Home Press Releases Behavioral and Mental Health Software Market Size Worth $17.49 Billion By 2030 | CAGR: 17.4%

Behavioral and Mental Health Software Market Size Worth $17.49 Billion By 2030 | CAGR: 17.4%

The global behavioral and mental health software market size is expected to reach USD 17.49 billion by 2030, according to a new study by Polaris Market Research. The report “Behavioral and Mental Health Software Market Share, Size, Trends, Industry Analysis Report, By Component (Support Services, Software); By Delivery Model; By Functionality; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

With the dominance of branded products and the rising prevalence of diseases in the region, North America dominated the market in terms of revenue in 2021. The region’s industry statistics will be influenced by a number of factors, including the rising prevalence of behavioral and mental disorders, improved medical infrastructure, and rising medical spending in the area.

 

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Cognitive Behavior Therapy (CBT), effective treatment for a variety of psychological conditions, including anxiety disorder and mood disorders, among others, is offered by the majority of well-being applications. Thus, it is projected that rising mental well-being spending and an increase in the number of psychological problems will help to grow the revenue share.

 

One of the major risks to the industry is data privacy infringement. Due to patient confidentiality, doctors are not allowed to disclose any patient information to third parties. The HIPAA rule was therefore developed by the US Congress to safeguard patient medical records and other information. However, there has been a surge in data infringement instances worldwide, which could impede industry expansion throughout the study period.

 

For instance, the HIPAA Journal report states that 714 medical data breaches occurred in the United States in 2021. Of those violations, the HHS Office for Civil Rights has already received reports of 500 or more records. As a result, increasing data breaches and data theft may hinder the market expansion of the industry.

 

Behavioral and Mental Health Software Market Report Highlights

  • Subscription model accounted for significant revenue share due to demand for data management among clinical firms.
  • Clinical functionality is expected to grow during the forecast period due to advancement in technology and data privacy management among firms.
  • Hospital sector accounted for the largest CAGR over the forecast period attributed to the adoption of behavioral and mental well-being application in this market is probably being driven by expanding government measures to assist these institutions.
  • North America is expected to grow at a significant CAGR over the projected period on account the rising demand for behavioral and mental well-being services, behavioral health reforms in the US, and regional government support for these services.
  • The global market is highly competitive owing to the existence of large market players with global presence including Accumedic, Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Kareo, Meditab, and The Echo Group.

 

Polaris Market Research has segmented the behavioral and mental health software market report based on product type, application, type, distribution channel and region:

 

Behavioral and mental health software, Component Outlook (Revenue – USD Billion, 2022 – 2030)

  • Support Services
  • Software
  • Integrated Software
  • Standalone Software

Behavioral and Mental Health Software, Delivery Model Outlook (Revenue – USD Billion, 2022 – 2030)

  • Subscription Model
  • Ownership Model

Behavioral and Mental Health Software, Functionality Outlook (Revenue – USD Billion, 2022 – 2030)

  • Clinical Functionality
  • Electronic Health Records
  • Clinical Decision Support
  • Care Plans/ Health Management
  • E-Prescribing
  • Telehealth
  • Administrative Functionality
  • Patient/ Client Scheduling
  • Document/ Image Management
  • Case Management
  • Business Intelligence
  • Workforce Management
  • Financial Functionality
  • Revenue Cycle Management
  • Managed Care
  • Accounts Payable/ General Ledger
  • Payroll

Behavioral and Mental Health Software, End User Outlook (Revenue – USD Billion, 2022 – 2030)

  • Community Clinics
  • Hospitals
  • Private Practices

Behavioral and Mental Health Software, Regional Outlook (Revenue – USD Billion, 2022 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of Asia
    • Rest of World

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