According to a new market research report “Behavioral/Mental Health Software Market by Component (Service, Software), Delivery (Subscription, Ownership), Functionality (Clinical, Administrative, Financial), End User (Clinic, Hospital, Private Practice, Payer), and Region — Global Forecast to 2022“, published by MarketsandMarkets™, the market is expected to reach USD 2.31 Billion by 2022 from USD 1.15 Billion in 2017, at a CAGR of 14.8%.
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The growth of the market is attributed to the increasing adoption of behavioral health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage.
Support services expected to dominate the market in 2017
Based on component, the Behavioral Health Software Market is segmented into software and support services. In 2017, the support services segment is expected to account for the largest share of the Behavioral Health Software Market. The recurring requirement of support services (such as for software upgrades and maintenance) is the major factor supporting its growth.
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Based on functionality, the clinical functionality segment is projected to grow at the highest CAGR during the forecast period.
By functionality, the Behavioral Health Software Market is segmented into clinical, financial, and administrative functionalities. The clinical functionality segment is expected to register the highest rate during the forecast period. High growth in the clinical functionality segment is attributed to the increasing government initiatives to boost adoption of this software by clinicians to provide quality care to their patients at lower costs.
North America to dominate the Behavioral Health Software Market
In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as growing number of people requiring behavioral health services, behavioral health reforms in the US, and government funding for behavioral health services in the region.
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The Behavioral Health Software Market is highly competitive with the presence of several small and big players. Some of the players in the Behavioral Health Software Market include Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), ICANotes (US), InSync Healthcare Solutions (US), iSalus Healthcare (US), Kareo (US), Meditab Software (US), Mentegram (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US), NextStep Solutions (US), Nuesoft Technologies (US), Qualifacts (US), Raintree Systems (US), Sigmund Software (US), The Echo Group (US), TheraNest (US), Valant (US), Welligent (US), and WRS Health (US).
