NEW YORK, July 19, 2023 /PRNewswire/ -- The behavioral health software market will power at a rate of 16.10%, reaching USD 9,346 million by 2030, as claimed in the latest updated report by P&S Intelligence.
The market is driven by the increasing demand for mental wellbeing software, rising government investment, and initiatives to drive the acceptance of EHRs in psychiatric hospitals.
Software Sales Generate Higher Revenue
- By component, software had the larger revenue share, of about 55%, in 2022, and it will continue being the more-profitable offering in the years to come.
- This is because of the increasing acceptance of advanced software to help with the managerial, monetary, and clinical aspects of psychiatric practices.
- Furthermore, with these solutions, doctors can create and pick the finest treatment plan for patients who are struggling with depression, anxiety, stress, substance mismanagement, and addiction, on the basis of their medical history and clinical evidence.
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Subscription Model Is Preferred among End Users
- Software subscriptions dominated the industry in the past, and this category will power at a rate of about 17% in the years to come.
- Unlike large medical practices, most of the smaller mental healthcare providers do not have adequate money to spend on solutions centered on cutting-edge technologies.
- That is why paying for monthly subscriptions is a better option for them than buying the entire software suite for one or two installations.
Clinical Functionality of Behavioral Health Software Is Prized
- The clinical category conquered the industry in the past, and it will hold its position in the years to come, advancing with a rate of 16.8%.
- This is due to the increasing count of government initiatives to increase the acceptance of EHRs.
- By aiding in maintaining enormous amounts of medical records for numerous institutions, EHRs deliver instantaneous data on patients to these entities on a common platform, thus increasing interoperability.
North America Is Most-Profitable Region for Software Vendors
- North America had the largest share in the industry, of about 42%, in 2022, and it will continue to be the most profitable for IT vendors throughout this decade.
- The U.S. dominates the market credited to the increase in the number of people with mental ailments, surge in the funding for the provisioning of the related software, and implementation of numerous reforms for behavioral health management.
- Moreover, the easy obtainability of repayment for telepsychiatry services and increasing awareness of mental health software make the region a promising market.
Behavioral Health Software Market Report Coverage
Report Metric | Details |
Market Size in 2022 | USD 2,831 Million |
Revenue Forecast in 2030 | USD 9,346 million |
Projected Growth Rate | 16.10% (CAGR) |
Key Market Players | Advanced Data Systems, Core Solutions Inc., Credible Behavioral Health Inc., WELLIGENT INC., The Echo Group, Epic Systems Corporation, Accumedic Computer Systems Inc., QUALIFACTS SYSTEMS LLC |
Segments Analyzed | By Component; By Delivery Model; By Functionality; By End User; By Region |
Browse detailed report on Behavioral Health Software Market Growth, Development and Demand Forecast to 2030
Healthcare Providers Are Biggest Users of Such Software
The healthcare providers category is the largest in the market, as governments around the world are making efforts to improve mental care services. Additionally, people with behavioral health issues often visit community health centers, which they live in proximity to and find easier to access.
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