Behavioral And Mental Health Software Market would Register a Healthy Growth of USD 49.93 billion by 2027 :Qualifacts, The Echo Group, McKesson Corporation, Practice Fusion, Allscripts, Epic Systems Corporation, eClinicalWorks, MindLinc, Cerner Corporatio

The behavioral & mental health software market value is projected to reach USD 49.93 billion by 2032, according to a new research report by MR Accuracy reports pvt ltd. Increasing government funding and initiatives toward mental health services is expected to boost the market size.

Increasing need for effective behavioral & mental health services including in pandemic has triggered the market growth. Furthermore, benefits associated with behavioral & mental health software such as optical recognition and voice recognition technologies, virtual reality (VR) treatments to assist individuals in relieving trauma-related incidents will spur the business landscape.

Click Here to Get Free Sample Copy of Behavioral And Mental Health Software Report @ https://www.mraccuracyreports.com/report-sample/350056

Global Behavioral And Mental Health Software: Top Key Players

Qualifacts, The Echo Group, McKesson Corporation, Practice Fusion, Allscripts, Epic Systems Corporation, eClinicalWorks, MindLinc, Cerner Corporation, Netsmart Technologies Inc

Software segment is estimated to expand at 16.2% CAGR between 2022 and 2030 driven by rising adoption of behavioral & mental health software in various healthcare setting such as hospitals & clinics. Moreover, growing number of health insurance policies that covered mental health conditions is another key factor to accelerate the overall industry progression. Furthermore, the behavioral & mental health software allow mental health professional to design & choose the appropriate treatment plan for patients suffering from addiction, stress, anxiety, and depression.

Some major findings of the behavioral & mental health software market report include:

Widespread application of behavioral and mental health software such as in clinical, financial, and administrative practice is predicted to spur the market statistics.
Benefits associated with administrative segment is anticipated to drive the market expansion.
Rapidly upgrading healthcare infrastructures in the countries of Asia Pacific region will create lucrative opportunities in the market.

Product types uploaded in the Behavioral And Mental Health Software are:

Clinical Software, Financial Software, Administrative Software, Others

Key applications of this report are:

Hospital, Residential, Others

Behavioral & mental health software market from administrative segment is set to surpass USD 6.1 billion by 2030. Large-scale centers require centralized scheduling system to survey multiple providers in one place. Thus, administrative functions such as patient/client scheduling is beneficial as it offers timely care delivery at lower cost, thereby supplementing the segment growth. Furthermore, growing usage of software and services owing to the document management that eliminate the risks of data overload in long-term care units, hospitals, clinics, and rehabilitation centers will further augment the market outlook.

Hospitals segment is likely to witness 17.7% CAGR during the analysis period due to high adoption rate of mental health software in the hospital. Additionally, large patient pool preferring hospitals for the treatment of mental illness will accelerate the overall industry trends. Moreover, increasing prevalence of anxiety among the geriatric population will further rise the market of behavioral & mental health software in the hospital setting.

Access full Report Description, TOC, Table of Figure, Chart, etc. @ https://www.mraccuracyreports.com/reportdetails/reportview/350056

Restraint: Data privacy concern
In behavioral health, the privacy of data is the biggest concern for providers. Behavioral health providers are not allowed to share information on patients suffering from some mental illness or substance abuse with anyone who is not involved in the treatment of that particular patient. However, with the integration of data using behavioral IT tools, any healthcare professional unrelated to that case can access the patient's data. In the US, the HIPAA Journal recorded 365 healthcare data breaches in its 2018 breach list, an increase of 68% over the total number of breaches tracked in 2012. According to a publication from HIPAA Journal, HIPAA-covered companies and business associates paid around USD 28.7 million for HIPAA violations in 2018. While initiatives such as the passing of the HIPAA and HITECH Act in the US and the GDPR Act by the EU have been taken to strengthen data security measures, cases of data infringement and data breaches are still high.

Challenge: Financial Constraints
Overcoming financial constraints is the biggest challenge for healthcare organizations, especially in emerging economies. Nevertheless, the extent of data that is stored proves to be so important that IT infrastructure has started becoming the backbone of healthcare institutions. Currently, behavioral health software solutions are relatively high-priced software solutions. The maintenance and software update costs of these systems may sometimes be more than the actual price of the software. Support and maintenance services, which include software upgrades as per changing user requirements, represent a recurring expenditure that may amount to almost 30% of the total cost of ownership. This makes it challenging for behavioral health organizations to justify spending, at least in the short term, when they are focused on implementing EHRs and upgrading RCM systems.

Opportunity: Emerging Markets
Emerging markets such as the Asia Pacific, Latin America, and the Middle East and Africa are expected to offer significant growth opportunities for players operating in the behavioral health software market, especially those that are unable to meet the standards set by the Federal Government in the US. Government initiatives to establish standards, regulations, and infrastructure will encourage healthcare providers to adopt EMR and EHR technology in Australia. The Australian government has been taking several initiatives to increase the adoption of IT in healthcare to reduce errors and increase efficiency. On this front, in March 2013, the State of South Australia started developing the "careconnect.sa" program to fully integrate EHR systems statewide. The Government of Australia is also actively promoting the electronic exchange of health information as part of the National E-Health Strategy. In its 2015-16 Federal Budget, the government allocated USD 485.1 million to strengthen eHealth governance arrangements (Source: Australian Digital Health Agency). Such initiatives are responsible for increasing the implementation of EMRs and EHRs in Australia.

