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The global mental health software market is growing significantly, due to high potential of subscription model. During the forecast period, the providers segment is expected to hold the largest share, among all the end user segments of the global mental health software market, due to its extensive use for maintaining patient records and management revenue cycle. However, the residential segment is expected to grow with the highest rate during the forecasted period, due to increasing use of behavioral/ mental health solution by patients in their homes for better self-care. Among the various delivery models of mental health software, the subscription model segment is expected to grow with the faster rate, as it is user friendly and cost effective. Moreover, the support services led the component segment of the market, due to recurring requirement of these services for software up-gradation and management.
The unexplored market in the mental health software industry of the developing economies is creating growth opportunities for the mental health software market. Some of the major trends in the global market are growing product innovation, increasing number of collaborations and partnerships, and increasing number of mergers and acquisitions. The mental health software helps behavioral health professionals to plan treatment for patients suffering from mental problems, such as depression, addiction, stress and anxiety. The software helps user to facilitate medical bills and schedule online appointments.
Some of the factors driving the growth of the global market of mental health software are increasing government funding and support to improve behavioral healthcare services, behavioral health modifications, increasing healthcare expenditure, and increasing number of people pursuing behavioral health support. In addition, the increasing awareness among residential users and increasing adoption of electronic health record systems are also driving growth of the global market. However, the lack of data privacy, lack of skilled healthcare staff and physiatrists, difficulty in integration, and low adoption rate of the software are some of the factors, restraining the growth of the global mental health software market.
Geographically, North America is expected to dominate the global market in the coming years, due to increasing government support and increasing patient base seeking behavioral services. Asia is expected to be the fastest growing region, due to increasing healthcare expenditure and increasing government initiatives and support within the region. In addition, the market in Asia is growing, due to increasing awareness about mental health software in the emerging countries, such as India and China.
Some of the companies operating in the global mental health software market are Epic Systems Corporation, McKesson Corporation, Cerner Corporation, MindLinc, Allscripts,The Echo Group, Netsmart Technologies Inc., Qualifacts Systems Inc., Practice Fusion, General Electric Company, eClinicalWorks, Core Solutions Inc., Welligent Inc., and Valant Inc.
Global Mental Health Software Market Segmentation
By Delivery Model
By End User