What is Behavioral Health Software Market?
The Behavioral Health Software market is expected to grow in the future due to rising stress among the population and also the requirement of exact problems for the proper solution. Mental health software is intended to aid in the management of behavioral health and alcohol care practices. Modern mental health services, on the other hand, prefer to use specialty-specific programs the vast majority of the time. The EMR industry has leaped at the opportunity to address this need, with a greater emphasis on mental health than in the past.
Highlights from Behavioral Health Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Advanced Data Systems (United States), AdvancedMD (United States), Cerner (United States), Compulink (United States), Core Solutions (United States), Credible Behavioral Health (United States), Welligent (United States), Valent (United States), The Echo Group (United States), Kareo (United States) and Meditab Software (United States) |
The Behavioral Health Software market growth is predicted at a rapid rate in the coming years, driven by industries’ improved interest, availability of technology, and all-inclusive participation of industry stakeholders. The key players are expanding their business by using various strategies such as new product development, innovation and mergers, and acquisitions. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Behavioral Health Software market throughout the forecasted period.
Advanced Data Systems (United States), AdvancedMD (United States), Cerner (United States), Compulink (United States), Core Solutions (United States), Credible Behavioral Health (United States), Welligent (United States), Valent (United States), The Echo Group (United States), Kareo (United States) and Meditab Software (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Qualifacts (United States), Mindlinc (United States), Netsmart (United States) and Nextgen Healthcare (United States). Behavioral Health Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Community Clinics, Hospitals, Private Practices and Patients |
Functionality | Clinical Functionality (Electronic Health Records (EHR), Clinical Decision Support (CDS), Care Plans/Health Management, E-Prescribing, Telehealth),Administrative Functionality (Patient/Client Scheduling, Document/Image Management, Case Management , Business Intelligence (BI), Workforce Management),Financial Functionality (Revenue Cycle Management, Managed Care, Accounts Payable/General Ledger, Payroll) |
Delivery Model | Subscription Models,Ownership Models |
Component | Support Services,Software (Integrated Software, Standalone Software) |
On the basis of geography, the market of Behavioral Health Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Government Funding and Initiatives toward Electronic Health Records Adoption in Behavioral Health Organizations
Market Growth Drivers:
Rising Burden of Depression and Stress due to Work-Life or Personal Life and High Demand for Mental Health Services from Population
Challenges:
High Cost of the Software and Lack of Skilled Persons
Restraints:
Data Security and Privacy Issues related to Patient Data
Opportunities:
Potential for Behavioral Health Software in Emerging Markets and Increasing Government Support for the Enhancement of Behavioral Healthcare Services
Key Target Audience
Behavioral Health Software Providers, Behavioral Health Software End-USers, Potential Investors, Technology Investors and Healthcare Industry
Market Leaders & Development Strategies
In July 2018, Utah-based AdvancedMD announced that it has acquired Marietta. The transaction adds to AdvancedMD’s leading market position and extends the feature and functionality both companies will be able to provide practices across the broader ambulatory market.
In April 2018, The Echo Group announced the release of EchoVantage, the only visual Continuum of Care timeline in the industry. This new software is designed to achieve increased productivity, speed, and flexibility for a world of care where the focus needs to be on the client, not the computer.EchoVantage is a web-based clinical, billing, and administrative application designed to serve the needs of Behavioral Healthcare.