Behavioral & Mental Health Software Market Analysis

Behavioral & Mental Health Software Market Analysis

Based on component, The software segment accounted for 55.1% market proportion in 2021 and is anticipated to dominate the market throughout the forecast period. Growing adoption of technological solution for management of clinical, financial, and administrative functions of psychiatry practices is expected to boost the behavioral & mental health software market growth.
 

Moreover, electronic health record (EHR) systems are integrated with billing and claims functionality that can manage complicated billing procedures. Furthermore, the mental health software offers revenue cycle management to simplify the claims process across the clinics and hospital setting.
 

By application, Clinical segment is expected to register 17.8% CAGR to surpass USD 10.2 billion by 2030 owing to the increasing government initiatives to offer cost effective and quality care to the patients along with clinical services such as clinical decision support (CDS), care plans/health management and telehealth. Furthermore, increasing adoption of EHR in medical facilities will further boost the market forecasts.
 

For instance, according to Definitive Healthcare data from 2020, more than 89% of all hospitals in U.S. have implemented inpatient or ambulatory EHR systems to smooth and efficient workflow. Thus, increasing adoption rate of EHR in developed economies will boost the overall market outlook.
 

Based on end-use, the private practices segment accounted for USD 2 billion in 2021. Increasing prevalence of post-traumatic stress disorder among population along with growing number of counsellors offering the services in private will accelerate the segmental landscape. For instance, as per the Recovery Village Drug and Alcohol Rehab report estimates, nearly 70% of adults in the U.S. have experienced a traumatic event and up to 20% of those individuals develop post-traumatic stress disorder (PTSD) accounting for more than 10 million adults in the U.S.
 

Similarly, according to the American Psychiatrists Association report, nearly 41,660 mental health counsellors in U.S. were offering the services in private. Thus, increasing mental illness disorder including PTSD and growing number of counsellors is expected to augment the behavioral & mental health software market outlook.
 

North America behavioral & mental health software market is anticipated to progress with a 16.8% CAGR over the forecast timeframe. Growing incidence of mental health disorder, advanced healthcare infrastructure coupled with increasing healthcare spending across the region are few factors that are fostering the regional behavioral & mental health software industry statistics over the coming years.
 

Additionally, rising adoption of behavioral & mental health software in the management of various psychological disorders will boost the market size. Moreover, presence of prominent players such as Teladoc Health Inc, American Well, NextGen Healthcare and AdvancedMD, Inc., among others in the region is further expected to accelerate the North American market statistics.