Pune, India, Dec. 24, 2021 (GLOBE NEWSWIRE) -- The global behavioral health software market is valued at USD 5,660.8 million exhibiting a CAGR of 18.4% over the forecast period, as per a recent market analysis by Quince Market Insights. The behavioral health software market helps the physicians and many other professionals who help in the management of their clinical, administrative, and operational workflows. The software also tracks the cases of the patients and their outcomes for managing as well as restricting compliance. Behavioral health software deals with the scientific study of the patients’ anthropology and is associated with the mental health wellbeing, basic of self-emotions, behavior, and capacity to perform day to day activities. This type of anxiety and stress are tracked by behavioral health software.
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Behavioral health software is the source that eases the communication between patients and care providers and its upgraded real-time features enables the healthcare professionals to efficiently work on the progress report of the patients. The system maintains the confidentiality of the patient’s information specifically when it comes to mental health and substance abuse. The behavioral healthcare providers will reduce the cost of the treatment by offering value-based medicine programs thus preventing hospital readmissions.
The main drivers behind the development of the market are the increasing demand for cost-effective solutions due to the concerns over the healthcare delivery costs, elimination of manual errors, faster collection of information, access, and analysis. The benefits of information management like informed decision-making result in improvements in performance as well as return on investment.
The high cost of installation, as well as maintenance, lack of manpower, digital divide, limited reimbursement for mental healthcare, challenges faced over information security as well as privacy, are the main restraining factors on the global behavioral health software market.
Some Significant Market Developments Considered In The Report:
- In September 2019, Qualifacts Systems launched a software solution that should be installed in mobile for providing to track the behavioural health progress of the workers.
- Medicare came up with innovative diagnostics codes for reimbursements for tele-mental healthcare services in different US states.
- In August 2019, Cantex Caring Networks collaborated with Dakon Lutheran Social Ministries.
- In April 2019, Plum Healthcare joined hands with Netsmart an advanced system to enhance the integrated care in senior living.
COVID-19 Impact on the Global Corporate Wellness Market
The QMI team is closely monitoring the impact of COVID-19 on the global behavioural health software industry, and it has been observed by our team that the demand for medical checkups is normal during the pandemic time. It is anticipated to grow sharply during the analysis period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. The coronavirus pandemic has severely affected the mental health of the workers. With the onset of the COVID 19 pandemic, it has been observed that there has been an increase in anxiety, stress, frustration, and depression among people which can increase the prevalence of mental health conditions. So the rising mental health population will boost the online platforms for diagnosis and treatment that ultimately drive the behavioural health software market.
Global Behavioral Health Software Market, By Component
Based on the component, the global behavioral health software market is segmented into support services and software. Among these, the support services segment is the largest growing market owing to the increasing need for support services such as maintenance and upgrades.
Global Behavioral Health Software Market, By Delivery Model
Based on the delivery model, the global behavioral health software market is segmented into subscription models and ownership models. The subscription model is anticipated to hold the largest market share because many healthcare professionals who are associated with the behavioral health software market hesitate to spend money.
Global Behavioral Health Software Market, By Functionality
Based on functionality, the global behavioral health software market is segmented into clinical functionality, administrative functionality, and financial functionality. Among these, the clinical functionality segment is holding the largest market share due to the pressure rising government initiatives to increase the adoption of behavioral health software by clinicians to offer quality healthcare at affordable costs.
Global Behavioral Health Software Market, By End User
Based on the end-user, the global behavioral health software market is segmented into community clinics, providers, hospitals, private practices, payers, and patients. The community clinics segment is the fastest-growing market owing to the increasing number of initiatives made by the government which will drive the adoption of behavioral health software.
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Global Behavioral Health Software Market, By Region
Based on region, the global behavioral health software market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America is expected to dominate the market due to the increasing number of behavioral health software services as well as government fundings for the same in this region.
Some Major Findings of the Behavioral Health Software Market Report Include:
- An in-depth global behavioral health software market analysis by the segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global behavioral health software market, which include Advanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Kareo, Meditab Software, Mindline, Netsmart, Nextgen Healthcare, The Echo Group, Valant, Welligent, Cure MD, Epic systems corporations, Accumedic, Mediware, Allscripts
Browse key industry insights from the report, “Behavioral Health Software Market, by Component (Support Services and Software), By Delivery Model (Subscription Models, Ownership Models), By Functionality (Clinical Functionality, Administrative Functionality, Financial Functionality), By End User (Community Clinics, Providers, Hospitals, Private Practices, Payers, Patients), By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America” in-depth analysis along with the table of contents (ToC).
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