Behavioral Health Software Market: Increasing levels of stress, anxiety, and increased adoption of EHR solutions are expected to augment the market at a healthy CAGR of ~19.13% during the forecast period, 2022 to 2030

Pune, India, May 2023/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global behavioral health software market.

Market Highlights

According to MRFR analysis, the global behavioral health software market is expected to register a CAGR of ~19.13% from 2022 to 2030 and hold a value of over ~USD 9.91 billion by 2030.

The global behavioral health software market is driven by several factors, such as increased stress levels, anxiety, and depression and rising government initiatives relating to mental health. For instance, according to National Alliance on Mental Illness, in February 2022, around 50.2 million adults in the US had a mental illness in 2020, i.e., one in every five adults. Emerging countries such as India have also increased the budget for mental health initiatives. For instance, in the Union Budget 2022, the Indian government unveiled plans to incorporate a national mental health program with 24x7 free mental counseling services through telehealth. Moreover, an increase in the adoption of EHR solutions is anticipated to drive market growth further.

Additionally, the COVID-19 pandemic significantly increased the demand for behavioral health software. Companies collaborated to develop new software to meet the increased demand and specific needs. For instance, in July 2020, the University of North Carolina (US) collaborated with Google, Inc. (US) to launch Heroes Health Application to cater to the mental health needs of healthcare professionals and first responders during the COVID-19 pandemic. Hence, the pandemic had a positive impact on the market growth.

Regional Analysis

North America is likely to dominate the behavioral health software market due to its high awareness of mental health and the increasing prevalence of mental health issues. Moreover, many employers in the region are employing behavioral health EHR software, further supplementing the market growth.

Europe is likely to account for a significant share in the behavioral health software market due to supportive government policies and high prevalence of mental health issues in the region. For instance, the eMEN project was setup across North-Western Europe in member states of France, the Netherlands, Belgium, Germany, the UK, and Ireland in 2016. The project is of 10 years horizon aiming to increase e-mental health usage by 7-15%. The project was further funded in 2020 as well.

Asia-Pacific is projected to be the fastest-growing regional market during the forecast period due to the factors such as improving mental health awareness and a high percentage of the senior population in the region requiring robust behavioral health software for receiving efficient care. Furthermore, global key players' initiatives to expand operations in the region are also boosting the market growth.

The market's growth in the Rest of the World is slower than in the other regions due to poorer economies and a lack of mental health awareness. However, government initiatives to develop the healthcare infrastructure and bring in new technologies are expected to drive market growth.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Behavioral Health Software Market Research Report

Segmentation

The global behavioral health software market has been segmented into functionality, delivery method, type, and end user.

Based on functionality, the market has been segmented into clinical functionality, administrative functionality, and financial functionality. The clinical functionality segment has been segmented into electronic health records (EHRs), clinical decision support (CDS), telehealth, and others. It held the largest segment in 2020. The administrative functionality segment is categorized into patient/client scheduling, workforce management, and others. The financial functionality segment is divided into revenue cycle management, managed care, and others.

Based on delivery method, the market has been segmented into the subscription model and ownership model. The subscription model segment held a higher share in 2020 due to lower prices and flexible options.

Based on type, the market has been segmented into standalone and integrated. The integrated segment held a larger share in the market in 2020 due to the availability of diverse functionality under one platform,

Based on end user, the market has been segmented into payers, providers, and patients. The patients' segment held a larger share in 2020 because of increased awareness regarding mental health and the rising prevalence of mental issues leading to demand behavioral health software.

Key Players

Some of the key market players are Cerner Corporation (US), Credible Behavioral Health (US), Meditab Software, Inc. (US), Mindlinc (US), Netsmart Technologies (US), Epic Systems Corporation (US), Mediware (US), Allscripts Healthcare, LLC (US), Valent Medical Solutions, Inc. (US), and Core Solutions, Inc. (US).