Behavioral & Mental Healthcare Software Market to reach USD 4.44 billion by 2025. Behavioral & Mental Healthcare Software Market valued approximately USD 1.43 billion in 2017 is anticipated to grow with a healthy growth rate of more than 4.5% over the forecast period 2018-2025. The major factors which driving Behavioral & mental healthcare software are government initiatives to encourage EHR adoption in behavioral & mental health organization, high demand for mental services and increasing significance on subscription model.
Based on functionality, clinical functionality segment is dominating with the largest market share and the growth of this segment is due to rising government support towards need for this software to give quality care for patients at low costs by clinicians. One of the major restraint of Behavioral & Mental Healthcare Software is data privacy and concerns and shortage of IT knowledgeable personnel which negatively impact in the market. Government funding for expanding behavioral health services is the opportunity for the behavioral & mental healthcare software.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries.
According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
The recurring requirement of support services such as for software upgrades and maintenance is the major factor for supporting its growth. Behavioral & Mental 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. Experienced behavioral health professionals provide utilization management in specialty programs and are more effective in reducing costs while improving member outcomes as compared to traditional approach, managed care organizations have not shown the capacity or the interest in delivering specialized services for those with serious mental illness, unless there was significant money to be made by reducing benefits.
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The regional analysis of Behavioral & Mental Healthcare Software Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. The market in Europe is anticipated to expand at a high CAGR during the forecast period 2018-2025, owing to, government initiatives for increasing awareness about behavioral health, rise in incident of behavioral disorders and increase in access to behavioral health care. Quite growth in Asia-Pacific, Latin America and Middle East & Africa can be attributed due to lack of awareness among the people about behavioral health, social stigma associated with behavioral or mental health and lack of awareness among clinicians about behavioral health software.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By component:
§ Supported Services
§ Software
By End-User:
§ Provider
§ Payer
By Delivery Model:
§ Subscription Model
§ Ownership Model
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By Regions:
§ North America
o U.S.
o Canada
§ Europe
o UK
o Germany
§ Asia Pacific
o China
o India
o Japan
§ Latin America
o Brazil
o Mexico
§ Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.”
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