Behavioral mental healthcare software market

Global Behavioral Mental Healthcare Software Market Size, Share, Growth Analysis, By Component(Software (Integrated, standalone)), By End-use(Providers (Hospitals & Clinics, Community Centers)), By Function(Clinical (EHRs, Clinical Decision support) - Industry Forecast 2024-2031

Report ID: SQMIG35G2129 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 102 | Figures: 76

Global Behavioral Mental Healthcare Software Market News

  • In February 2021, Netsmart acquired GPM, a North Carolina-based Software-as-a-Service technology and services company. This will help Netsmart’s CareFabric platform to deliver interoperable data sharing between long-term care facilities and providers.
  • In February 2021, Battery Ventures, a global investment firm, launched a new technology platform to help behavioral health and human services providers. This platform aimed to improve operational efficiencies. Such initiatives taken by the market players are anticipated to accelerate the market size.
  • In December 2021, Qualifacts and Credible acquired InSync Healthcare Solutions, a leading provider of EHR and practice management software, revenue cycle management services for behavioral, medical and rehabilitative professionals. This acquisition allowed both organizations to deliver innovation, technology, customer support, and complementary solutions to enhance the behavioral health and human services market.
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Global Behavioral Mental Healthcare Software Market size was valued at USD 4.74 billion in 2019 and is poised to grow from USD 5.52 billion in 2023 to USD 18.3 billion by 2031, growing at a CAGR of 16.2% in the forecast period (2024-2031).

The market is moderately competitive, and key players and government funding for behavioral health are the factors propelling the growth of the market studied. Key market players' major strategies include partnerships and collaborations, increased acquisitions and mergers, and increased product innovation. Such trends in the mental health software market are expected to result in massive market growth in the forthcoming years. Some of the key market players in the global behavioral/mental health software market include Accumedic, BestNotes, Cerner Corporation, Welligent Inc., Credible Behavioral Health Software, and NextGen Healthcare. 'Cerner Corporation', 'Epic Systems Corporation', 'Netsmart Technologies, Inc.', 'Allscripts Healthcare Solutions, Inc.', 'NextGen Healthcare, Inc.', 'Qualifacts Systems, Inc.', 'Core Solutions, Inc.', 'Valant Medical Solutions, Inc.', 'Welligent, Inc.', 'MindLinc, Inc.', 'Meditab Software, Inc.', 'Kareo, Inc.', 'TheraNest, LLC', 'SimplePractice, LLC', 'Advanced Data Systems Corporation', 'CureMD Healthcare', 'Compulink Healthcare Solutions', 'Raintree Systems, Inc.', 'Therasoft Online, Inc.', 'TotalMD'

The key concern of the government is formed by High healthcare costs for the treatment of behavioral health-related problems or mental illness. Globally depression is a common mental illness problem which is faced by all age group people. Most of the behavioral & mental health software is used to provide cognitive behavior therapy (CBT) which is an efficient treatment for various psychological issues such as anxiety disorder and mood disorders, among others.

During the forecast period, the electronic health record segment expected to hold significant market share. As per healthcare professionals, managing behavioral mental health and treating addiction is very different from dealing with family medicine practices and practices dedicated to various specialties like cardiology, oncology, or pediatrics. Adding to the complexities of behavioral/mental health and addiction medicines is the fact that organizations can be run on an in-patient basis, partial in-patient basis, or strictly outpatient basis. Due to the increasing incidence of mental disorders across the world, the demand for EHR is increasing which is built specifically for mental health. As per world bank estimation in 2020, it was found that at least 10% of the population is affected with mental, neurological, and substance use disorders (MNS), and around 20% of children and adolescents suffer from some type of mental disorder globally every year. The medical staff and patients associated with behavioral/mental health management, makes a difference to specialty-specific EHR. A behavioral health EHR provides advanced capabilities that general practices do not need. With time, specialty healthcare providers, including mental health and behavioral health providers, have started to demand electronic health records (EHR) designed specifically for their needs.

North America dominates the Global Behavioral Mental health software market which accounts for a major share of the market studied in terms of revenue and is expected to maintain its position over the forecast period. North America held 41.8% of the market revenue share in 2021. In the U.S., Medicare provides reimbursement for telepsychiatry services, making the reimbursement scenario promising. Increasing awareness regarding mental health software has led to constant improvements in Medicare policies.

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