The global mental health software market is anticipated to expand a robust CAGR of 8% through 2031 and reach a market value of US$ 7.8 Bn.
By deployment mode, the market is segmented into on-premise and subscription (cloud-based). By mode of access, the global mental health software market is segmented into desktops/ laptops and tablets/ smartphones. Among these, desktops/ laptops segment is anticipated to be dominant throughout the forecast period and is projected to account around 2/3 share of the total global mental health software market by 2021.
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By function, the mental health software market is segmented into telehealth, payroll, revenue cycle management, ledger, business intelligence, electronic health record, and clinical decision support. Among these, telehealth segment is estimated to be the third-largest segment in terms of value and is estimated to account over 16% share of the total global mental health software market share by 2021 end.
Application-wise, the market is segmented into commercial and residential segments. The commercial segment is further sub-segmented into hospitals and clinics, and others application. Others sub-segment is also categorized into psychiatrists, social workers, psychologists, counsellors, nurse practitioners, and group therapists.
Increasing aging population and increasing the incidence of chronic diseases is expected to fuel demand for advanced eHealth solutions for remote patient monitoring, which is projected to increase adoption of digital technologies by healthcare organizations.
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This, in turn, is expected to fuel the growth of the mental health solutions market during the forecast period. Healthcare organizations are focusing on integrating behavioral healthcare services into the care continuum in order to enhance quality and outcomes of healthcare services at the point of care. Increasing initiatives by universities are also indirectly propelling integration of behavioral healthcare services with care continuum.
This report covers the trend of each segment and its sub-segments along with the analysis of the potential of mental health software market in that region. North America and Asia Pacific regions are estimated to collectively account for over 3/5 revenue share of the total mental health software market share by 2021 end. Asia-Pacific is projected to be the fastest growing market due to increasing aging population and incidence of chronic diseases in the region.
Key players in the global mental health software market are Cerner Corporation, Qualifacts Systems Inc., MindLinc, Core Solutions Inc., Netsmart technologies Inc., Epic Systems Corporation, Credible Behavioral Health Inc. (Credible), Nextgen Healthcare Information Systems LLC, Valant Medical Solutions Inc., and Welligent Inc. Leading players in the mental health software market aim to acquire other key technology providers in order to enhance their technological capabilities and maintain a competitive edge in the market.
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