Mental Health Software Market Analysis and Forecast 2020: By Keyplayers Welligent Inc., Netsmart Technologies Inc., Cerner Corporation, Valant Medical Solutions Inc., Qualifacts Systems Inc., Nextgen Healthcare Information Systems LLC, MindLinc, Credible

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Market Overview

Mental health refers to the level of psychological comfort and well-being or absence of mental illness. In layman’s terms, it is the state of someone who is functioning at a satisfactory level of emotional and behavioral adjustment. Mental health software is a specialty software that allows behavioral health professionals to choose the best treatment plan for a person suffering from depression, stress, addiction, anxiety, etc. based on patient records and medical evidence. The software enables users to schedule online appointments and provides medical bill payments via mobile devices namely smartphones or laptops. Moreover, it can retrieve pharmacy, laboratory, and radiology data observations on the patients that are being treated. It also offers a detailed report focusing on the individual patient’s needs.

The global Mental Health Software Market was accounted for US$ 3,539.2 Mn in terms of value in 2019 and is expected to grow at CAGR of 12.7% for the period 2019-2027

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Competitive Section

Key players operating in the global mental health software market are Welligent Inc., Netsmart Technologies Inc., Cerner Corporation, Valant Medical Solutions Inc., Qualifacts Systems Inc., Nextgen Healthcare Information Systems LLC, MindLinc, Credible Behavioral Health Inc. (Credible), Core Solutions Inc., and Epic Systems Corporation.

Market Dynamics- Drivers

1. Availability of innovative healthcare solutions and services is expected to drive growth of the global mental health software market during the forecast period

Mental healthcare solutions and services are focused on investing in research and development activities, in order to provide customer-centric solutions. Moreover, growing competition is influencing companies to launch innovative offerings and upgrade the existing ones, in order to expand product portfolio. For instance, in 2014, Core Solutions Inc. launched the Cx360 mobile behavioral health EHR application. This mobile application provides single sign-on access to clinic and client demographics. This app allows the user to create and review contacts, appointments, treatment plants and diagnosis, among others

2. Growing geriatric population worldwide is expected to propel the global mental health software market growth over the forecast period
Growing geriatric population coupled with increasing incidence of chronic diseases is expected to boost the demand for eHealth solutions to monitor patients located at remote locations. This, in turn, is expected to increase adoption of digital technologies by healthcare organizations and thereby boost growth of the global mental health software market growth in the near future.

North America region dominated the global Mental Health Software Market in 2019, accounting for 42.8%% share in terms of value, followed by Europe, Asia Pacific, Latin America and Middle East and Africa respectively.

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Market Opportunities

1. High potential for growth of mental health software market in emerging economies
One of the biggest obstacles in growth of the global mental health software market is low awareness and lack of investments for mental health problems. Key companies can focus on emerging economies such as India, Brazil, and South Africa by providing free counseling and interactive sessions on mental health problems. Moreover, key players can lay emphasis on providing sample versions of mental health software to clinicians, in order to increase awareness regarding benefits of the same. These activities can offer excellent growth opportunities in the near future.

2. Increasing emphasis on telehealth as a means of providing care services can provide major business opportunities

Telehealth is a distribution of health-associated services and information via electronic information and telecommunication technologies. Telehealth enables clinicians to connect with the long-distance patients and provide care, advice, reminders, intervention, education, and monitoring to patients. Telehealth is an excellent option to provide mental health solutions and services with help of mental health software. Furthermore, it reduces additional costs that might incur, making it beneficial for patient as well as clinicians.

Market Trends

1. Increasing merger and acquisition activities among key market players

Key players in the global mental health software market are focused on mergers and acquisitions, in order to enhance their technological capabilities and gain a competitive edge in the market. For instance, in 2015, Quality System Inc. (QSI) acquired Gennius Inc., a leading provider of healthcare analytics, in order to enhance its analytics competencies by expanding its business intelligence capabilities. Furthermore, in September 2015, Cerner Corporation acquired Siemens AG's health Information technology in order to expand its client base and increase its presence in the global market. The acquisition was valued at US$ 1.37 Bn. This trend is expected to continue during the forecast period.

2. Growing adoption of cloud-based services is another major trend in the market

Increasing adoption of cloud-based services and solutions in the healthcare industry is the latest trend in the market. A vast number of service providers are offering cloud-based services that host clinical application and data, health information exchange, data backup, and disaster recovery. For instance, in October 2013, Salisbury Behavioral Health deployed Evolve IP, LLC’s cloud-based unified communications / IP phone system and network services. In September 2015, Central Virginia Health Services deployed eClinicalWorks’ cloud-based electronic health record (EHR). Furthermore, cloud-based solutions are relatively cost-effective as compared to on premise software solutions. Major market players are expected to capitalize on this trend by introducing cloud-based mental health solutions and services, in order to expand their consumer base.

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Latin America

Data breach is the primary concern associated with the usage of various digital formats. Medical information such as electronic patient health records can be potentially accessed by cybercriminals. In order to secure sensitive healthcare information from unauthorized users, the Brazilian government implemented internally accredited cybersecurity framework in domestic cyberinfrastructure in 2008. This was implemented through three different security-oriented instruments namely Normative Instruction GSI no 1/2008, 2/2008, and 3/2008. These instruments manage information and communication security, accredits classified information, and define minimum benchmark standards, respectively. Furthermore, these instruments are under the purview of Federal Public Administration and Federal Executive Brand.

Segment information:

In global Mental Health Software Market, by mode, On-premise sub-segment dominated the global market in 2019, accounting for 84.0% share in terms of value, followed by Subscription (Cloud-based) sub-segment.

Key Developments

1. Key players in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in February 2018, Netsmart Technologies Inc. acquired HomeCare Accounting Solutions (HAS), a cloud-based software company that automates clinical field operations of home care agencies.

2. Major market players are involved in partnerships and collaborations, in order to gain a competitive advantage in the market. For instance, in May 2018, Valant Medical Solutions Inc. partnered with Gemspring, a middle-market private equity firm accelerate growth of the organization in the field of mental health.

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