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Mental Health Software Market to Reach USD 2.68 Billion with CAGR of 14.72% by 2023

Industry Outlook and Trend Analysis

The Mental Health Software Market was worth USD 0.78 billion in 2014 and is expected to reach approximately USD 2.68 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 14.72% during the forecast period. Mental health software empowers behavioral health experts to pick the best treatment plan for a person experiencing anxiety, addiction, stress, depression and so on, on the basis of clinical confirmations and patient records. The software enables clients to plan online appointments and pay the medical bills by means of mobile devices, for example, PCs and cell phones. It is custom fabricated software that empowers analysts to comprehend the behavioral conduct of patients and offer them the best treatment intend to bargain against their issue. MHS is widely used software by numerous experts.

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Drivers and Restraints

The factors driving the development of the market are expanding government financing and support to enhance behavioral healthcare services, increasing costs of healthcare, behavioral health modifications, and expanding number of individuals seeking behavioral health support. Moreover, the expanding awareness among residential consumers and expanding adoption of electronic wellbeing record frameworks are additionally driving development of the worldwide market. Nonetheless, the absence of data protection, absence of gifted medicinal services staff and physiatrists, trouble in incorporation, and low rate of adoption of the product are some factors that are limiting the development of the market.

Market Segmentation

The Mental Health Software Market is segmented on the basis of deployment mode, mode of access, function and application. Based on deployment mode the market is segmented into On-premise and Subscription out of which the subscription segment is anticipated to dominate the market. Based on mode of access the market is segmented into Desktops/ laptops and Tablets/ Smartphone. By function the market is segmented into Telehealth, Ledger, Business Intelligence, Clinical Decision Support, Revenue Cycle Management, Payroll and Electronic Health Record out of which the business intelligence segment is anticipated to rule the market. Based on application the market is segmented into Hospitals and Clinics, Residential and others.

Regional Outlook and Trend Analysis

On the basis of value, North America dominated the market with over 45% market share in 2014, trailed by Europe with around 27%. Increasing expense on mental health software in Asia Pacific region is anticipated to boost the market in the region significantly.

Competitive Insights

The leading players in the market are Cerner, NextGen Healthcare Information Systems, Core Solutions Inc, Welligent Inc, Netsmart Technologies, Qualifacts, Credible Behavioral Health Inc, MindLinc and Epic Systems. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

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The Mental Health Software Market is segmented based on regions as follows-

By Region:

  • North America
  1. US
  2. Canada
  3. Mexico
  • Europe
  1. Germany
  2. UK
  3. France
  4. Russia
  5. Italy
  6. Rest of Europe
  • Asia-Pacific
  1. China
  2. Japan
  3. South Korea
  4. India
  5. Southeast Asia
  6. Rest of Asia-Pacific
  • South America
  1. Brazil
  2. Argentina
  3. Columbia
  4. South Africa
  5. Rest of South America
  • Middle East and Africa
  1. Saudi Arabia
  2. UAE
  3. Egypt
  4. Nigeria
  5. South Africa
  6. Rest of MEA

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Some of the key questions answered by the report are:

  • What was the market size in 2014 and forecast from 2015 to 2023?
  • What will be the industry market growth from 2015 to 2023?
  • What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
  • What are the major segments leading the market growth and why?
  • Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

 

About the author

Nehal Chinoy

Much like her co-founder, Nehal gets her entrepreneurial spirit from her family. However being the independent person she is, she started a business venture of her own early on since college. She opened a studio where she singlehandedly made and sold dreamcatchers, which was quite a raging trend then. Having tasted the success, her motivation for being an entrepreneur grew from there.

Today, as a co-founder and sales director, she oversees several functions including information procurement, sales and operations at Qurate Business Solutions.