High Prevalence of Mental Disorders Boosts Mental Health Software Sales
The global mental health software market was valued at US$ 1,971.5 Mn in 2014. North America was the largest market for mental health software, accounting for over 45% revenue share of the overall market in 2014, followed by Europe with around 27% share. Moreover, Asia Pacific market is expected to exhibit highest CAGR of 16.7% during the forecast period (2015–2021), followed by the MEA market, which is expected to expand at a CAGR of 15.3%. Drivers such as increasing per capita healthcare spending, increasing aging population, government digital initiatives, and proliferation of wearable and mobile devices is expected to support growth of the mental health software market.
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Persistence Market Research delivers key insights on the Global Mental Health Software Market in its latest report titled “Global Market Study on Mental Health Software: Innovative and Low-Cost Mental Healthcare Solutions to Drive Implementation”.
The global mental health software market is anticipated to expand at a double-digit CAGR during the forecast period. By deployment mode, the global mental health software market is segmented into on-premise and subscription (cloud-based). Among these, a subscription (cloud-based) segment is expected to register highest CAGR of 24.2% during the forecast period.
By mode of access, the global mental health software market is segmented into desktops/ laptops and tablets/ smartphones. Among these, desktops/ laptops segment is anticipated to be dominant throughout the forecast period and is projected to account around 70% share of the total global mental health software market by 2021.
By function, the mental health software market is segmented into telehealth, payroll, revenue cycle management, ledger, business intelligence, electronic health record, and clinical decision support. Among these, telehealth segment is estimated to be the third-largest segment in terms of value and is estimated to account over 16% share of the total global mental health software market share by 2015 end.
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Application-wise, the market is segmented into commercial and residential segments. The commercial segment is further sub-segmented into hospitals and clinics, and others application. Others sub-segment is also categorized into psychiatrists, social workers, psychologists, counsellors, nurse practitioners, and group therapists.
Increasing aging population and increasing the incidence of chronic diseases is expected to fuel demand for advanced eHealth solutions for remote patient monitoring, which is projected to increase adoption of digital technologies by healthcare organizations. This, in turn, is expected to fuel the growth of the mental health solutions market during the forecast period. Healthcare organizations are focusing on integrating behavioural healthcare services into the care continuum in order to enhance quality and outcomes of healthcare services at the point of care. Increasing initiatives by universities are also indirectly propelling integration of behavioural healthcare services with care continuum.
This report covers the trend of each segment and its sub-segments along with the analysis of the potential of mental health software market in that region. North America and Asia-Pacific regions are estimated to collectively account for over 65% revenue share of the total mental health software market share by 2015 end. Asia-Pacific is projected to be the fastest growing market due to increasing aging population and incidence of chronic diseases in the region.
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