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%
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MajorBehavioral Software Market Growth Drivers:
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.
Driver: Increasing Adoption of BHS:
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.
Behavioral Software Market
Opportunity: Emerging Markets
Emerging markets such
as the Asia Pacific, Latin America, and the Middle East and Africa are expected
to offer significant growth opportunities for players operating in the
behavioral health software market, especially those that are unable to meet the
standards set by the Federal Government in the US. Government initiatives to
establish standards, regulations, and infrastructure will encourage healthcare
providers to adopt EMR and EHR technology in Australia. The Australian
government has been taking several initiatives to increase the adoption of IT
in healthcare to reduce errors and increase efficiency.
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.