US Behavioural Healthcare Software Market Growth Is Attributed To The Increased Promotion Of Telehealth

According to Precision Business Insights (PBI), the latest report us behavioural healthcare software market size was valued at USD 1,294.4 million in 2022, growing at a 12% CAGR during the forecast period 2023 to 2029. The increased mental health awareness among the youth population along with increased adoption of behavioral health software drives the US Behavioural Healthcare Software market. The adoption of technological advancements has increased the accuracy of diagnoses and patient outcomes have improved as a result of integrating cutting-edge technology like AI and ML. COVID-19 has positively impacted the market owing to the shortage of medical professionals and a rise in stress, anxiety, depression, anger, and paranoia among the population, raising the incidence of mental health conditions. The behavioral/mental health software industry will be driven by the expanding mental health community and the growing popularity of online resources for treatment and diagnosis. In July 2020, the University of North Carolina (UNC) collaborated with Google Cloud to develop an app called Heroes Wellness to support the mental health of first responders and healthcare professionals during the COVID-19 worldwide pandemic.

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The US Behavioural Healthcare Software market is segmented based on
Based on the component, the market is segmented into the following:
• Support Services
• Software

Based on the delivery model, the market is segmented into the following:
• Subscription Models
• Ownership Models

Based on the functionality, the market is segmented into the following:
• Clinical Functionality
• Administrative Functionality
• Financial Functionality

Based on the end-user, the market is segmented into the following:
• Community Clinics
• Hospitals
• Private Practices

Telehealth Segment Dominates the US Behavioural Healthcare Software Market
Increasing telecommunication usage worldwide, an increase in the prevalence of various chronic diseases, and an increase in the number of elderly people, which is increasing the number of deaths globally has led to increased use of telehealth especially among elderly who lack knowledge pertaining to TOI. Worldwide telehealth usage is further expected to grow more quickly due to the rising usage of linked devices for managing chronic diseases, and the increasing need for affordable treatment options brought on by rising healthcare expenses. For instance, in October 2020, Hims & Hers, a Multi-Specialty Telehealth Platform, became publicly traded via a merger with Oaktree Acquisition Corp.

U.S. Leads the US Behavioural Healthcare Software Market
The market is expected to grow at a 12% CAGR over the forecast years owing to New York New Jersey, and Pennsylvania. The Northeast is the richest region of the United States has the most investments in markets and is headquarters for several key companies. The reimbursement scenario is favorable because Medicare policy in the US pays for telepsychiatry services. Medicare policies continue to be improved as mental health software becomes more widely known. As an illustration, the Telemental Health Expansion Act was presented in the U.S. Congress in November 2019 and seeks to exempt the regional limitations in the standards for mental health treatments provided via telehealth.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The US Behavioural Healthcare Software market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In January 2022, Centene Corporation, a leading Behavioral Health Platform acquired Magellan Health, Inc. The acquisition enables Centene to provide whole-health, integrated healthcare solutions to deliver better health outcomes at lower costs for complex, high-cost populations. In June 2021, Talkspace, a leading virtual behavioral healthcare company merged with Hudson Executive Investment Corp. The pro-forma entity was expected to have $250 million of available cash, which was used to grow its user base, add partnerships, and expand internationally.

Key player's profiles in the us behavioural healthcare software market report are Centene Corporation, Talkspace, Amwell, Appriss Health, Cerner Corporation, Core Solutions, Inc., Epic, Meditab, Holmusk, Netsmart Technologies, Qualifacts Systems, Inc., Welligent, Inc., SimplePractice, LLC, TherapyNotes, LLC, and TheraNest

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