Demand for Global Mental Health Software Market Size Will Hit USD 5,576.88 Million by 2028, Exhibit a CAGR of 18.50% | Behavioural Health Software Industry Trends, Share, Value, Analysis & Forecast Report by Facts & Factors

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Facts & Factors
Facts & Factors

[205+ Pages Report] According to a market research study published by Facts and Factors, the demand analysis of Global Mental Health Software Market size & share revenue is estimated to grow about USD 5,576.88 million by 2028, at a CAGR of approximately 18.50% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Meditab Software, Mindlinc, Netsmart, Nextgen Healthcare, Qualifacts, The Echo Group, and Others.

NEW YORK, United States, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Mental Health Software Market Size, Share, Growth Analysis Report By Component (Software, Integrated, Standalone, Support Services), By Function (Clinical, EHRs, Clinical Decision Support, Care Plans, E-prescribing, Telehealth, Administrative, Patient/Client Scheduling, Document Management, Case Management, Workforce Management, Business Intelligence, Financial, Revenue Cycle Management, Managed Care, General Ledger, Payroll), By Delivery Model (Ownership, Subscription), By End-use (Providers, Hospitals & Clinics, Community Centers, Payers, Patients), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Mental Health Software Market size & share in terms of revenuewas valued at USD 2,014.10 million in 2021 and it is expected to surpass around USD 5,576.88 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 18.50% during the forecast period 2022 to 2028.”

Report Overview:

Any counselor or mental health specialist can use behavioral and mental health software to comprehend the patient's behavioral and mental patterns and assist them in coming up with a personalized treatment. The management and recording of patient cognitive and behavioral data are also done using mental health software. Additionally, the program handles billing, appointments, and bed management, all of which contribute to the organization's efficiency. Additionally, behavioral or mental health software is often used to manage the clinical, administrative, and financial obligations associated with clinic and hospital processes.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.

  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package

  • About 205+ Pages Research Report (Including Recent Research)

  • Provide detailed chapter-by-chapter guidance on Request

  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022

  • Includes Tables and figures have been updated

  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis

  • Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Market Growth Factors

  • Increasing adoption of mental health software

The COVID-19 epidemic has led to an upsurge in cases of stress, despair, paranoia, and anxiety, among other mental health issues. As a result, the prevalence of mental health issues increased quickly. Consequently, the utilization and demand for mental health software greatly rose as a result of the rising number of people with mental illnesses during COVID-19. Furthermore, cooperation in developing new services to address the surge in demand brought on by the pandemic has improved market data.

The global mental health software market will expand over the coming years due to the increasing adoption of technological and I.T. solutions, particularly in the healthcare infrastructure of developed and developing economies, as well as the rising demand for the best and most efficient behavioral or mental health services. Experts in the mental health field can use these software programs to manage administrative, clinical, and financial duties effectively. In the upcoming years, the global market for behavioral health software is anticipated to benefit from more healthcare institutions using electronic health records.

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Mental Health Software Market: COVID-19 Impact Analysis

People's mental health has been significantly impacted all across the world as a result of COVID-19. According to the World Federation for Mental Health (WFMH), the pre-pandemic demand for mental health services has dramatically increased as a result of COVID-19. In addition to making traditional mental health treatments less effective, the epidemic has also made people want to use technology to help them.

As a direct result of these effects, there has been a rise in the need for technologically advanced software that specializes in mental health treatment in order to address the problems caused by the epidemic. In addition, hospitals and other medical facilities placed a significant amount of reliance on electronic health records (EHR) and other telehealth capabilities in order to continue providing care despite the outbreak. Because of this, the pandemic was good for the market for mental health software because it opened up a lot of opportunities for growth.

Segmentation Analysis:

The mental health software market is segregated based on component, delivery model, function, and end user.

The market is segmented on components: software, integrated, standalone and support services. The support services sector is anticipated to hold the biggest market share in 2021. Based on the delivery model, the market has been segmented into ownership and subscription. The subscription segment dominated the market with a share of more than half in 2021. Clinical, EHRs, care planning, E-prescribing, telehealth, administrative, patient scheduling, document management, case management, workforce management, financial, revenue cycle management, and payroll are the different functional segments of the market. The clinical segment held the largest revenue share of over 50.0% in 2021.

