Wilmington, Delaware, Aug. 21, 2023 (GLOBE NEWSWIRE) --
Global Mental Health Software Market is valued at US$ 4.5 billion in 2022 and is expected to grow at a significant CAGR of over 11.50% over the forecast period of 2023-2030, market report by RationalStat
Market Definition, Market Scope, and Report Overview
The need for mental health services and related technological solutions has expanded as people are becoming more aware of these problems and the value of getting treatment.
The need for more effective and accessible mental health care has been fueled by the global rise in the prevalence of mental health problems, such as anxiety, depression, and ailments linked to stress. The COVID-19 epidemic has hastened the implementation of telehealth and remote care models, making mental health software an essential tool for conducting virtual consultations and therapy sessions.
According to a deep-dive market assessment by RationalStat, the global mental health software market has been analyzed on the basis of market segments, including component, delivery model, functionality, end user, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
Market intelligence for the global mental health software market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global Mental Health Software market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Mental Health Software Market: Segmental and Market Share Analysis
On the basis of components, the rising use of integrated software for the management of psychiatry practices financial, administrative, and clinical duties can be ascribed to the growth of the software industry.
On the basis of end user, the patient segment is dominated the global mental health software market. Due to the rising incidence of anxiety and stress, the proliferation of mobile apps, and enhanced internet access, the patient sector is anticipated to grow dramatically over the next years.
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Period Covered include data for 2019-2030 along with year-wise demand estimations
The mental health software market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global mental health software market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global mental health software market provides a detailed competition benchmarking analysis based on the market share of the leading companies/ brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global mental health software market include,
- In December 2021, Qualifacts and Credible announced the acquisition of InSync Healthcare Solutions.
- This enabled both organizations to deliver innovation, technology, customer support, and complementary solutions to enhance the behavioral health and human service market.
- In August 2021, American Well completed the acquisition of SilverCloud Health and Conversa Health.
- The acquisition was aimed at strengthening the market presence by enhancing and strengthening the cohesion between physical and virtual care.
Some of the prominent players and suppliers operating and contributing significantly to the global mental health software market growth include Welligent Inc., Netsmart Technologies Inc., Cerner Corp., Valant Medical Solutions Inc., Qualifacts Systems Inc., Nextgen Healthcare Information Systems LLC, MindLinc, Credible Behavioral Health Inc. (Credible), Core Solutions Inc., Epic Systems Corp., Teladoc Health Inc., American Well, AdvancedMD among others.
RationalStat has segmented the global mental health software market based on component, delivery model, functionality, end user, and region
- Global Mental Health Software Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component
- Support Services
- Integrated Software
- Standalone Software
- Global Mental Health Software Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Delivery Model
- Subscription
- Ownership
- Global Mental Health Software Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Functionality
- Clinical
- Electronic Health Records
- Clinical Decision Support
- Care Plans/Health Management
- E-prescribing
- Telehealth
- Administrative
- Patient/Client Scheduling
- Document/Image Management
- Case Management
- Workforce Management
- Business Intelligence
- Financial
- Clinical
- Global Mental Health Software Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
- Medical
- Hospitals
- Patients
- Private Practitioners
- Payers
- Corporates
- Community Center
- Government Organizations
- Medical
- Global Mental Health Software Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Mental Health Software Market
- US
- Canada
- Latin America Mental Health Software Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Mental Health Software Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Mental Health Software Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Mental Health Software Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Mental Health Software Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Mental Health Software Market
- Leading Companies and Market Players
- Welligent Inc.
- Netsmart Technologies Inc.
- Cerner Corp.
- Valant Medical Solutions Inc.
- Qualifacts Systems Inc.
- Nextgen Healthcare Information Systems LLC
- MindLinc
- Credible Behavioral Health Inc. (Credible)
- Core Solutions Inc.
- Epic Systems Corp.
- Teladoc Health Inc.
- American Well
- AdvancedMD
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Key Questions Answered in the Mental Health Software Report:
- What will be the market value of the global mental health software market by 2030?
- What is the market size of the global mental health software market?
- What are the market drivers of the global mental health software market?
- What are the key trends in the global mental health software market?
- Which is the leading region in the global mental health software market?
- What are the major companies operating in the global mental health software market?
- What are the market shares by key segments in the global mental health software market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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