Behavioral Health Software Market Segments, Opportunities, Growth, Size and Key Players Analysis
This report aims to provide detailed insights into the global behavioral health software market. It provides valuable information on the type, procedure, application, and region in the behavioral software market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth in Behavioral Software Market:
[217 Pages Report] The behavioral health software market is expected to reach USD 4.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 19.6%
Download PDF Brochure: Major Increasing adoption of mental 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 are the major factors driving the growth of behavioral health software market.
High healthcare costs for the treatment of behavioral health-related problems or mental illnesses form a key concern for governments. Globally, depression is a common mental disorder; more than 264 million people of all ages suffer from depression. The global cost for the treatment of mental illnesses was ~USD 2.5 trillion in 2020; this figure is projected to reach USD 6 trillion by 2030 (Source: Lancet Commission). Additionally, serious mental illnesses cost the US an estimated USD 193.2 billion in lost earnings per year (Source: National Alliance of Mental Illness). In Canada, mental health problems cost more than USD 42.4 billion (CAD 51 billion) every year (Source: Centre for Addiction and Mental Health).
The need for and generation of excessive paperwork (resulting in loss of productivity among clinicians) and improper revenue cycle management by behavioral health organizations are the major factors resulting in the high cost of treatments. The need to resolve these issues has boosted attention on and the adoption of behavioral health software as a means of reducing medication errors and paperwork, enhancing productivity by ensuring quick patient data access, improving workflow efficiency, and minimizing healthcare costs. These benefits of behavioral health software have driven their adoption, especially among large hospitals and community clinics.
On this front, in March 2013, the State of South Australia started developing the “careconnect.sa” program to fully integrate EHR systems statewide. The Government of Australia is also actively promoting the electronic exchange of health information as part of the National E-Health Strategy. In its 2015-16 Federal Budget, the government allocated USD 485.1 million to strengthen eHealth governance arrangements (Source: Australian Digital Health Agency). Such initiatives are responsible for increasing the implementation of EMRs and EHRs in Australia.
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