New York, U.S., June 2, 2022 (GLOBE NEWSWIRE) — Behavioral Health Software Market Insight
According to a comprehensive research report by Market Research Future (MRFR), “Behavioral Health Software Market Insights by Feature, by Delivery Method, by Type, by End User, by Region – Forecast to 2027the market size is expected to be worth USD 5,861.78 Million by 2027, registering a CAGR of 19.13% during the forecast period (2021 – 2027).
The association between everyday cognitive behaviors and mental and physical health is called behavioral health. Behavioral health and mental health are generally used interchangeably. Team underperformance, presenteeism and absenteeism are issues associated with a detrimental effect on behavioral health. Behavioral health software can be characterized as specialized, bespoke software used by psychologists to assess patients’ behavioral patterns and recommend treatment for a variety of behavioral conditions, including anxiety, stress, addiction, and depression. . It can retrieve observations of laboratory, pharmacy and radiological data on people receiving treatment. Additionally, the program provides a comprehensive report meeting the needs of each unique patient.
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|Market size||$5,861.78 million|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||Feature, by delivery method, by type, by end user, by region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Increased levels of stress, anxiety and depression|
|Growing government initiatives • Increased adoption of EHR solutions|
Behavioral Health Software Market Competitive dynamics:
Industry participants employ a variety of business tactics to expand their market position. They invest heavily in R&D to increase their product line, thereby propelling the behavioral health software industry. Additionally, market players are implementing a number of strategic moves including new product launches, contractual agreements, mergers and acquisitions, increasing investments and partnerships with other market players, to increase their global footprint. The main market players are:
- Cerner Corporation (USA)
- Credible Behavioral Health (US)
- Meditab Software, Inc. (USA)
- Mindlinc (USA)
- Netsmart Technologies (USA)
- Epic Systems Corporation (USA)
- Mediware (US)
- Allscripts Healthcare LLC (USA)
- Valent Medical Solutions Inc. (USA)
- Core Solutions Inc. (USA)
Growing adoption of technological and IT solutions, especially in healthcare infrastructure in both developed and developing economies, along with growing demand for optimal and effective behavioral or mental health services, will drive the growth of the global healthcare market. behavioral health software over the next few years. . These software applications can be applied by experts in the behavioral health field to properly manage administrative, clinical, and financial responsibilities. In the coming years, the growing use of electronic health records (EHR) in various healthcare institutions across the globe is expected to have a beneficial impact on the global behavioral health software market.
The growing popularity of telephone mental health services such as counseling and talk therapy via video conferencing or audio calls has made it possible for people living in the most remote parts of the world to access these services regardless of their physical location. . This upward trend, which is directly supported by the COVID-19 pandemic, is expected to drive the demand for behavioral health software in the near future. Due to the pandemic, there are more instances of anxiety, fear, despair, and frustration, which is increasing the demand for effective solutions in the global behavioral health software market.
The expansion of the behavioral health software industry is hampered by the likelihood of data breaches involving data privacy. Medical personnel who provide behavioral mental health care cannot disclose patient information to anyone not directly involved in the patient’s care. Therefore, maintaining data confidentiality is essential. Several data breaches have occurred in the past, undermining trust in the privacy of behavioral health software data.
COVID-19 has had a huge impact on the mental health of individuals around the world. According to the World Federation for Mental Health, COVID-19 dramatically increased the demand for mental health services before the pandemic. In addition to disrupting mental health therapies, the pandemic has heightened the need for digital intervention.
Such effects have heightened the need for sophisticated behavioral health software to counter the disruptions of the pandemic. During the pandemic, medical facilities have relied heavily on EHR and telehealth systems to deliver care remotely. Hence, the pandemic has favorably impacted the behavioral health software market by generating several growth prospects.
Browse the in-depth market research report (120 pages) at Behavioral Health Software: https://www.marketresearchfuture.com/reports/behavioral-health-software-market-10827
Behavioral Health Software Market segmentation :
Clinical functionality retained the largest market share in 2020 owing to strong demand from physicians for behavioral health software and favorable government efforts.
By delivery method
In 2020, the subscription model category held the largest market share due to its popularity among small and medium mental health providers. Lack of sufficient funds prevents them from obtaining full ownership of the software and paying a substantial cost.
In 2020, the integrated market category held the largest market share. Different functionalities, such as clinical, administrative and financial assistance, are integrated into a single platform by integrated software. This allows customers to subscribe to a single software platform that provides access to the most important services.
By end use
In 2020, the Patients category retained the largest market share due to the large number of patients using behavioral health software in home care facilities and hospitals. People with a behavioral or mental illness who are undergoing treatment by mental health specialists are classified as patients. Patients use behavioral health software for self-care purposes. Increased mental health awareness is also expected to contribute to the expansion of this market sector.
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Behavioral Health Software Regional Market Analysis:
In terms of revenue, North America held the largest market share. The trend is expected to continue over the projection period. The expansion of the market in the region can be attributed to an increase in the number of patients with behavioral health issues, an increase in the adoption of behavioral health software, and increased public awareness.
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Increased access to behavioral healthcare, rise in occurrence of behavioral diseases and government behavioral health awareness initiatives are expected to propel the growth of the European market at a rapid rate throughout the forecast period.
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