Mental Health Software and Devices Market Research Report – Forecast to 2023

Mental Health Software and Devices Market Information; by Software (web based, and Standalone software) and devices), Software Functionality (Clinical (electronic health records (EHRs), clinical decision support, Health Management, E-prescribing, Tele-health, and others), Administrative (information management, scheduling, workforce management, and others), Financial (accounting, revenue cycle management, business intelligence, and others) and others), End User (providers, payers, and patients) - Forecast To 2027

ID: MRFR/HCIT/4424-HCR | | Region: Global | 100 pages

Mental Health Software and Devices Market Overview


Mental health has become the area of concern due to changing lifestyles of patients and unhealthy work hours. So this mental health software and devices make use of IT advancements effectively to keep a regular check on mental and behavioral disorders among patients. By making use of such software and devices can help in collecting the patient record and mental health history very easily which in turn will lead to successful management of patients. These mental health devices and software will help in the diagnosis and treatment of mental disorders. Major areas of mental health software and devices market include diagnostic systems, analytics, electronic health record systems (EHRs), terminology and coding systems, telepsychiatry, telemedicine, and others.


COVID-19 ANALYSIS


The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the mental health software and devices market. Due to this pandemic situation, restrictions were imposed by the government of different countries which is the main reason responsible for the stability of mental health software and devices market even in this pandemic situation. As every person was working from home and went through disturbed sleep and work cycles due to which 65% of the population were at the risk of getting affected by such mental disorders and 38% of it got affected with it in real. So people not only with mental health issues but also suffering from other diseases were making use of such IT-based software to contact the doctors or psychiatrists to consult their problem with them and what precautionary measures can be taken in such situations. 


Figure 1 Mental Health Software and Devices Market by Clinical Software Functionality, Market share 2016 (%)


 Mental Health Software and Devices Market


MARKET DYNAMICS


DRIVERS


This software can easily collect and analyze the information and mental health history of the patient which is one of the major factors responsible for the growth of mental health software and devices market in recent times. Patients' income levels are increasing and they can spend big amounts for getting them treated with the best thing. So this is another factor that will enhance the growth of this industry. There is rising demand for effective solutions for curing and managing mental health issues with people which is another reason for mental health software and devices market growth.


RESTRAINTS


The mental health devices have very high costs of installation and their maintenance is even more costly, so this thing act as a barrier to the growth of this industry. Secondly, the installation and operation require skills and that is being possessed by very less percentage of people. So the scarcity of skilled and trained manpower is another factor that can hamper the growth of this particular market. Thirdly there are very few countries that provide favorable reimbursement for mental healthcare and the left ones either don’t provide such kind of facilities and some provide for very limited reimbursement. This is another factor that may hinder the mental health software and devices market growth. Another factor that may restrict this market’s growth is the digital divide which means the person who doesn’t have access to computers and the internet won’t be able to make effective use of such software. Lastly, the concern of data privacy and security is one of the critical restraints of mental health software and devices market.


TECHNOLOGY ANALYSIS


The application of the IT sector is extending its exercise in every field of work not only in the industrial or manufacturing sectors but also in the health care sector. Very unique kinds of software and devices are being developed that can not only diagnose the mental disorder but also provides for the treatment of such problems and how a normal person who is developing some similar types of symptoms can prevent himself from getting fully affected by such disorders. From the words and technical language, this software may sound very typical but some of them are very easy to use and through them, any layman can contact the doctor over a phone call or using text messages can explain his problem and take proper guidance in that concern. Every software and device used in this concern is considered to be patient-centric and aims at providing every kind of assistance to the patient.


STUDY OBJECTIVES



  • To consider the viewpoint of various industry experts and leaders and predict compound annual growth rate and mental health software and devices market growth rate by the end of the global forecast in 2023.

  • To highlight a competitive market  for mental health software and devices market outlook and examine the yield models of key market players, worldwide. 

  • To observe the various market for mental health software and devices dynamics like trends, drivers, and restraints that are most probable to play a role in helping the market and its different segments growing in the domestic as well as international market.


