According to Stratistics MRC, the Global Behavioral/Mental Health Software market is accounted for $1.32 billion in 2017 and is expected to reach $4.77 billion by 2026 growing at a CAGR of 15.3%.
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Increasing government initiatives towards EHR in behavioral health organizations, growing number of health reforms, large pool of people looking for behavioral health support pose, rising adoption of BHs and growing aging population are favouring the market growth.
Data Privacy issues, lack of It-Knowledgeable Personnel are some of the major restraints hampering the market. Increasing significance on subscription models and increasing demand for behavioral health software in developing markets are driving their growth during the forecast period.
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Behavioral/Mental Health Software is software used by psychologists to help guide, deal and inform the treatment of mental disorders such as addiction, stress, depression of each individual patient. It also facilitates users to retrieve pharmacy, laboratory and radiology data observations on the patients been treated.
Depending on functionality, clinical functionality segment is dominating with the largest market share and the growth of this segment is due to rising government support towards need for this software to give quality care for patients at low costs by clinicians. North America is dominating the market and the growth of this region is mainly attributed to increasing aging population requiring behavioral health services, growing number of health reforms in the US.
Asia pacific is leading the market and the growth of this region is due to growing awareness about mental health software in India and China.
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Some of the key players in global Behavioral/Mental Health Software market include AdvancedMD, Inc, Cerner Corporation, Welligent Inc, Credible, Meditab Software (India) Pvt. Ltd, Compulink, Advance Data Systems, Kareo, Qualifacts Systems Inc, The Echo Group, NextGen Healthcare Information, Valant, Core Solutions, Netsmart Technologies and Mindlinc.
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