The Behavioral/Mental Health Software market is projected to register a CAGR of 11.8% during the forecast period.
Due to the recent COVID–19, it has also been observed that there is an increase in stress, anxiety, depression, frustration, and fear among the population due to the pandemic, which can increase the prevalence of mental health conditions. Thus, the rising mental health population will boost the online platforms for treatment and diagnosis and ultimately drive the behavioural/mental health software market. In July 2020, the University of North Carolina (UNC) collaborated with Google Cloud to launch an application called Heroes Health to help support the mental health of first responders and healthcare workers during the COVID-19 global pandemic.
The key factors propelling the growth of the market are the increasing stress conditions requiring mental health management, government funding and initiatives toward EHR adoption in behavioural health organizations, and improved health reforms during the forecast period.
The increasing problems of stress, anxiety, and depression are thus driving the patients to take treatment, and hence, healthcare facilities are adopting advanced systems, like various software, in order to manage behavioral/mental health. As per the World Health Organisation 2019 data, depression is the most common mental disorder and one of the main causes of disability globally. As per the same source, an estimated 264 million people are affected by depression currently across the world.
In addition, the focus of healthcare professionals on providing quality care to patients, behavioral health modifications, increasing government support for the enhancement of behavioral healthcare services, new product and service launch along with partnerships among the market players are rapidly propelling the growth of the overall market. In January 2021, Ehave, Inc. entered into a partnership with Cognitive Apps Software Solutions Inc for the commercialization of its Artificial Intelligence- (AI) based Workforce Mental Health Analytical Platform in G20 countries. Thus, this is expected to boost the market growth over the forecast period.
However, data privacy concerns and usage of traditional paper-based systems are the few factors that are expected to hamper the growth of the market during the forecast period.
Key Market Trends
The Electronic Health Record Segment is Expected to Hold Significant Market Share During the Forecast Period
As per the healthcare professionals, managing behavioural mental health and treating addiction is very different from dealing with family medicine practices and practices dedicated to various specialties like cardiology, oncology, or pediatrics. Adding to the complexities of behavioral/mental health and addiction medicine is the fact that organizations can be run on an in-patient basis, partial in-patient basis, or strictly outpatient basis.
The demand for EHR build specifically for mental health is increasing due to the increasing incidence of mental disorders across the world. As per the 2020 estimates of the World Bank Group, it was found that at least 10% of the population is affected with mental, neurological, and substance use disorders (MNS), and around 20% of children and adolescents suffer from some type of mental disorder globally every year.
A speciality-specific EHR makes a difference to the medical staff and patients associated with the management of behavioural/mental health. A behavioural health EHR provides advanced capabilities that general practices do not need.
With time, specialty healthcare providers, including mental health and behavioral health providers, have started to demand electronic health records (EHR) designed specifically for their needs. In a few cases, which involve medical EHRs, robust, well-constructed modules focused on their specialty.
Moreover, market players are frequently launching new products to enhance the market growth. In July 2020, DrFirst, introduced CareComplete, which will connect payers and providers with medical information in workflows at the point of care.
Additionally, the recent COVID 19 pandemic has created an increased focus on the Mental health EHR systems to cope with the situation. For instance, In March 2020, Credible Behavioral Health entered into a partnership with Change Healthcare to provide a free EHR software solution as support to behavioral health agencies challenged by the COVID-19 crisis. Thus, the aforementioned factors are expected to fuel the market growth over the forecast period in this segment.
North America Dominates the Global Behavioral/Mental Health Software Market
The market in North America accounts for a major share in terms of revenue and is expected to maintain its position over the forecast period. With the increasing burden of depression and stress due to work-life or personal life, the adoption rate of behavioural/mental health-related software is also rising. As per Mental Health America 2020, more than 45 million American adults have a mental health condition, which represents 18.57%. Along with this, the rate of youth with major depressive episodes (MDE) increased by 99,000 from last year's data.
Moreover, market players are frequently launching new products and adopting various other growth strategies to enhance their market presence in the region. In October 2020, TELUS Health launched its new mental health app called Espri to address the rising mental health needs of Canadian first responders and healthcare workers.
Additionally, the increasing COVID 19 crisis across the region is raising the demand for mental and behavioural health software and services in order to cope with the current pandemic situation. For instance, in March 2020, Tridiuum Inc., the United States-based digital behavioural health solutions provider, launched tele-behavioral health sessions within the Tridiuum ONE platform in response to the COVID-19 pandemic and the growing population sheltering at home. Hence, the growing burden of mental health related condition and increasing product launches is expected to fuel the market in this region.
The market is moderately competitive, with the presence of key players, and government funding for behavioral health are the factors propelling the growth of the target market in this region. Some of the major strategies followed by the key market players are partnerships and collaborations, a rise in the number of acquisitions and mergers, and increasing product innovation. Such trends in the mental health software market are expected to witness huge market growth in the forthcoming years. Some of the key market players in the global Behavioral/Mental Health Software market include Accumedic, BestNotes, Cerner Corporation, Welligent Inc., Credible Behavioral Health Software, and NextGen Healthcare.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Stress Conditions Requiring for Mental Health Management
4.2.2 Government Funding and Initiatives toward EHR Adoption in Behavioral Health Organizations
4.3 Market Restraints
4.3.1 Data Privacy Concerns
4.3.2 Usage of Traditional Paper-based Systems
4.4 Porters Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Clinical Functionality
22.214.171.124 Electronic Health Records
126.96.36.199 Clinical Decision Support
188.8.131.52 Care Plans/Health Management
184.108.40.206 Other Clinical Functionalities
5.1.2 Administrative Functionality
220.127.116.11 Patient/Client Scheduling
18.104.22.168 Case Management
22.214.171.124 Other Administrative Functionalities
5.1.3 Financial Functionality
126.96.36.199 Revenue Cycle Management
188.8.131.52 Accounts Payable/General Ledge
184.108.40.206 Other Financial Functionalities
5.2 By Solution
220.127.116.11 Integrated Software
18.104.22.168 Standalone Software
5.3 By End User
5.3.1 Community Clinics
5.3.3 Private Practices
5.3.4 Other End Users
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6.1.1 Accumedic Computer Systems, Inc.
6.1.3 Cerner Corporation
6.1.4 Credible Behavioral Health Software
6.1.5 Netsmart Technologies, Inc.
6.1.6 NXGN Management, LLC.
6.1.7 Qualifacts Systems, Inc.
6.1.8 Valant Medical Solutions Inc.
6.1.9 Welligent Inc.
6.1.10 CloudMD Software & Services Inc.
6.1.11 Tridiuum, Inc.
6.1.12 TELUS Health
6.1.13 Ehave Inc.
6.1.14 InSync Healthcare Solutions
A selection of companies mentioned in this report includes:
- Accumedic Computer Systems, Inc.
- Cerner Corporation
- Credible Behavioral Health Software
- Netsmart Technologies, Inc.
- NXGN Management, LLC.
- Qualifacts Systems, Inc.
- Valant Medical Solutions Inc.
- Welligent Inc.
- CloudMD Software & Services Inc.
- Tridiuum, Inc.
- TELUS Health
- Ehave Inc.
- InSync Healthcare Solutions