Based on end users, the market has been segmented into community clinics, hospitals, and private practices. Community clinics are anticipated to hold the highest proportion in 2021.

The global Mental Health Software market is segmented as follows:

By Component Outlook

  • Software

    • Integrated

    • Standalone

    • Support Services

By Function Outlook

  • Clinical

    • EHRs

    • Clinical Decision Support

    • Care Plans

    • E-prescribing

    • Telehealth

  • Administrative

    • Patient/Client Scheduling

    • Document Management

    • Case Management

    • Workforce Management

    • Business Intelligence

  • Financial

    • Revenue Cycle Management

    • Managed Care

    • General Ledger

    • Payroll

By Delivery Model Outlook

  • Ownership

  • Subscription

By End-use Outlook

  • Providers

    • Hospitals & Clinics

    • Community Centers

  • Payers

  • Patients

Browse the full “Mental Health Software Market - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/mental-health-software-market

Competitive Landscape

The report contains qualitative and quantitative research on the global mental health software market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Some of the main competitors dominating the global Mental Health Software market include -

  • Advanced Data Systems

  • AdvancedMD

  • Cerner

  • Compulink

  • Core Solutions

  • Credible Behavioral Health

  • Meditab Software

  • Mindlinc

  • Netsmart

  • Nextgen Healthcare

  • Qualifacts

  • The Echo Group

Key Insights from Primary Research:

  • According to the analysis shared by our research forecaster, the Mental Health Software market is likely to expand at a CAGR of around 18.50% during the forecast period (2022-2028).

  • In terms of revenue, the Mental Health Software market size was valued at around US$ 2,014.10 million in 2021 and is projected to reach US$ 5,576.88 million by 2028.

  • With an 83.0 percent share of the market in 2021, the software segment dominated.

  • In 2021, providers held more than 52.1% of the market revenue share based on end-use.

  • In terms of revenue, North America accounted for 41.8% of the market in 2021.

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Key questions answered in this report:

  • What is the market size and growth rate forecast for Mental Health Software industry?

  • What are the main driving factors propelling the Mental Health Software Market forward?

  • What are the leading companies in the Mental Health Software Industry?

  • What segments does the Mental Health Software Market cover?

  • How can I receive a free copy of the Mental Health Software Market sample report and company profiles?

Regional Analysis:

North America accounted for 41.8% of the market revenue in 2021. The reimbursement scenario is favorable because Medicare in the U.S. pays for telepsychiatry services. In addition, Medicare policies continue to be improved as mental health software becomes more widely known. As an illustration, the Telemental Health Expansion Act (HR 5201) was presented in the U.S. Congress in November 2019 and sought to exempt the regional limitations in the standards for mental health treatments provided via telehealth.

On the other side, Asia Pacific is anticipated to experience the greatest CAGR throughout the projected period, at 13.38%. Regional expansion is predicted to be fueled by rising older populations in China and Japan, increasing smartphone and internet usage, and combined factors. Numerous smartphone users in Asian nations like China and India present enormous industry growth prospects.

By Region

  • North America

    • U.S.

    • Canada

    • Rest of North America

  • Europe

    • France

    • UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia Pacific

  • The Middle East & Africa

    • Saudi Arabia

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

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Recent Developments

  • InSync Healthcare Solutions, a top supplier of EHR and practice management software as well as revenue cycle management services for behavioural, medical, and rehabilitation specialists were acquired by Qualifacts and Credible in December 2021. Because of this merger, both companies were able to offer the mental health and human services sector innovation, technology, customer support, and complementary solutions.

  • American Well, a top supplier of a digital mental health platform, completed the acquisition of SilverCloud Health and Conversa Health in August 2021. By improving and bolstering the connection between real and virtual care, the acquisition hoped to improve its market position.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 2,014.10 Million

Projected Market Size in 2028

USD 5,576.88 Million

CAGR Growth Rate

18.50% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Meditab Software, Mindlinc, Netsmart, Nextgen Healthcare, Qualifacts, The Echo Group, and Others

Key Segment

By Component, Function, Delivery Model, End-use, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Key Offerings:

  • Market Size & Forecast by Revenue | 2022−2028

  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

  • Market Segmentation – A detailed analysis by Component, Function, Delivery Model, End-use, and Region

  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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