Behavioral Health Software Market: High Demand for Mental Health Services in Healthcare
Increasing adoption of behavior 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 the major factors driving the growth of this market.
What the Behavioral Health Software Market Looks Like?
Predicted to grow at a CAGR of 14.8 % during the forecast
period, the global behavioral health software market is estimated to
reach USD 2.31 billion by 2022. In 2017, North America is expected to dominate
the mental health software market, followed by Europe.
What are the Behavioral Health Software Market Segments?
This report segments the behavioral health software market
into component, delivery model, functionality, end user, and region. Based on
component, the market is segmented into software and support services. The
support services segment is expected to account for the largest share of the
market in 2017. The recurring requirement of support services (such as for
software upgrades and maintenance) is the major factor supporting its growth.
Based on delivery model, the mental
health software market is segmented into ownership models and subscription
models. The subscription models segment is expected to account for the largest
share of the market in 2017. The growth of this segment can be attributed to
its advantages such as cost-effectiveness, interoperability, and flexibility.
Based on functionality, the mental health software market is
segmented into clinical, financial, and administrative functionalities. The
clinical functionality segment is expected to account for the largest share of
the market in 2017 and is expected to register the highest CAGR during the
forecast period. High growth in the clinical functionality segment is
attributed to the increasing government initiatives to boost adoption of this
software by clinicians to provide quality care to their patients at lower
costs.
Based on the end user, the behavioral health software market
is segmented into providers, payers, and patients. The patients segment is
expected to register the highest CAGR during the forecast period. The large
number of patients using behavioral health solutions in their homes or offices
for better self-care is the key factor driving the growth of the market for the
patients segment.
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What Drives the Behavioral Health Software Market?
The growth of the global market for behavioral health
software is primarily influenced by the following factors:
- Increasing Adoption of Bhs.
- Availability of Government Funding
- Government Initiatives to Encourage EHR Adoption in Behavioral Health Organizations
- Favorable Behavioral Health Reforms in the Us
- High Demand for Mental Health Services Amidst Provider Shortage
Geographical growth scenario of Behavioral Health
Software Market
The high growth of the North American market is attributed
to factors such as increasing behavioral health reforms and the availability of
government funding for expanding behavioral health services in the region.
While North America is expected to dominate the mental
health software market in 2017, Europe is expected to register the highest CAGR
during the forecast period. The high growth in this regional segment is
attributed to growing incidence of mental disorders, government initiatives for
increasing awareness about mental disorders, and the improving accessibility of
behavioral healthcare.
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Leading market players and strategies adopted
While the behavioral health software market presents
significant growth opportunities, market growth may be limited to a certain
extent due to the data privacy concerns and shortage of IT-knowledgeable
personnel. The market is highly competitive with several big and small
players. Prominent players in the Behavioral Health Software Market include Advanced
Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core
Solutions (US), Credible Behavioral Health (US), ICANotes (US), InSync
Healthcare Solutions (US), iSalus Healthcare (US), Kareo (US), Meditab
Software (US), Mentegram (US), Mindlinc (US), Netsmart (US), Nextgen
Healthcare (US), and NextStep Solutions (US).
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