Behavioral Health Care Software and Services Market Worth $4.31 Billion by 2025: Grand View Research, Inc.
SAN FRANCISCO, September 26, 2018 /PRNewswire/ --
The global behavioral/mental health care software and services market size is expected to reach USD 4.31 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting an 11.8% CAGR during the forecast period. Behavioral health management software facilitates clear communication between patients and care providers. Real-time monitoring allows doctors to keep a track of patient progress.
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These systems maintain confidentiality of patient information, especially in cases of mental health and substance abuse. The effectiveness and productivity of mental healthcare can be improved by integrating advanced behavioral health software solutions within existing mental healthcare infrastructure.
Behavioral healthcare providers help in reducing costs related to substance abuse by providing value-based medicine programs by preventing hospital readmissions. According to a survey by the Substance Abuse and Mental Health Services Administration (SAMHSA), the impact of substance abuse is estimated to be worth USD 600 billion every year in U.S.
The Cures Act will provide an opportunity to vendors to integrate with each other and enable care coordination of both parties. The act will facilitate interoperability between mental and overall healthcare providers. This cooperation will eliminate obstacles to reimbursement, simplify explanation of benefits, and enable insurance claim submissions for faster returns.
Browse full research report with TOC on "Behavioral/Mental Health Care Software & Services Market Analysis Report By End Use (Providers, Payers), By Component, By Delivery Model, By Function (Administrative, Clinical), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/behavioral-mental-health-care-software-market
Further Key Findings From the Report Suggest:
- New behavioral health integration codes were introduced by the Centers for Medicare & Medicaid Services (CMS) under the psychiatric collaborative care model and behavioral health integration under the successful chronic care management services initiative
- By component, the support and maintenance services segment held majority of the market share in 2017. Increased adoption of technological solutions for management of clinical, administrative, and financial functions of mental healthcare practices, which in turn increases demand for maintenance services, is responsible for segment growth
- On the basis of delivery model, subscription services dominated the market in 2017. Small-scaled mental health practices mostly operate on limited budgets and therefore do not invest much in technological solutions. Moreover, professionals are unable to qualify for incentives for meaningful use of EHRs due to the small scale of their practice. Hence, they prefer to subscribe to solutions instead of purchasing them
- Based on function, clinical functions led the market in 2017 as the integration of clinical function simplifies workload of mental healthcare facilities. On the other hand, administrative functions are expected to showcase the fastest growth rate over the forecast period
- North America accounted for the largest share in the overall market in terms of revenue in 2017. On the other hand, Asia Pacific is likely to experience fastest growth rate in the coming years
- High competition in the market is likely to lead to increased adoption of integrated care models and partnerships between local health systems.
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Grand View Research has segmented the global behavioral/mental health care software & services market based on component, delivery model, function, end use, and region:
- Behavioral/Mental Health Care Software & Services Component Outlook (Revenue, USD Million, 2014 - 2025)
- Software
- Integrated
- Standalone
- Support Services
- Software
- Behavioral/Mental Health Care Software & Services Delivery Model Outlook (Revenue, USD Million, 2014 - 2025)
- Ownership
- Subscription
- Behavioral/Mental Health Care Software & Services Function Outlook (Revenue, USD Million, 2014 - 2025)
- Clinical
- EHRs
- Clinical Decision Support
- Care Plans
- E-prescribing
- Telehealth
- Administrative
- Patient/Client Scheduling
- Document Management
- Case Management
- Workforce Management
- Business Intelligence
- Financial
- Revenue Cycle Management
- Managed Care
- General Ledger
- Payroll
- Clinical
- Behavioral/Mental Health Care Software & Services End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Providers
- Hospitals & Clinics
- Community Centers
- Payers
- Patients
- Providers
- Behavioral/Mental Health Care Software & Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- North America
Explore the BI enabled intuitive market research database, Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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