Mental Health Software Market
Global Market Study on Mental Health Software: Increasing Government eHealth Initiatives and Per Capita Healthcare Spending Spurring Market Expansion
Increase in healthcare expenditure has majorly driven the mental health software market revenue, which is anticipated to attain a value of US$ 4.5 Bn in 2021, according to this industry survey by Persistence Market Research. The market is expected to reach US$ 7.8 Bn by the end of 2031, expanding at a healthy CAGR of 8%. This report also predicts rapid expansion in the United Kingdom at a higher than global CAGR of more than 9% for the next 10 years.
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- Cerner Corporation.
- Qualifacts Systems Inc.
- Core Solutions Inc.
- Netsmart technologies Inc.
- Epic Systems Corporation.
- Credible Behavioral Health Inc.
- Nextgen Healthcare Information Systems LLC.
- Valant Medical Solutions Inc.
- Welligent Inc.
Key Points Covered in Mental Health Software Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on mental health software and how to navigate
- Recommendation on key winning strategies
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Development Analysis of Mental Health Software Industry
Increasing awareness about mental illnesses has been a major contributor to the rising demand for mental health software. With increasing workload and stress at workplaces, the severity of mental illnesses has been rising and instances of mental health issues recorded have risen substantially.
Artificial intelligence has been playing a major role in identifying many illnesses, and has been fueling research & development in the healthcare industry. A similar instance of the use of AI in mental illness has been recorded at Flinders University, which has developed a new AI software that shows good promise in enabling timely support ahead of relapse in patients with severe mental illness.
Such developments will revolutionize mental health treatment in many ways and provide support even outside of hospitals. Implementation of AI will completely change the scope of mental health software in the near future.
Work-related stress and anxiety disorders are becoming more and more common as workload and stress has increased substantially, especially in the tech industry. In order to cope with this, companies and major enterprises are now implementing various mental health evaluations that help them identify the mental health of their employees.
To cope up with this demand for such monitoring and evaluative platforms, many startups have sprung up. One such name is Safe Space; its digital mental healthcare platform provides remote counseling services over video calls and face-to-face sessions. Established in 2019, Safe Space has now raised US$ 250,000in a seed round through a crowdfunding platform named Funded Here. The platform is also licensed by the Monetary Authority of Singapore (MAS).
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Mental health software enables behavioral mental health software professionals to choose the best treatment plan for a person suffering from stress, anxiety, depression, addiction etc., based on clinical evidences and patient records. These software also allow users to schedule online appointments and facilitate medical bill payment via mobile devices such as laptops and smartphones.
This report covers the global mental health software market performance in terms of revenue contribution. The report includes key trends, drivers, restraints, and opportunities influencing growth of the global mental health software market. Impact analysis of key growth drivers and restraints, based on the weighted average model, is included in this report to better equip clients with crystal clear decision-making insights.
The global mental health software market is mainly driven by factors such as increasing awareness among residential users, growing adoption of electronic health record systems, and increasing per capita healthcare spending. However, uncertainty about data security, privacy and protection issues, and lack of awareness about the benefits of digital mental healthcare software in emerging regions such as APEJ, MEA, and Latin America are expected to hamper growth of the mental health software market.
Deployment mode includes on-premise and subscription (cloud-based) segments.
By mode of access, the desktops/ laptops segment is expected to dominate the mental health software market, accounting for over 2/3 share of the overall market by 2021. Segment revenue is projected to expand an impressive CAGR over the next ten years.
By function, the business intelligence segment is estimated to dominate the mental health software market, accounting for around 1/3 share of the overall market by 2021 end. Revenue from the segment is projected to expand at a robust CAGR during the forecast period.
Application includes commercial and residential segments. Commercial segment is further sub-segmented into hospitals and clinics, and others applications. Others sub-segment includes psychiatrists, social workers, psychologists, counselors, nurse practitioners, and group therapists categories.
In terms of value, North America will dominate the market with over 45% market share in 2021, followed by Europe and other regions. Expenditure on mental health software in Asia Pacific is projected to expand at an approximate CAGR of 8% during the next ten years.
The mental health software market is segmented as follows:
By Deployment Mode:
By Mode of Access:
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Key Market Players
The key players operating in the global mental health software market include Gentex Corporation, Magna International Inc., Pro Display, Evervue, Séura, Alke, ad notam AG, Tech2o, Samsung Electronics Co., Ltd., Toshiba Corporation, and Panasonic Corporation.
FAQs Answered in Market Study
- What is the market estimation for the year 2021?
The global mental health software market is estimated to surpass US$ 4.5 Bn by the end of 2021.
- What is the global market outlook over the next decade?
The mental health software market is estimated to scale up to around US$ 7.8 Bn over the decade, expanding at a robust CAGR of 8%.
- At what rate did the market for mental health software expand over the past 5 years?
The mental health software industry registered a positive CAGR of 6.5% over the past 5 years.
- What is the market share of the top 5 providers of mental health software?
Cerner Corporation holds 11.2%, NextGen Healthcare holds 9.8%, Netsmart holds 8%, Qualifacts Systems Inc. holds 7.3%, and eClinicalWorks holds 7% of the overall market share.
- What is the market outlook for the North American region?
North America will dominate the global market share; the region accounts for 45.2% share in the global market.
- Which nations are leading providers of mental health software?
The U.S., Japan, and European countries such as Germany and France are key providers of mental health software.
- How is the mental health software market faring in the United Kingdom?
The United Kingdom held the largest market share in the European market in 2020, and is expected to lead market growth at a CAGR of 9% through 2031.
- What are the market statistics for South Korea and Japan?
Japan is expected to surge comfortably at a CAGR of 9%, and South Korea is set to progress at a CAGR of 8.6% over the decade.
- Which countries are driving demand of mental health software?
The U.S., Brazil, U.K., South Korea, and Japan are majorly driving demand for mental health software.
- What market trends are shaping the demand for mental health software?
Increasing government funding and higher healthcare budgets and expenditure, coupled with recurring requirement for mental health support, are found to be the key trends shaping to growth of the market for mental health software.
- What is a major demand driver for mental health software?
Integration and adoption of technology and IT solutions in healthcare in both, developed as well as developing economies, is majorly driving demand for mental health software.