Behavioral/Mental Health Software Market size would record massive gains through 2027 driven by the rising cases of stress and prevalence of mental disorders worldwide. According to WHO reports, globally, approximately 264 million people are affected by depression. This intends the need for behavioral/mental health software. One of the pivotal benefits of behavioral/mental health software is that it can be used by any practice or clinic of any size owing to the functionality of the software from basic to robust.
Behavioral/mental health software is a healthcare management software that enables counsellors, mental health specialists, and psychologists to analyze the mental and behavioral patterns of the patient. It also helps them suggesting a personalized treatment plan accordingly, to deal against stress, depression, and other mental issues on a personal level. Moreover, the software is capable of storing, retrieving, and sharing radiological, pharmacological, and laboratory data evaluations.
Factors like rising data privacy concerns and increasing use of conventional paper-based systems will challenge the growth of behavioral/mental health software market during the forecast timeline.
Based on the component segmentation, behavioral/mental health software market is characterized by the support services segment. The recurring requirement of support services like software upgrades and maintenance are expected to boost the segment growth through 2027. Besides, various organizations and companies are planning on investing heftily in promoting mental health by launching various support services. For instance, FIFA had in August 2021, launched #ReachOut campaign for better mental health with the support of past and current football players, the ASEAN, and WHO.
The demand for behavioral/mental health software is poised to come from clinical applications. This can be attributed to the rising use of EHRs in various healthcare settings. The demand for EHRs is significantly increasing due to the rise in incidence of mental disorders across the world. According to the 2020 statistics from the National Institute of Mental Health Disorders, an estimated 26% Americans above 18 years, suffer from a diagnosable mental disorder in a given year. A behavioral health HER offers advanced capabilities that are otherwise avoided in general practices. Essentially, specialty healthcare providers have begun demanding EHRs specifically designed according to their needs, thus fueling the market expansion.
North America behavioral/mental health software market is set to capture a significant share during the forecast timeline led by the increasing burden of stress and depression owing to the personal life and work-life. Additionally, various market players are relentlessly unveiling novel products and adopting various other growth strategies to augment their market presence in the region. Citing an example, TELUS Health, had in October 2020 released its new mental health application Espri, in a bid to address the elevating mental health needs of Canadian healthcare workers and first responders.
AdvancedMD (Global Payments), CureMD, TherapyNotes, and Cerner Corporation, are some of the prominent companies operating in the global behavioral/ mental health software market. These leaders have been closely working to develop innovations in the business space, allowing them to gain a significant position in the global market. Citing an instance, CloudMD recently launched mental health technology platform and support services in the United States.
The recent COVID-19 outbreak has induced increased levels of stress, anxiety, frustration, and depression among the population, which has thus elevated the prevalence of mental health conditions. Therefore, growing mental health population would potentially foster the online platforms for diagnosis and treatment, ultimately driving the growth of market till 2027.
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