In 2022, the global behavioral health software market was worth around USD 2,831 million, and it is projected to advance at a 16.10% CAGR from 2022 to 2030, hitting USD 9,346 million by 2030, according to P&S Intelligence.
This growth can be ascribed to the rising requirement for mental health software, the obtainability of government backing, and initiatives to boost the acceptance of EHRs in psychiatric hospitals. The nonstop requirement for solutions to advance mental health is the vital element fuelling the industry's expansion.
The services offered under the behavioral health umbrella comprise those for alcohol and drug misuse, mental health, anxiety, schizophrenia, post-traumatic stress disorder, and eating disorders. Over the years, mental syndromes have witnessed a stable growth in occurrence, thus leading to a hike in the demand for effective counseling and treatment.
The main factors for individuals to suffer from behavioral problems comprise chronic illnesses, traumatic lives because of problems in work and relations, and monetary issues. Approximately 20% of the world’s kids and teenagers have a psychiatric issue, with suicide the second-leading reason for demise among 15–29-year-olds. In battlefields and post-war situations, one in five individuals suffers from mental sickness.
In 2022, the software category held the larger market share, approximately 55%, and is also projected to be in the leading spot till 2030. This can be credited to the growing acceptance of technologically progressive solutions to manage the clinical, administrative, and financial features of psychiatric practices.
For example, patients can use services on the go with the support of mobile-driven EHRs. Such systems provide integrated claims and billing abilities, which can simplify complex billing procedures.
In 2022, the subscription category had a significant market share and is also projected to experience a CAGR of approximately 17% in the coming few years. Differing from huge medical offices or hospitals, the majority of small mental health care providers do not have sufficient to send solutions centered on progressive technologies.
Medical experts are, thus, unwilling to invest significant amounts in this software, and smaller healthcare entities subscribe to this software due to their tighter economic limits.
Moreover, the obtainability of a wide range of software on a subscription basis, to support managing patients’ health position on a repetitive basis, is another major factor for the growth of the market.
In 2022, North America held the largest revenue share in the behavioral health software market, at approximately 42%, and is also projected to maintain its dominance in the future as well. The U.S.’s huge share of the industry in the continent is credited to the increase in the count of individuals needing such services for liberty from mental disorders.
Hence, the nonstop requirement for solutions to advance mental health is the vital element fuelling the industry's expansion.
No comments yet