What is the global market size of Behavioral Mental Healthcare Software Market?

Global Behavioral Mental Healthcare Software Market size was valued at USD 4.74 billion in 2021 and is poised to grow from USD 5.52 billion in 2022 to USD 18.3 billion by 2030, growing at a CAGR of 16.2% in the forecast period (2023-2030).

Behavioral Mental Healthcare Software Market Size

Behavioral Mental Healthcare Software Market Insights

Global Behavioral Mental Healthcare Software Market size was valued at USD 4.5 billion in 2023 and is poised to grow from USD 5.04 billion in 2024 to USD 12.58 billion by 2032, growing at a CAGR of 12.1% during the forecast period (2025-2032).

The market size is boosted due to increase in the government funding, adoption of mental health software, government initiative to promote EHR adoption in psychiatry hospitals and facilities, and high demand for mental health services. To improve the treatment of mental wellbeing issues, the healthcare provider adopts management software. Also, the adoption of integrated EHRs can help behavioral health practices in effective practice management and cost-saving. Even at distant locations Tele-mental health involves coordinating with patients via video conferencing. The real-time monitoring system facilitates the connection between patients and care providers by removing barriers such as information sharing and confidentiality, which are particularly prevalent in substance abuse situations.

The improvement of care’s effectiveness and efficiency is contributed by Integrated modern technologies with established therapy modalities. Governments are particularly concerned about high healthcare expenditures associated with the treatment of behavioral health-related disorders. About 264 million individuals of all ages are affected by depression, it is a prevalent condition worldwide. According to the Lancet Commission research, the global cost of mental illness treatment was USD 2.5 trillion in 2019 and is expected to reach USD 6 trillion by 2031. Economic costs are mostly a result of the early onset of mental diseases and lost productivity, with an anticipated 12 billion working days lost every year.

US Behavioral Mental Healthcare Software Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

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. 'Teladoc Health (USA) ', 'LifeStance Health Group (USA) ', 'Amwell (USA) ', 'Oracle Corporation (USA) ', 'CompuGroup Medical (Germany) ', 'MindLinc (USA) ', 'Valant Medical Solutions (USA) ', 'ICANotes (USA) ', 'TherapyNotes (USA) ', 'SimplePractice (USA) ', 'AdvancedMD (USA) ', 'Spring Health (USA) ', 'Lyra Health (USA) ', 'Modern Health (USA)'

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.