Behavioral and mental health software allows patients to maintain their mental health using digital solutions

May 14, 2020 - The global behavioral and mental health software market was valued at a significant market share over the past few years, owing to the growing mental health awareness. This software is often customized these days to cater to individual patient needs and suggests personalized treatment plans and recommendations. It allows patients to maintain their mental health using digital solutions. 

Drivers:

Factors propelling growth includes the increasing level of stress in the society such as depression and anxiety. It is also largely associated with substance abuse. Patients suffering from lifestyle diseases like diabetes are more prone to depression than the general population. Therefore, renowned health organizations are listing recommendations for care integration in behavioral health care settings.

Technological development has provided numerous opportunities for market growth. Health Information Technology (health IT) uses electronic systems to store, process, manage, retrieve patient data and enables medical providers or administrators to analyze and streamline the healthcare delivery. It has emerged substantially critical for enable behavioral care.

In-Depth research report on Behavioral and Mental Health Software market:   
https://www.radiantinsights.com/research/global-behavioral-and-mental-health-software-market-research-report-2019-2023

The market services adoption has transformed the nature of mental health assessment and has resulted in a shift towards value-based care. Medical providers are progressively more accountable for patient health outcomes and cost of care. There is a growing demand for the complete access of an individual’s record in terms of their health-related information and laboratory results to effectively manage the care that they receive. Furthermore, accountable care organizations (ACOs) are booming and are expanding their accountability scope of health and social services.

Restraints:

The market growth is highly constrained by the lack of awareness regarding the available solutions. Also, concerns related to data breaches, privacy issues, and data security threats are hindering market expansion. Several healthcare providers lack the necessary knowledge to operate the EHR software, which is hampering growth. Therefore, federal governments are providing technical assistance by dedicating IT staff at Regional Extension Centers to train and guide medical professionals.

Segmentations:

The market has been primarily segmented based on component, delivery model, end-users, and function type. The end use market has been further categorized into payers, providers, and patients. Providers dominated the market over the past few years in terms of revenue share and will further lead throughout the forecast timeframe, owing to the presence of several reimbursement policies.

Regional Outlook:

Geographically, the market has been segmented into North America, Asia Pacific, Europe, Latin America and the Middle East & Africa. North America was the highest revenue generating region in the past few years and was followed by Europe. This can be mainly attributed to the presence of most of the healthcare giants in these regions. Asia Pacific region is growing at a lucrative rate due to the presence of a large population base especially in countries like India and China.

Competitive Landscape:

Behavioral and mental health software market has reduced the administrative burden such as billing, data access & sharing, workflow, and its associated costs. This infrastructure has created an alternative payment options which is secure and easy. Several federal investments have driven market opportunities. Delivery System Reform Incentive Payment (DSRIP) is enhancing patient outcome and experience with the development of Medicare and Medicaid solutions under the Affordable Care Act (ACA). The State Medicaid Letter allows the use of HITECH Administrative Matching Funds as a payment option under the EHR incentive program. Some of the key players operating in the market are Core solutions, Inc.; Cerner Corporation; Epic; Welligent, Inc.; Netsmart Technologies; and others.

Mental and behavioral health providers have historically had low adoption rates for electronic medical records and other health IT software. In the context of China-US trade war and global economic volatility and uncertainty, it will have a big influence on this market. Behavioral and Mental Health Software Report by Material, Application, and Geography - Global Forecast to 2023 is a professional and comprehensive research report on the world's major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China).

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In this report, the global Behavioral and Mental Health Software market is valued at USD XX million in 2019 and is projected to reach USD XX million by the end of 2023, growing at a CAGR of XX% during the period 2019 to 2023.

The report firstly introduced the Behavioral and Mental Health Software basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world's main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.