Mental Health Software and Devices Market Information - Financial (accounting, revenue cycle management, business intelligence, and others) and others) By Software (web based, and Standalone software) and devices), Software Functionality (Clinical (electronic health records (EHRs), clinical decision support, Health Management, E-prescribing, Tele-health, and others), Administrative (information management, scheduling, workforce management, and others), , End User (providers, payers, and patients) - Forecast 2027

ID: VPR/HC/1037 Publishing Year: October 2021 Pages: 58 Format:   


Mental Health Software and Devices Market Overview:

BASED on clinical data and patient records, Behavioural Mental Health Software professionals can determine the appropriate treatment strategy for a person suffering from stress, anxiety, depression, addiction, and other conditions. These programmes also enable users to arrange appointments online and pay medical bills using mobile devices like laptops and cellphones.

This study examines the revenue contribution of the Global Mental Health Software Market. The research discusses the important trends, drivers, restraints, and opportunities that are impacting the Worldwide Mental Health Software Market's Growth. This study includes a weighted average model impact analysis of major growth drivers and limitations to further equip clients with crystal clear decision-making insights.

Key Players:

Major Players operating in the Behavioral Health Software Market include Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Kareo (US), Meditab Software (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US, Qualifacts (US), The Echo Group (US), Valant (US), Welligent (US), Cure MD(US), Epic systems corporations (US), Accumedic (US), Mediware(US), Allscripts (US)

Covid-19 Impact:

COVID-19 is a newly identified novel coronavirus that causes an infectious sickness. COVID-19, which was mostly unknown until the outbreak in Wuhan, China, in December 2019, went from a regional issue to a global pandemic in just a few weeks. On March 11, 2020, the World Health Organization (WHO) proclaimed COVID-19 a pandemic. The effects of the coronavirus epidemic and the ensuing statewide lockdowns may be seen in a variety of businesses. The overall expansion of numerous sectors has been severely hampered, particularly in nations where COVID-19 is prevalent, such as India, China, Brazil, the United States, and a number of European countries (including Russia, Italy, and Spain).

Drivers:

Governments are concerned about high healthcare expenses for the treatment of behavioural health-related issues or mental diseases. Depression is a common mental condition worldwide, affecting more than 264 million individuals of all ages. In 2020, the global cost of treating mental diseases was USD 2.5 trillion; by 2030, this amount is expected to rise to USD 6 trillion (Source: Lancet Commission). Furthermore, significant mental diseases are predicted to cost the United States USD 193.2 billion in missed earnings per year (Source: National Alliance of Mental Illness). Every year, mental health issues cost Canada more than USD 42.4 billion (CAD 51 billion) (Source: Centre for Addiction and Mental Health). The requirement for and development of unnecessary documentation (leading in clinician productivity loss) and inefficient revenue cycle management by behavioural health organisations are the primary causes of high treatment costs. The need to address these difficulties has increased interest in and use of Behavioural Health Software as a means of decreasing prescription errors and paperwork, increasing productivity by ensuring quick access to patient data, improving workflow efficiency, and lowering healthcare costs. These advantages have prompted widespread use of mental health software, particularly among large hospitals and community clinics.

Restraint:

 Providers in behavioural health are most concerned about data privacy. Behavioral health providers are not permitted to discuss information about patients with mental illnesses or substance abuse with anybody who is not involved in the patient's treatment. However, by integrating data utilisingbehavioural IT tools, any healthcare worker who isn't involved in the case can gain access to the patient's information. In the United States, the HIPAA Journal reported 365 healthcare data breaches in 2018, up 68% from the total number of breaches documented in 2012. HIPAA-covered corporations and business associates paid roughly USD 28.7 million for HIPAA violations in 2018, according to a report published by HIPAA Journal. Despite efforts to tighten data security measures, such as the HIPAA and HITECH Acts in the United States and the GDPR Act in the European Union, incidences of data infringement and data breaches continue to be common.

Challenges:

The most difficult task for healthcare institutions, especially in emerging economies, is overcoming budgetary restraints. Nonetheless, the amount of data stored has become so significant that IT infrastructure has begun to serve as the backbone of healthcare organisations. Behavioral Health Software Solutions are currently somewhat expensive software solutions. These systems' maintenance and software update costs might occasionally exceed the program's purchase price. Support and maintenance services, which include software upgrades in response to changing user needs, are a recurring expense that can account for nearly 30% of the total cost of ownership. This makes it difficult for behavioural health organisations to justify spending when they are focused on establishing EHRs and upgrading RCM systems, at least in the short term.

Opportunity:

Emerging regions such as Asia Pacific, Latin America, the Middle East, and Africa are likely to offer major growth prospects for participants in the Behavioural Health Software Market, particularly those that are unable to meet the federal government's standards in the United States. Healthcare providers in Australia will be encouraged to embrace EMR and EHR technologies as a result of government initiatives to set standards, legislation, and infrastructure. The Australian government has taken a number of steps to encourage IT usage in healthcare in order to reduce errors and improve efficiency. On this front, the State of South Australia began establishing the “careconnect.sa” programme in March 2013, with the goal of fully integrating EHR systems across the state. As part of the National E-Health Strategy, the Australian government is also actively pushing the electronic interchange of health information. The government set up USD 485.1 million in the 2015-16 Federal Budget to improve eHealth governance procedures (Source: Australian Digital Health Agency). In Australia, such measures have resulted in an increase in the use of EMRs and EHRs.

Market Segmentation:

The Global Mental Health Software and Devices Market is split by solution, deployment, end users, and geographies to get a bird's eye view.

The market has been divided into two parts: software and devices. The software has been divided into two categories: web-based and standalone.

Clinical, administrative, financial, and other functions have been divided in the industry. Electronic health records (EHRs), clinical decision support, health management, E-prescribing, Tele-health, and other clinical areas have been subdivided. Information management, scheduling, workforce management, and other administrative functions have been subdivided.

Regional Analysis:

The study is divided into four regions: North America, Europe, Asia-Pacific, and the Middle East and Africa, in order to provide a bird's eye view of the Mental Health Software and Devices Market complexities.

North America, lead by the United States, has the greatest market share due to faster adoption of new technologies, established healthcare, government attention on mental health, and other factors. Europe is the second largest market, with Germany, France, and the United Kingdom leading the way.

Japan, China, and India are likely to drive the fastest CAGR growth in the Asia Pacific area. The Middle East and African region is predicted to experience moderate growth, with the Gulf economies of Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar leading the way.

Global Mental Health Software and Devices Report Market Research Future conducts thorough primary research as well as detailed qualitative and quantitative analysis by various industry experts and key opinion leaders in order to acquire a better understanding of the market and industry performance. The report provides a thorough picture of the current market landscape, including historical and projected future market size in terms of value and volume, technical advancements, macroeconomic considerations, and market controlling factors.



Frequently Asked Questions
Governments are concerned about high healthcare expenses for the treatment of behavioural health-related issues or mental diseases.
(US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Kareo (US), Meditab Software (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US, Qualifacts (US), The Echo Group (US), Valant (US), Welligent (US), Cure MD(US), Epic systems corporations (US), Accumedic (US), Mediware(US), Allscripts (US)

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