Global Behavioral/Mental Health Software Market Size Projected to Reach USD 17.49 Billion By 2030, at 17.4% CAGR Growth: Polaris Market Research
NEW YORK, Feb. 15, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "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" published by Polaris Market Research in its research repository.
What is the Size of Behavioral/Mental Health Software Market? How Big is Behavioral/Mental Health Software Market?
Behavioral and mental health software is a type of electronic medical record software designed for the unique needs of behavioral health specialties. The rapidly rising demand for behavioral and mental health software market can be attributed to government reforms for medical practice regulations, improved access to the internet and mobile technologies, and greater adoption of EMR software means that patients have come to expect the ease of use and connectivity provided.
Mental health can be supported by behavioral and mental health software. Physicians or healthcare providers can use this software system to simplify and manage patients facing and other healthcare processes. Just like medical practice management software, behavioral and mental health software has a real-time monitoring feature that enables providers to keep track of patient progress. This system also simplifies the communication between providers and patients.
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Key factors driving market growth
The use of management software by healthcare providers is expected to improve the treatment of mental health problems. The behavioral and mental health software market size is expanding due to the rising adoption of integrated EHRs by healthcare providers to effectively manage practices and save costs. Beneficial behavioral health regulations available in the US, coupled with a surge in demand for behavioral and mental well-being services, are supporting the market's growth.
Lower medication errors and paperwork increased productivity by taking into account quick patient data access, improved workflow effectiveness, and lower medical costs are several key benefits provided by behavioral and well-being software. These advantages are accelerating industry growth. The behavioral and mental health software market sales are soaring as the companies in this market are focusing on launching new products and services, which is expected to positively influence the expansion of the market.
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Recent trends influencing the market
Behavioral and mental health software providers are emphasizing providing healthcare mobile applications to allow healthcare professionals and other users, such as patients get access to their health records and other related information regardless of their location via smartphones or mobile phones, or tablets.
Key players operating in the market are focusing on research and development activities to introduce technologically advanced patient care solutions. For instance, in 2013, Foothold Technology, a provider of EHR solutions for behavioral health and human services, partnered with Inter Systems Corporation, a connected care software provider, to support interoperability with regional human service agencies and health information exchanges.
Based on components, the software segment accounted for the largest market share. This segment is expanding due to an increase in the use of technological solutions to handle the financial, administrative, and clinical aspects of psychiatry practices. The behavioral and mental health software market demand is on the rise as mobile versions of EHR systems let patients access services while they are on the go. These systems feature integrated claims and billing capabilities to manage complex billing procedures.
Based on the delivery model, the subscription model segment is expected to witness significant growth. The behavioral and mental health software market trends include many practitioners not being eligible for incentives for meaningful usage of EHRs because of the modest size of their practices. Therefore, limited reimbursement prevents small-scale practitioners from using EHRs.
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Behavioral and Mental Health Software Market: Report Scope
North America held the largest behavioral and mental health software market share as the reimbursement scenario is favorable because medicare in the US pays for telepsychiatry services. Medicare policies continue to increase as mental well-being software becomes more widely known. For instance, in November 2019, the tele mental health expansion act was filed in the US Congress, which aims to exempt the regional constraints in the standards for mental health treatment supplied via telehealth.
Regional growth in Asia Pacific is expected to be fuelled by rising geriatric populations in China and Japan, growing smartphone and internet penetration, and these factors combined. Several smartphone users in Asian nations such as China and India present enormous market growth prospects.
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Polaris Market Research has segmented the behavioral and mental health software market report based on product type, application, type, distribution channel and region:
By Component Outlook
By Delivery Model Outlook
By Functionality Outlook
By End Use Outlook
By Region Outlook
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research