Behavioral And Mental Health Software Global Market
Overview and Scope
Behavioral and mental health software is software that refers to a form of digital medical records software designed specifically for the purposes of behavioral and mental health specialties. It is a software used to identify patient behavior trends and prescribe treatments for mental illnesses such as anxiety, nervousness, addiction, and depression.
Sizing and Forecast
The behavioral and mental health software market size has grown rapidly in recent years. It will grow from $4.69 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to research and evidence-based practices, increased awareness, shift to value-based care, mental health crisis and demand surge, government initiatives and policy changes, covid-19 impact.
The behavioral and mental health software market size is expected to see rapid growth in the next few years. It will grow to $10.68 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to remote monitoring and continuous care, focus on personalized care, shortage of mental health professionals, regulatory support and policy changes. Major trends in the forecast period include integration with healthcare ecosystems, integration with wearable devices, focus on user experience, workplace mental health support..
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Segmentation & Regional Insights
The behavioral and mental health software market covered in this report is segmented –
1) By Component: Support Services, Software
2) By Type: Clinical Software, Financial Software, Administrative Software, Other Types
3) By Delivery Model: Subscription Model, Ownership Model
4) By End-Users: Community Clinics, Hospitals, Private Practices
North America was the largest region in the behavioral and mental health software market share in 2023. The regions covered in the behavioral and mental health software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing mental illness is expected to propel the demand for the behavioral and mental health software market going forward. A mental illness is a disorder that impacts the way a person thinks, feels, behaves, or believes. These illnesses occur due to distress or difficulties functioning in social, job, or family activities. Behavioral and mental health software establishes new ways of thinking by drawing attention to wrong and right assumptions and modifying erroneous perceptions. For instance, in November 2022, according to a survey published by the National Health Service, a UK-based government-funded healthcare system, approximately 18.0% of children between the ages of 7 and 16, and 22.0% of young individuals aged 17 to 24, were identified with a potential mental disorder in 2022. Among young people aged 17 to 19, the prevalence of a probable mental disorder rose from 17.4% in 2021 to 25.7% in 2022. The surveyed population comprises 2,866 children and young individuals. Therefore, increasing mental illness will drive the behavioral and mental health software market.
Key Industry Players
Major companies operating in the behavioral and mental health software market report are Accumedic Computer Systems Inc., Advanced Data Systems Corporation, AdvancedMD Inc., Netsmart Technologies Inc., Compulink Healthcare Solutions Inc., Core Solutions Inc., Credible Behavioral Health Inc., Kareo Inc., Meditab Software Inc., The Echo Group Inc., Qualifacts LLC, Practice Fusion Inc., eClinicalWorks LLC, BestNotes LLC, TherapyNotes LLC, Ontrak Inc., Oracle Corporation, Planet DDS Inc., Valant Medical Solutions Inc., Holmusk Inc., Cure MD LLC, Epic Systems Corporation, Mediware Information Systems Inc., Allscripts Healthcare Solutions Inc., SimplePractice LLC, TheraNest LLC, Teladoc Health Inc., NXGN Management LLC, Qualifacts Systems Inc., Mindlinc Inc.
The behavioral and mental health software market report table of contents includes:
1. Executive Summary
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