SEGMENT OVERVIEW


Mental health software and devices market share is anticipated to witness significant growth owing to the performance of different mental health software and devices market segments. Among these segments, the software and devices segment will be the fastest-growing and also contribute towards mental health software and devices market growth more than any other segment. As there is faster adoption of technology in today’s modern era and making use of them in the health care sector is one of the factors that lead to the growth of this market. For an amplifying use the mental health software and devices industry has been segmented into the following on different bases:



  • Based on components, it has software and devices, the software segment is further divided into web-based, and standalone software.

  • Based on end-users, it has providers, players, and patients.

  • Based on functionality, it has clinical, administrative, financial, and others. The clinical segment is further divided into electronic health records (EHRs), clinical decision support, health management, E-prescribing, telehealth, and others. Also, the administrative segment is further divided into information management, scheduling, workforce management, and others. And the financial segment is further classified into accounting, revenue cycle management, business intelligence, and others.


REGIONAL ANALYSIS


The Mental health software and devices industry movements are remarkably working in 5 major regions of the world that is North America, Asia Pacific, Africa, South America, and the Middle East. Among all these regions, the North American region will dominate this market, and the reason attributed to its rising adoption of new technologies, and presence of developed healthcare systems, and government initiatives for focusing on healthcare. Europe will be the second-largest market led by Germany, France, and the UK. Asia Pacific will generate the highest CAGR growth led by developing countries like India, China, and Japan. But the African region will experience moderate growth due to poor healthcare technology and less expenditure in the healthcare sector.


COMPETITIVE LANDSCAPE


 To get a detailed and profound idea about the mental health software and devices market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. . All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgradations, mergers and acquisitions, partnerships, etc. The prime players of this market include:-‘



  • ADVANCED DATA SYSTEMS (US)

  • MCKESSON CORPORATION (US)

  • ADVANCEDMD (US)

  • COMPULINK (US)

  • ATHENA HEALTH (US)

  • CORE SOLUTIONS (US)

  • SIGMUND SOFTWARE (US)

  • IBM (US)

  • CREDIBLE BEHAVIORAL HEALTH (US)

  • ICANOTES (US)

  • NEXTSTEP SOLUTIONS (US)

  • INSYNC HEALTHCARE SOLUTIONS (US)

  • ISALUS HEALTHCARE (US)

  • THE ECHO GROUP (US)

  • KAREO (US)

  • CERNER CORPORATION (US)

  • MEDITAB SOFTWARE (US)

  • MENTEGRAM (US)

  • MINDLINC (US)

  • NETSMART (US)

  • NEXTGEN HEALTHCARE (US)

  • NUESOFT TECHNOLOGIES (US)

  • QUALIFACTS (US)

  • RAINTREE SYSTEMS (US)

  • THERANEST (US)

  • VALANT (US)

  • WELLIGENT (US)

  • WRS HEALTH (US)

  • ALLSCRIPTS (US)

  • ORION HEALTH (NEW ZEALAND) 


RECENT DEVELOPMENTS



  • The providers of this market are currently launching a series of products that will lower the stress on non-core functions allowing the doctors to focus more on patients.

  • The government of different countries is creating websites that are dedicated to mental health for making it suitable for patients to reach out to doctors in case of utmost stress. 

  • Many types of policies are being framed all over the world to provide cost-effective solutions to people who cannot afford such types of consultations with well-qualified doctors and further treatments.

  • New software is being developed regularly by the prime players of this market with a view of collecting the information faster and that can automatically detect and get rid of any type of error.


INTENDED AUDIENCE



  • manufacturers & suppliers of mental health software and devices products

  • Research and development (R&D) companies

  • Market research and consulting service providers

  • Academic institutes and universities


REPORT OVERVIEW


The Mental health software and devices industry report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.



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Frequently Asked Questions (FAQ) :


Mental health software and devices are concerned with the application of information technology and advancements in devices for the diagnosis, treatment, and prevention of mental disorders. Major areas of mental health software and devices include diagnostic systems, analytics, electronic health record systems (EHRs), terminology and coding systems, tele-psychiatry, telemedicine, and others.

Major clinical applications of mental health software and devices include electronic health records, clinical decision support systems, health management, e-prescribing, telehealth, and others.

Growing awareness about mental diseases is the major driver for the Mental Health Software and Devices market.

North America, led by the U.S., accounts for the largest share in the Global Mental Health Software and Devices Market.

Leading players in the mental health software and devices market include Sigmund Software, Advanced Data Systems, and McKesson Corporation, among others.