Behavioral Health Care Software and Services Market Size and Revenue Analysis 2030

Behavioral Health Care Software And Services Industry Overview

The global behavioral health care software and services market size was valued at USD 2.9 billion in 2021 and is expected to expand at a CAGR of 12.78% during the forecast period.

Government funding, increasing adoption of mental health software, favorable behavioral health reforms in the United States, government initiatives to promote EHR adoption in psychiatry hospitals and facilities, and high demand for mental health services despite provider shortages are major factors contributing to the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Behavioral Health Care Software And Services Market

U.S. behavioral health care software and services market size, by component, 2020 – 2030 (USD Million)

The adoption of management software by healthcare providers is likely to improve the treatment of mental wellbeing issues. Also, the adoption of integrated EHRs can help behavioral health practices in effective practice management and cost-saving. Tele-mental health involves coordinating with patients at distant locations via video conferencing. The real-time monitoring system facilitates the connection between patients and care providers by removing barriers such as information sharing and confidentiality, which are particularly prevalent in substance abuse situations. Integrating modern technologies with established therapy modalities contributes to the improvement of care's effectiveness and efficiency.

Telepsychiatry utilizes video conferencing to enable care providers to communicate with patients from a distance. According to the United Nations, over 35 million individuals worldwide suffered from substance addiction disorders in 2019. Only one in seven of the individuals received the essential treatment. Governments are particularly concerned about high healthcare expenditures associated with the treatment of behavioral health-related disorders. Depression is a prevalent condition worldwide, affecting about 264 million individuals of all ages. According to the Lancet Commission research, the global cost of mental illness treatment was USD 2.5 trillion in 2020 and is expected to reach USD 6 trillion by 2030. Economic costs are mostly a result of the early onset of mental disease and lost productivity, with an anticipated 12 billion working days lost every year.

Additionally, depression and anxiety have a large economic impact. The World Health Organization (WHO) estimates that depression and anxiety cost the world economy USD 1 trillion each year in lost productivity. Mental problems cost Canada more than USD 50 billion per year, according to the Centre for Addiction and Mental Health. The requirement for and development of extensive paperwork (which results in doctors losing productivity), and ineffective revenue cycle management by service providers are the primary contributors to the high cost of treatments.

The need to address these concerns has increased the awareness and acceptance of mental health solutions as a means of decreasing drug errors and paperwork, increasing productivity through quick access to patient data, increasing workflow efficiency, and lowering healthcare costs. These benefits have accelerated the adoption of mental health software, particularly among large hospitals and community clinics.

The COVID-19 pandemic has benefited the industry. Global demand for mental health applications has surged in the aftermath of the COVID-19 outbreak and lockdowns. According to ORCHA, the usage of apps to support depression increased by 86% post the implementation of the COVID-19 Mental Health and Wellbeing Recovery Action Plan in the U.K.

Consumers are increasingly reliant on their cellphones for everything from entertainment to exercise and shopping, and they are also seeking help for their mental well-being throughout this period. Additionally, software vendors are assisting in the resolution of the healthcare crisis.

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Market Share Insights

  • July 2020: The University of North Carolina (UNC) and Google Cloud introduced an application called Heroes Health to aid first responders and healthcare personnel with their mental health issues amid the COVID-19 pandemic.
  • November 2019: The Telemental Health Expansion Act (HR 5201) was introduced in the U.S. Congress, which aims at exempting the regional restrictions in the guidelines for mental health services delivered via telehealth.

Key Companies profiled:

Some prominent players in the global behavioral health care software and services market include

  • Cerner Corporation
  • Core Solutions, Inc.
  • Epic
  • Meditab
  • Holmusk
  • Netsmart Technologies
  • Qualifacts Systems, Inc.
  • Welligent, Inc.

Order a free sample PDF of the Behavioral Health Care Software And Services Market Intelligence Study, published by Grand View Research.

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