Mental Health Software Market to reach USD 2 billion by 2022

Global Mental Health Software Market was worth USD 1.05 billion in 2017 and estimated to be growing at a CAGR of 13.87%, to reach USD 2 billion by 2022. Mental health software is custom-built software which assists psychologists in understanding the behaviour patterns of patients and suggest them best treatment plans to deal against anxiety, stress, addiction, depression etc. Mental health software is widely used software by many professionals. It has the ability to retrieve laboratory, pharmacy and radiology data observations on the patients who have been treated.

The software has various features for better operations which display patient demographics in concurrence with the admission facility of the hospital i.e. the application records displays availability of bed/s & current census and patient demographics as well. The software further assists in producing a customized report to address individual needs of patients. In simple words, a mental health software also acts as an ERP which helps healthcare professionals run their practices, and proving effective for patient records, workflow, administration management, care delivery, billing and coding.

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The driving factors of global Mental Health Software market are behavioural health reforms, government initiatives in order to increase behavioural healthcare services around the globe, and the growing number of people seeking behavioural health support are likely to drive market growth. However, the market is constrained by factors such as data privacy concerns, lower adoption rate of behavioural health EHRs, and dearth of psychiatrists and healthcare IT professionals.

The global Mental Health Software market is segmented based on delivery model into subscription models and ownership models. Subscription model has the largest share, which can be owed to higher level of interoperability, data centralization capacities, software auto-upgrades and ease of customization. By component, market is segmented into support services, integrated mental health software and standalone behavioural health software. By end user, market is categorised into hospitals, community clinics, private practices, residential and payers.

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The Global Mental Health Software market is divided based on geography into North America, Latin America, Asia-Pacific, Middle East and Africa and Europe. North America has the leading market for Mental Health Software in the world, owing to behavioural health reforms and rising number of behavioural health services. Asia Pacific and Europe have the second and third largest markets respectively. Asia Pacific region is expected to have the fastest growth rate during the forecast period.

Some of the major players in the market are Cerner Corporation (U.S.), Core Solutions (U.S.), Credible Behavioral Health (U.S,), MindLinc (U.S.), Epic Systems Corporation (U.S.), Netsmart Technologies (U.S.), NextGen Healthcare Information Systems, LLC (U.S.), Qualifacts (U.S.), The Echo Group (U.S.), Valant, Medical Solutions Inc. (U.S.), and Welligent (U.S.) amongst others.

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