Behavioral Health Software Market To Generate Revenue worth $9,346 Million by 2030

The global behavioral health software market is projected to generate USD 9,346 million revenue by 2030, advancing at a CAGR of 16.10% during 2022–2030. This would be a result of an increase in the prevalence of psychiatric problems, primarily depression. The World Health Organization estimates that depression affects 3.8% of the global population.

Moreover, the use of behavioral management software by healthcare professionals is likely to improve the treatment of mental problems, because it reduces manual steps and accomplishes tasks with minimal effort. All these aspects help boost operational efficiency in the clinic. Moreover, professionals are adopting this technology for maintaining health records in the electronic form and enhancing data security and accessibility. Moreover, the concept of telehealth is extensively utilized for behavioral health monitoring, because patients who are located elsewhere can be reached via this approach. Moreover, it helps enhance the coordination between the patient and doctor, which, in turn, reduces medical expenses.

Furthermore, the growing emphasis on corporate wellness is another significant factor propelling the market, as several advanced tools are being employed by organizations to keep employees mentally healthy. Many large organizations have taken initiatives for enhancing the wellbeing of their employees, which is why they either purchase or take a subscription of mental health software.

Providers Dominated Market

On the basis of end user, the providers category accounted for the largest market share in 2022, and it is projected to further maintain its dominance in the future. The rising government support for these facilities and growing preference of patients for community clinics will drive healthcare providers to adopt mental health software. Additionally, the shift of healthcare facilities toward digital health will make this category a strong gainer.

The payers category is likely to witness the highest CAGR during the forecast period, due to the improving reimbursement scenario, such as the provision of insurance coverage for telepsychiatry services under the Medicare program. Moreover, patients and corporations are showing interest in purchasing subscriptions of the software to access advanced features and ensure sound mental health.

Furthermore, the patients category will show significant growth in the coming years. This is owing to the rising prevalence of anxiety and stress and increasing availability of a variety of mobile apps. Moreover, the launch of software that can be operated on mobile devices and smartwatches drives the market in this category.

Moreover, mergers and acquisitions are being used by companies as the key strategies to widen their solution portfolios. For instance, in February 2021, Netsmart acquired GPM, a North-Carolina-based company that offers software as a service. This will allow the CareFabric platform of Netsmart, which is used by long-term care facilities and providers, to facilitate interoperable data exchange.

Moreover, the market in the European region will grow considerably during the forecast period. This is owing to the implementation of behavioral health reforms in and government initiatives to enhance mental healthcare and increase in the population seeking behavioral health solutions. Furthermore, the industry growth is fueled by the rising usage of behavioral health solutions at homes and offices for better health and self-care. Additionally, improved workflow efficiency and lower healthcare costs are the two key requirements that drive the mental health software market in the region.

Some of the major behavioral health software market players are Advanced Data Systems, Core Solutions Inc., Credible Behavioral Health Inc., WELLIGENT INC., The Echo Group, Epic Systems Corporation, Accumedic Computer Systems Inc., and QUALIFACTS SYSTEMS LLC.