Mental Health Software Market Is Forecasted To Reach US$ 29.45 Billion By 2034, Fact.MR

A fresh study conducted by Fact.MR, a prominent market research and competitive intelligence firm, unveils that the global Mental Health Software Market, valued at US$ 5.48 billion in 2024, is poised for substantial growth, projected at a compound annual growth rate (CAGR) of 18.8% from 2024 to 2034.

This surge is driven by several pivotal factors, including escalated government funding, the burgeoning adoption of mental health software, favorable reforms in behavioral health, governmental initiatives promoting the utilization of electronic health records (EHRs) in psychiatric facilities, and the persistent high demand for mental health services despite a shortage of providers.

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Mental health software constitutes a tailored collection of digital resources crafted to support mental health professionals, patients, and institutions. These platforms provide an array of functions including appointment management, telemedicine integration, electronic health record storage, assessment utilities, and billing oversight.

By simplifying administrative duties and enriching patient care, mental health software plays a pivotal role in elevating mental health services. It facilitates secure communication, customized treatment strategizing, and progress monitoring, thereby fostering improved patient results and advancing the embrace of evidence-based approaches within the mental health realm.

Key Takeaways from Market Study
• The global mental health software market is estimated at US$ 5.48 billion in 2024.
• Demand for mental health software is forecasted to rise fast at a CAGR of 18.8% from 2024 to 2034.
• The market is projected to reach US$ 29.45 billion by 2034-end.
• The market in East Asia is predicted to expand at a noteworthy CAGR of 18.9% through 2034.
• The on-premise segment is projected to advance at a CAGR of 18.5% through the forecast period.
• North America is predicted to account for 28.6% share of the global market in 2024.

"Governments worldwide are allocating funds and introducing initiatives to enhance mental health among their populations. This has led to a heightened awareness about the benefits of mental health services, as healthcare providers emphasize safe communication and individualized treatment planning," says a Fact.MR analyst.

Integration of Mental Health Software with Electronics Health Records
One of the main factors propelling the growth of the global mental health software market is the rising need for specialty-specific EMRs among specialized healthcare facilities worldwide. Furthermore, the global market expansion is being driven by favorable behavioral health reforms like the Affordable Care Act (ACA) and government programs that promote the implementation of electronic health records in behavioral health organizations. However, privacy and data security issues could impede the growth of the worldwide mental health software market.

Market Developments
There are a few major players in the somewhat competitive mental health software market. Prominent industry participants employ several tactics, including joint ventures and alliances, heightened procurements and consolidations, and novel product development. In the upcoming years, these trends in the mental health software market are anticipated to lead to explosive market expansion.

• October 2022: Calm, a mindfulness app that requires a subscription, made its debut on Calm Health, a clinical mental health platform. Programs tailored to specific conditions are offered by Calm Health to close the gap between mental and physical treatment.

Key Market Players
• BestNotes
• Welligent, Inc.
• TELUS Health
• Accumedic Computer Systems Inc.
• Credible, a part of Qualifacts Systems, LLC.

Advancements in Mental Health Care: A Focus on China and the United States

The Chinese government is actively working to improve mental health care, evident in initiatives like integrating mental health treatments into primary healthcare networks. The rise in mental health issues in China, attributed to societal pressures, work-related stress, and rapid urbanization, has prompted a growing interest in digital mental health solutions.

The increasing demand for smartphones in the country, coupled with East Asian countries' adoption of mobile and digital health technology, is expected to boost the utilization of mental health apps in the foreseeable future.
In the United States, the acknowledgment of mental health problems has led to a surge in demand for mental health services. A growing awareness has resulted in more individuals seeking therapy, counseling, and other forms of mental health support.

The U.S. stands at the forefront of technological innovation, particularly in mental health software, with various platforms and apps offering treatment, counseling, telepsychiatry, self-help tools, and mental health assessments. The rapid adoption of software connected to behavioral and mental health is a key factor propelling this expansion.

The smartphone adoption rate in North America, exceeding 80% in 2020 and projected to reach 85% by 2025 according to GSMA's 'The Mobile Economy Report 2021,' plays a pivotal role in this trend. Factors such as increased smartphone use, advancements in coverage networks, and the growing prevalence of the internet and social media contribute to this rise.

Competitive Landscape
There is intense competition among the current competitors due to the growing need for mental health apps and technological advancements. Growing awareness and adoption of digital and mobile health technology are expected to drive the entry of newer companies into the market for mental health apps.

To provide mental health support to people worldwide, Headspace Health, an English-American internet company that specializes in meditation, announced in September 2022 that it has agreed to purchase Shine App, a mental health and well-being platform

Segmentation of Mental Health Software Market Research
• By Deployment:
o On-premise
o Subscription

• By Mode of Access:
o Desktops/Laptops
o Tablets/Smartphones

• By Function:
o Telehealth
o Payroll
o Revenue Cycle Management
o Ledgers

• By Application:
o Commercial
o Residential

• By Region:
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

Read More: https://www.factmr.com/report/mental-health-software-market

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This release was published on openPR.