Global Behavioral and Mental Health Software Market Overview 2024: Size, Growth Rate, and Segments

Oct 8, 2024 - 10:23

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The behavioral and mental health software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Behavioral and Mental Health Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The behavioral and mental health software market size has grown rapidly in recent years. It will grow from $4.69 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to research and evidence-based practices, increased awareness, shift to value-based care, mental health crisis and demand surge, government initiatives and policy changes, covid-19 impact.

The behavioral and mental health software market size is expected to see rapid growth in the next few years. It will grow to $10.68 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to remote monitoring and continuous care, focus on personalized care, shortage of mental health professionals, regulatory support and policy changes. Major trends in the forecast period include integration with healthcare ecosystems, integration with wearable devices, focus on user experience, workplace mental health support.

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Scope Of Behavioral and Mental Health Software Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Behavioral and Mental Health Software Market Overview

Market Drivers -
The increasing mental illness is expected to propel the demand for the behavioral and mental health software market going forward. A mental illness is a disorder that impacts the way a person thinks, feels, behaves, or believes. These illnesses occur due to distress or difficulties functioning in social, job, or family activities. Behavioral and mental health software establishes new ways of thinking by drawing attention to wrong and right assumptions and modifying erroneous perceptions. For instance, in November 2022, according to a survey published by the National Health Service, a UK-based government-funded healthcare system, approximately 18.0% of children between the ages of 7 and 16, and 22.0% of young individuals aged 17 to 24, were identified with a potential mental disorder in 2022. Among young people aged 17 to 19, the prevalence of a probable mental disorder rose from 17.4% in 2021 to 25.7% in 2022. The surveyed population comprises 2,866 children and young individuals. Therefore, increasing mental illness will drive the behavioral and mental health software market.

Market Trends -
The development of technologies is a key trend gaining popularity in the behavioral and mental health software market. Major companies operating in the behavioral and mental health software sector are focused on the development of AI-based technologies to sustain their position. For instance, in August 2021, Healmed Solutions, a US-based company engaged in mental health tech, in collaboration with Panacea Bioedge, and Panacea infosec, an India-based cybersecurity company, launched an AI-based online mental health platform in India. This AI-based platform provides a variety of mental health evaluation tools for businesses, corporations, and healthcare organizations. The platform allows psychiatrists to evaluate measured, recognised, and color-coded symptoms through a dashboard, that assist them with making mature medical decisions. It also has a digital assistant that communicates with patients discretely.

The behavioral and mental health software market covered in this report is segmented –

1) By Component: Support Services, Software
2) By Type: Clinical Software, Financial Software, Administrative Software, Other Types
3) By Delivery Model: Subscription Model, Ownership Model
4) By End-Users: Community Clinics, Hospitals, Private Practices

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Regional Insights -
North America was the largest region in the behavioral and mental health software market share in 2023. The regions covered in the behavioral and mental health software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -
Major companies operating in the behavioral and mental health software market report are Accumedic Computer Systems Inc., Advanced Data Systems Corporation, AdvancedMD Inc., Netsmart Technologies Inc., Compulink Healthcare Solutions Inc., Core Solutions Inc., Credible Behavioral Health Inc., Kareo Inc., Meditab Software Inc., The Echo Group Inc., Qualifacts LLC, Practice Fusion Inc., eClinicalWorks LLC, BestNotes LLC, TherapyNotes LLC, Ontrak Inc., Oracle Corporation, Planet DDS Inc., Valant Medical Solutions Inc., Holmusk Inc., Cure MD LLC, Epic Systems Corporation, Mediware Information Systems Inc., Allscripts Healthcare Solutions Inc., SimplePractice LLC, TheraNest LLC, Teladoc Health Inc., NXGN Management LLC, Qualifacts Systems Inc., Mindlinc Inc.

Table of Contents
1. Executive Summary
2. Behavioral and Mental Health Software Market Report Structure
3. Behavioral and Mental Health Software Market Trends And Strategies
4. Behavioral and Mental Health Software Market – Macro Economic Scenario
5. Behavioral and Mental Health Software Market Size And Growth
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27. Behavioral and Mental Health Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix