Behavioral Health Software Market: Overview
Increasing adoption of technological and IT solutions in healthcare and medical infrastructure in developed and developing economies and rising need for optimum and effective behavioral or mental health services is triggering the growth in the global behavioral health software market in coming years. These software tools can be utilized to efficiently manage the administrative, clinical, and financial functions for the professionals working in the field of behavioral health. Growing adoption of electronic health records (EHR) in various healthcare institutions around the world is also expected to positively affect the global behavioral health software market in coming years.
Increasing adoption of telephonic mental health services such as counselling and talk therapy via video conferencing or audio calls has made it possible for the people living in the most distant corners of the world to avail these services regardless of their physical locations. This emerging trend, directly supported by the COVID-19 pandemic situation is anticipated to fuel the demand in global behavioral health software market in the near future.
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Increased instances of anxiety, fear, depression, and frustration due to the pandemic situation are also driving the need for efficient solutions from the global behavioral health software market. However, subscription or licensing fees of these software tools can be substantial in amount and increase the budgetary concerns face by various healthcare and medical institutions. High cost of implementation and licensing fees for the products in global behavioral health software market can hamper the industry’s growth in the near future.
Behavioral health, more commonly referred to as mental health, can be defined as the scientific study of a person’s biology relating to mental well-being, emotions, concept of self, behavior, and ability to function in day to day life. All kinds of addictions anxiety, depression, and substance abuse fall under the realm of behavioral health. Behavioral health software can be defined as custom-built specialized software that is used by psychologists to understand behavioral patterns in patients and suggest treatment to deal with various behavioral issues such as anxiety, stress, addiction, and depression. It has the ability to retrieve laboratory, pharmacy, and radiology data observations on the patients being treated. Additionally, the software offers a detailed report addressing the individual patient’s needs.
The behavioral health software market is anticipated to be driven by increase in health care expenditure, rise in government funding for adoption of the software in health care facilities, focus of clinicians on providing quality care to patients, and the recurring requirement of support services for the software. Moreover, decline in the social stigma associated with behavioral health treatment is expected to boost the growth of the global behavioral health software market. However, lack of awareness about behavioral health software among clinicians in the emerging markets in Asia Pacific and Middle East & Africa, shortage of skilled psychologists, data security issues, rising concern related to data breaches, and privacy issues are expected to hamper the market in the near future.
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The global behavioral health software market can be segmented based on component, functionality, delivery model, end-user, and region. In terms of component, the market can be classified into support services and software. The software segment can be further divided into integrated software and standalone software. Based on delivery model, the global behavioral health software market can be categorized into subscription model and ownership model. In terms of functionality, the market can be segmented into clinical, financial, and administrative.
The clinical segment can be further segregated into telehealth, electronic health records (EHRs), clinical decision support systems, and others. The financial segment can be classified into revenue cycle management, managed care, and others. The administrative segment can be further divided into business intelligence, workforce management, case management, and others. Based on end-user, the global behavioral health software market can be segmented into payers and providers. The providers segment can be categorized into hospitals, clinics, and private practices.
Geographically, the global behavioral health software market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the market in terms of revenue in 2016. The trend is anticipated to continue during the forecast period. Growth of the market in the region can be attributed to rise in number of patients with behavioral health issues, increase in adoption of behavioral health software, and high awareness among people.
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The market in Europe is anticipated to expand at a high CAGR during the forecast period owing to increase in access to behavioral health care, rise in incidence of behavioral disorders, and government initiatives for increasing awareness about behavioral health. Sluggish growth in Asia Pacific, Latin America, and Middle East & Africa can be attributed to the lack of awareness among people about behavioral health, lack of awareness among clinicians about behavioral health software, and social stigma associated with behavioral or mental health.
Leading players operating in the global behavioral health software market are Cerner Corporation, InSync Healthcare Solutions, Valant, Inc., Core Solutions, Inc., NextStep Solutions, Qualifacts, Netsmart Technologies, Advanced Data Systems Corporation, Mediware Information Systems, Welligent, Inc., Accumedic, and Compulink, among others.
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