Behavioral & Mental Health Software Market size to exceed USD 18.3 billion by 2030

Behavioral & Mental Health Software Market size is set to surpass USD 18.3 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market is witnessing a significant growth due to the rising focus of healthcare professionals on providing quality care to patients and behavioral health modifications. Also, increasing government support for the enhancement of behavioral healthcare services, new product and service launches, and partnerships among market players are rapidly propelling the overall market demand.
 

For instance, in January 2021, Ehave Inc. entered partnership with Cognitive Apps Software Solutions Inc. for the commercialization of its AI-based Workforce Mental Health Analytical Platform in G20 countries. Additionally increasing awareness among the population regarding the mental disorders and their treatment will further accelerate the behavioral & mental health software market share.
 

Increasing government funding and initiatives toward mental health services will propel the market revenue

Increasing government funding and initiatives to manage mental health of the growing population will boost the behavioral & mental health software market outlook. For instance, according to the U.S. Department of Health and Human Services (HHS) report, the American Rescue Plan expanded pediatric mental health care access by integrating telehealth services into pediatric primary care by funding nearly USD 14.2 million in 2021.
 

Similarly, the Substance Abuse and Mental Health Services Administration (SAMHSA) funded around USD 250 million to 100 certified community behavioral health centers to improve community substance use disorder and mental health treatment services in 2021.
 

Privacy issues may limit the market growth

The mental health software is aligned with telemedicine technology for ease of use. Therefore, the use of telemedicine solution without proper security may lead to huge losses of confidential and critical information. Also, smartphones with telemedicine applications are vulnerable to various cyber threats due to low firewall safety. This could adversely affect the results and credibility of the companies.
 

Furthermore, vigilant monitoring of IT networks and systems and maintenance of protective systems and backup is also required. Thus, all these preventive measures require high remediation costs that may further negatively affect the behavioral & mental health software market revenue.
 

Benefits associated with behavioral & mental health services will boost the product demand

The services segment accounted for 44.9% market share in 2021 and is expected to show significant CAGR during the forecast timeframe. The services of behavioral & mental health software can be customized as per the requirement of clients without changing its key benefits. Also, the services can be availed in the form of mobile application or cloud-based application. Moreover, owing to the high cost associated with the software such as its maintenance cost.
 

Browse key industry insights spread across 120 pages with 256 market data tables & 16 figures & charts from the report, Behavioral & Mental Health Software Market Size By Component (Software {Cloud-based, Web-based}, Services), By Application (Clinical {{Electronic Health Record (EHR), Health Management, Telehealth, E-prescribing, Clinical Decision Support}, Financial, Administrative) By End-use (Hospitals, Community Clinics, Private Practices), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/behavioral-mental-health-software-market
 

Benefits of behavioral & mental health software in financial management will fuel the segment demand

The financial segment is projected to garner over USD 2.1 billion by 2030 due to rising implementations of behavioral & mental health software in various setting to help users to handle high workload by simplifying financial management. For instance, the AdvancedInsight offered by AdvancedMD, Inc. is the medical billing software reporting solution that helps in making data-driven strategic decisions. The software helps to reduce the effort and cost of financial performance management. Thus, advantages associated with such software to reduce mental disorder will spur the behavioral & mental health software market statistics.
 

Community clinics segment will drive the market growth

The community clinics segment is anticipated to reach USD 6.6 billion by 2030 owing to rising number of community clinics across the globe. Increasing community clinics across the developing economies coupled with rising individual preference for community clinic is likely to fuel the behavioral & mental health software adoption in this segment.
 

Growing number of mental illnesses in the European region will propel the market trends

Europe behavioral & mental health software market is predicted to expand at 17.6% CAGR through 2030 driven by the growing number of people requiring behavioral health services and growing government funding. Moreover, the growing number of mental illnesses in the region is another factor driving the regional market growth. For instance, according to the World Health Organization (WHO), each year, 25% of the population suffer from depression or anxiety in Europe.
 

Market leaders are focusing on acquiring other companies to expand its product portfolio and geographical presence

Some of the key market players in the behavioral & mental health software industry are AdvancedMD, Advanced Data Systems Corporation, Meditab, CureMD Healthcare, Netsmart Technologies, Inc, NXGN Management, LLC, Teladoc Health Inc, Qualifacts Systems, Inc., TherapyNotes, LLC., and Ontrak Inc. The market players are focusing on launching innovative and technologically advanced products as well as are focused in acquiring other companies.
 

For instance, in October 2020, Teladoc Health launched its new telemedicine service namely Mental Health Care. This service offers employees to count on convenient, stigma-free access to high-quality psychiatrists, psychologists, and therapists from their phone, web or mobile app. This strategy enabled the company to expand its service offering as well as customer base.