Recent Developments:
In July 2020, Cerner(US) collaborated with Nuance Communications, Inc. (US). This long-standing collaboration aimed to integrate Nuance's virtual assistant technology into Cerner Millennium.
In April 2020, Netsmart (US) partnered with The California Department of Veterans Affairs (CalVet, US). This partnership helped CalVet to implement Netsmart's person-centered EHR platform, myUnity, to provide enhanced clinical and operational effectiveness in its delivery of day-to-day care to its residents
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.

Chapter 1 Toll Like Receptor 8 Introduction and Market Overview

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Global Behavioral And Mental Health Software, by Type

Chapter 5 Behavioral And Mental Health Software, by Application

Chapter 6 Global Behavioral And Mental Health Software Analysis by Regions

Chapter 7 North America Behavioral And Mental Health Software Analysis by Countries

Chapter 8 Europe Behavioral And Mental Health Software Analysis by Countries

Chapter 9 Asia Pacific Behavioral And Mental Health Software Analysis by Countries

Chapter 10 Middle East and Africa Behavioral And Mental Health Software Analysis by Countries

Chapter 11 South America Behavioral And Mental Health Software Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Global Behavioral And Mental Health Software Forecast

Chapter 15 New Project Feasibility Analysis

Direct Purchase Behavioral And Mental Health Software Research Report Now @ https://www.mraccuracyreports.com/checkout/350056

The software also accomplishes billing, appointments, and bed management, which helps the organization run smoothly. Moreover, the Behavioral & mental health software is generally designed to manage clinical, administrative, and financial tasks associated with the practices of clinics and hospitals.


Furthermore, owing to the COVID-19 pandemic, the cases of stress, depression, paranoia, and anxiety among others has increased. Thus, there was a rapid rise in the incidence of mental health conditions. Therefore, as a result of growing number of mental illness cases, the usage and demand for behavioral & mental health software increased significantly during the COVID-19 outbreak. Moreover, collaboration to launch new services to cater the growing demand during the pandemic has also boosted the market statistics.


For instance, in July 2020, The UNC School of Medicine (SOM) and UNC Health launched the Heroes Health Initiative to support the mental health of first responders and healthcare workers during the COVID-19 outbreak. Thus, such collaboration among the market players along with growing cases of mental disorders has significantly contributed to the behavioral & mental health software market share in 2020.

Increasing mental illness will drive the market statistics
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. Thus, increasing number of psychological issues along with rising behavioral mental health spending across the globe is anticipated to foster the market share.


For instance, according to the STAT report, in 2020, there were about 3,153 total cases of major depressive disorder per 100,000 people and 4,802 total cases of anxiety disorders per 100,000 worldwide. Similarly, as per the Castlight Workforce Health Index, from 2019 to 2020, spend on behavioral health services grew 18.7%. Thus, increasing prevalence of mental illness such as anxiety and depression and growing spending on behavioral health will spur the behavioral & mental health software market revenue.


Data security concern may slow the market demand
Data privacy invasion is one of the biggest threats of behavioral & mental health software industry. The providers are restricted to share the details of patients to any outsiders owing to confidentiality. Therefore, the U.S. Congress created the HIPAA rule to protect the patients medical histories and other health information. However, there is increase in the cases of data infringement across globe that may hinder the market growth during the analysis period.


For instance, according to the HIPAA Journal report, in 2021, there were 714 healthcare data breaches in U.S. Among those breaches, 500 or more records have already been reported to the HHS Office for Civil Rights. Thus, raising data breaches and data infringement may slow down the market growth of behavioral & mental health software.

Clinical segment is expected to show significant CAGR during the analysis period
By application, Clinical segment is expected to register 17.8% CAGR to surpass USD 10.2 billion by 2030 owing to the increasing government initiatives to offer cost effective and quality care to the patients along with clinical services such as clinical decision support (CDS), care plans/health management and telehealth. Furthermore, increasing adoption of EHR in medical facilities will further boost the market forecasts.


For instance, according to Definitive Healthcare data from 2020, more than 89% of all hospitals in U.S. have implemented inpatient or ambulatory EHR systems to smooth and efficient workflow. Thus, increasing adoption rate of EHR in developed economies will boost the overall market outlook.


Growing number of counsellors offering the services in private will accelerate the segmental demand
Based on end-use, the private practices segment accounted for USD 2 billion in 2021. Increasing prevalence of post-traumatic stress disorder among population along with growing number of counsellors offering the services in private will accelerate the segmental landscape. For instance, as per the Recovery Village Drug and Alcohol Rehab report estimates, nearly 70% of adults in the U.S. have experienced a traumatic event and up to 20% of those individuals develop post-traumatic stress disorder (PTSD) accounting for more than 10 million adults in the U.S.

Call Us - UK +44 7452119323
USA +1 8045001224
Email us - sales@mraccuracyreports.com
30 Crawley Lane, West Sussex, RH10 7EG, United Kingdom
3351 Green Turtle Rd, Regina, SK S4V 3N6, Canada

MR Accuracy Reports is a Market Research and consulting company that accomplishes requirement of research agencies,small, medium and large corporations, global business leaders, government organizations,
SME's, Individual & Start-ups, top management consulting firms.

This release was published on openPR.