The rising cases of mental and stress related disorders is expected to drive the global mental health software market. The global mental health software market is estimated to reach a market value of US$ 2102.4 million in 2019 and it is expected to reach US$ 5850.0 million by 2027, growing at an estimated CAGR of 13.6% over the forecast period.
Due to rising cases of mental/stress related disorders, there is need for real time monitoring systems to simplify communication between the solution providers and patients. Healthcare providers adopt mental health software to manage these issues. These software help providers in coordinating with patients from remote location through video conferencing. Hence, rise in adoption of mental health software, health reforms in the U.S., and government initiatives to encourage electronic health record (EHR) in the healthcare organizations expected to boost the demand for mental health software and associated services.
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A large proportion of retired elderly population has monetary reserve to avail healthcare at their locations. In spite of many market growth favoring parameters, factors such as sporadic affordability, limitations on reimbursement and insurance restrains market expansion. While the Global mental health software market offer substantial growth opportunities, however, the growth might be limited due to data privacy issues.
The detailed research study provides qualitative and quantitative analysis of global mental health software market. The market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
Global mental health software market By Component
- Software market segment held more than 70% of market share in 2018 and is estimated to grow at a rapid during the forecast period. The growth is attributed to introduction of innovative technology solutions to manage administrative and clinical functions.
- Subscription based services held the largest market share in 2018 and is estimated to account for 75% over the projection timeframe, owing to limited budgets, as small-scale providers go for subscription-based services.
- Within end use, providers held the largest market share in 2018 and it is estimated to continue its dominance over the forecast period. The growth is attributed to favorable reimbursement scenario in the developed countries.
- North America mental health software market is dominating the mental health software market in 2018, owing to the presence of robust healthcare infrastructure in the region.
- Asia Pacific mental health software market is expected to witness the highest growth rate over the forecast period, owing to the presence of huge geriatric population.
- Key industry participants in the mental health software market are Advanced Data Systems, ICANotes, Credible Behavioral Health, InSync Healthcare Solutions, Core Solutions, and Meditab Software among others.
- Partnership, collaboration, expansion and acquisition are some of the strategies adopted by companies to expand their reach and gain competitive advantage.
By Delivery Mode
- Integrated software
- Standalone software
- Support services
Global mental health software market By Functionality
- Subscription model
- Ownership model
By End User
- Clinical Functionality
- Electronic Health Records (EHR)
- Clinical Decision Support (CDS)
- Care Plans/Health Management
- Administrative Functionality
- Patient/Client Scheduling
- Document/Image Management
- Case Management
- Business Intelligence (BI)
- Workforce Management
- Financial Functionality
- Revenue Cycle Management
- Managed Care
- Accounts Payable/General Ledger
Global mental health software market By Geography
- Hospitals & Clinics
- Community Centers
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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