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.
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.
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.
Healthcare Satellite Connectivity Market - The global healthcare satellite connectivity market size was valued at USD 5.1 billion in 2016 and is projected to grow with CAGR of 7.1% during the forecast period.
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)
Behavioral/Mental Health Care Software & Services Delivery Model Outlook (Revenue, USD Million, 2014 - 2025)
Behavioral/Mental Health Care Software & Services Function Outlook (Revenue, USD Million, 2014 - 2025)
Clinical Decision Support
Revenue Cycle Management
Behavioral/Mental Health Care Software & Services End-use Outlook (Revenue, USD Million, 2014 - 2025)
Hospitals & Clinics
Behavioral/Mental Health Care Software & Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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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.
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