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Behavioural/Mental Health Software Market Size is Forecast to Reach $5.9 Billion by 2027

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New York: The Report on Behavioural/Mental Health Software Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Behavioural/Mental Health Software Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Behavioural/Mental Health Software market gathered revenue around USD 1.9 Billion in 2020 and market is set to grow USD 5.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 18.9% during the prediction period 2021 to 2027.

Overview of Behavioural/Mental Health Software Market Study

Behavioural/Mental Health Software market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

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Growth Factors:

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.

The major factors driving the growth of behavioral health software market are 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. On the other hand, data privacy concerns and a shortage of HCIT personnel are expected to restrain the growth of this market.

Market Dynamics

Driver: 

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.

Restraint:

In behavioral health, the privacy of data is the biggest concern for providers. Behavioral health providers are not allowed to share information on patients suffering from some mental illness or substance abuse with anyone who is not involved in the treatment of that particular patient. However, with the integration of data using behavioral IT tools, any healthcare professional unrelated to that case can access the patient’s data. In the US, the HIPAA Journal recorded 365 healthcare data breaches in its 2018 breach list, an increase of 68% over the total number of breaches tracked in 2012.

Challenge: 

Overcoming financial constraints is the biggest challenge for healthcare organizations, especially in emerging economies. Nevertheless, the extent of data that is stored proves to be so important that IT infrastructure has started becoming the backbone of healthcare institutions. Currently, behavioral health software solutions are relatively high-priced software solutions. The maintenance and software update costs of these systems may sometimes be more than the actual price of the software.

Opportunity: 

Emerging markets such as the Asia Pacific, Latin America, and the Middle East and Africa are expected to offer significant growth opportunities for players operating in the behavioral health software market, especially those that are unable to meet the standards set by the Federal Government in the US. Government initiatives to establish standards, regulations, and infrastructure will encourage healthcare providers to adopt EMR and EHR technology in Australia. The Australian government has been taking several initiatives to increase the adoption of IT in healthcare to reduce errors and increase efficiency.

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COVID-19 Impact on Behavioural/Mental Health Software Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Behavioural/Mental Health Software market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Behavioural/Mental Health Software market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Behavioural/Mental Health Software market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Behavioural/Mental Health Software market include:

Advanced Data Systems, AdvancedMD , Cerner , Compulink , Core Solutions , Credible Behavioral Health , Kareo , Meditab Software , Mindlinc , Netsmart , Nextgen Healthcare , Qualifacts , The Echo Group , Valant , Welligent , Cure MD, Epic systems corporations , Accumedic , Mediware, Allscripts

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Component

  • Support Services
  • Software
    • Integrated Software
    • Standalone Software

By Delivery Model

  • Subscription Models
  • Ownership Models

By Functionality

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

By End User

  • Community Clinics
  • Hospitals
  • Private Practices

 

Why Buy this Report?

The purpose of Nova one advisor’s Behavioural/Mental Health Software market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

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