Press release
Behavioral Health Software Market: Asian Market to Provide Lucrative Growth Opportunities
The report “Behavioral/Mental Health Software Market by Delivery Mode (Ownership & Subscription), Functionality (EHR, CDS, Telehealth, Payroll, RCM, Ledger, BI, Workforce & Case Management), End User (Hospitals, Clinics, Health Plans, Residential) - Forecasts to 2019”, The global behavioral health software market is expected to reach $1.5 billion by 2019 from $0.75 billion in 2014, growing at a CAGR of 14.7% from 2014 to 2019.Browse 197 market data tables and 53 figures spread through 200 pages and in-depth TOC on “Behavioral/Mental Health Software Market”
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The behavioral health software market across the globe is witnessing high growth due to factors such as behavioral health reforms, government initiatives for improving behavioral healthcare services across the globe, and rising number of people seeking behavioral health support, are likely to propel market growth.
Key players are focusing on incorporating advanced and innovative features in their products to make them stand out in the market. With this view, companies are focusing on partnerships, collaborations, new product launches, and acquisitions to attain a leadership position in the market.
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The behavioral health market, by delivery model includes ownership model and subscription model. Among these delivery models, subscription model showcases a lucrative growth potential and represents a new revenue generating pocket for the behavioral health software market. High growth in this market is attributed to its cost-effectiveness, interoperability, and flexibility due to which large numbers of behavioral health providers are adopting this model.
The behavioral health software market by component is divided into software and support services. The software market is divided into integrated and standalone software. The integrated software market is poised to witness the highest growth rate in the behavioral health software market, by software type and represents a new revenue pocket for the behavioral health software market.
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The growth in this market is likely to be driven by the increasing adoption of integrated software by large hospitals and behavioral health agencies. The inclination of large hospitals and behavioral health agencies towards integrated behavioral health software is due to the various advantages such as ease of use, real-time data availability, flexibility offered by these systems.
In the coming five years, growth in the behavioral health software market is likely to be centered at the Asian region. The growth in this region can be attributed to the rising number of people seeking behavioral health services, and increasing focus of major players in this region.
Furthermore, government initiatives for digitalization of healthcare services are another major driver for behavioral health software market. For instance, the annual healthcare expenditure for India is nearly 5% of its GDP and the government has increased its HCIT expenditure by 7.5% in 2013 from last year thereby investing a total amount of $57 billion in 2013 compared to $53 billion in 2012.
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