Behavioral health software market is expected to reach USD 4.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 19.6%
According to the new market research report “Behavioural/Mental Health Software Market by Component (Services, Software), Delivery (Subscription, Ownership), Functionality (Clinical, EHR, CDS, Telehealth, RCM, BI, Administrative, Financial), End User (Hospitals, Clinics) – Global Forecasts to 2026″, published by MarketsandMarkets™, the global Behavioral Health Software Market is expected to reach USD 4.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 19.6% during the forecast period.
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The major factors driving the growth of behavioral health software market are the increasing adoption of behavioral health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage. On the other hand, data privacy concerns and a shortage of HCIT personnel are expected to restrain the growth of this market.
Based on components, the mental health software market is segmented into software and support services. The support services segment is expected to account for the largest share of the market in 2021. The recurring requirement of support services (such as software upgrades and maintenance) is the major factor supporting its growth.
Based on end users, the behavioral health software market has been segmented into community clinics, hospitals, and private practices. In 2021, the community clinics segment is expected to account for the largest share. Growing government initiatives to support these facilities and growing patient preference for community clinics are likely to drive behavioral health software adoption in this segment.
On the basis of region, the behavioral health software market has been segmented into four major regions, namely, North America, Europe, the Asia Pacific and rest of the world. In 2021, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as the growing number of people requiring behavioral health services, behavioral health reforms in the US, and government funding for behavioral health services in the region.
Major players operating in the behavioral health software market include Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Kareo (US), Meditab Software (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US, Qualifacts (US), The Echo Group (US), Valant (US), Welligent (US), Cure MD(US), Epic systems corporations (US), Accumedic (US), Mediware(US), Allscripts (US)
Recent Developments:
In July 2020, Cerner(US) collaborated with Nuance Communications, Inc. (US). This long-standing collaboration aimed to integrate Nuance’s virtual assistant technology into Cerner Millennium.
In April 2020, Netsmart (US) partnered with The California Department of Veterans Affairs (CalVet, US). This partnership helped CalVet to implement Netsmart’s person-centered EHR platform, myUnity, to provide enhanced clinical and operational effectiveness in its delivery of day-to-day care to its residents
In February 2021, Netsmart acquired GPM, a North Carolina-based Software-as-a-Service technology and services company. This will help Netsmart’s CareFabric platform to deliver interoperable data sharing between long-term care facilities and providers.
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