals in the fields of mental and behavioral health may operate in a variety of settings, including private offices, outpatient clinics, sizable inpatient rehabilitation institutions, or long-term care facilities. Make sure you choose a software system that supports your unique workflow and care, delivery model because the majority of software systems are designed for some but not all of these environments. Furthermore, the requirements of Psychiatrists, Psychologists, Clinical Social Workers, or other licensed therapists and their support workers should be met by all of the systems in this category. The majority of specialty-specific solutions don't have all the capabilities required, and the majority of generic medical software systems don't meet their needs, so a unique healthcare IT solution must typically be developed for each provider or facility.
Source: SAI Research
The adoption of behavioral health software has increased as a result of the need to address the high costs of mental health treatment. This has happened to decrease prescription errors and paperwork, boost productivity by ensuring quick patient data access, increase workflow efficiency, and lower healthcare costs. Hospitals can use mental health software as a useful tool to reduce costs. The advantages of mental health software have significantly expanded the global market for behavioral health. Additionally, increasing government funding and support for the improvement of behavioral healthcare services, behavioral health modifications, rising healthcare costs, and an increase in the number of people seeking behavioral health support are some of the factors boosting the growth of the global market for mental health software. Additionally, the global market is expanding as a result of rising residential user awareness and rising e-health record system adoption. Consumers are becoming more and more dependent on their cellphones for everything from entertainment to fitness to shopping, and during this time, they are also looking for support for their mental health. In addition, software providers are helping to resolve the healthcare dilemma.
On the other side, factors limiting the growth of the worldwide mental health software market include a lack of data privacy, a shortage of qualified healthcare professionals and physiatrists, integration challenges, and a low adoption rate of the software.
Based on component type, the software category has driven market growth over the past few years and is also estimated to hold its dominant position during the forecast period. In addition, this segment is expanding as a result of 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 technologies give medical professionals the ability to create and select the best treatment plan for a patient dealing with problems including depression, stress, anxiety, substance abuse, and addiction. Additionally, the program handles billing, appointments, and bed management, all of which contribute to the organization's efficiency.
In terms of disorder type, the PTSD segment has been increasing and is expected to drive the market over the forecast period due to its rising cases in several nations globally. Any age group can suffer from post-traumatic stress disorder. However, some factors, such as intense or protracted trauma, earlier life trauma, such as childhood abuse, having a job that increases your risk of exposure to traumatic events, such as military personnel and first responders, having other mental health issues, such as anxiety or depression, and others, may make you more likely to develop PTSD after a traumatic event. Hence, these major factors are accelerating this segment which would propel the market growth over the forecast period.
Based on end-user type, hospitals and private clinics categories are accounted for the largest share of the market. The segmented landscape will accelerate due to the rising prevalence of post-traumatic stress disorder in the general population and the rise of private practice counselors. Additionally, the segment is growing as a result of increased worry and stress, the availability of more mobile apps, and better internet connectivity.
Geographically, the North American region accounted for the largest share of this market. Also, this region is anticipated to hold its dominant position during the forecast period due to rising cases of mental health issues, technological advancements, and the majority and key players located in several emerging nations across North America. The reimbursement scenario is favorable because Medicare in the US pays for telepsychiatry services. Medicare policies continue to be improved as mental health software becomes more widely known. These rising factors are also anticipated to propel market growth.
According to the study, key players such as Advanced Data Systems (U.S), Allscripts (U.S), Accumedic (U.S), CureMD (U.S), Compulink (India), Credible Behavioral Health Software (U.S), Kareo (U.S), Global Payments (U.S), Mediware (India), Netsmart (U.S), NextGen Healthcare (U.S), Oracle Corp (U.S), Qualifacts (U.S), The Echo Group (U.S), Valant (U.S), Welligent (U.S), among others are leading the global behavioral health software market.
|Market Size in 2021||US$ 1.92 Billion|
|Market Volume Projection by 2032||US$ 2.38 Billion|
|Forecast Period 2022 to 2032 CAGR||15.8%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Component Type: Software, Support Services & Others
By Mental Disorder Type: Anxiety, Schizophrenia, Substance Abuse, Bipolar Disorder, Post-Traumatic Stress Disorder & Others
By End-User Type: Hospitals, Private Clinics, Community Clinics & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Advanced Data Systems (U.S), Allscripts (U.S), Accumedic (U.S), CureMD (U.S), Compulink (India), Credible Behavioral Health Software (U.S), Kareo (U.S), Global Payments (U.S), Mediware (India), Netsmart (U.S), NextGen Healthcare (U.S), Oracle Corp (U.S), Qualifacts (U.S), The Echo Group (U.S), Valant (U.S), Welligent (U.S), among others|
The Global Behavioral Health Software Market – by Component Type:
The Global Behavioral Health Software Market – by Mental Disorder Type:
The Global Behavioral Health Software Market – by End-User Type:
The Global Behavioral Health Software Market – by Regions: