DUBLIN, Feb. 3, 2022 /PRNewswire/ — The “Mental Health Software – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com‘s offering.
Global Mental Health Software Market to Reach US$4.5 Billion by the Year 2026
Mental health software is anticipated to play an important role in extending availability of mental healthcare services to people living in remote areas or individuals amid emergencies like the COVID-19 pandemic.
Amid the COVID-19 crisis, the global market for Mental Health Software estimated at US$1.9 Billion in the year 2020, is projected to reach a revised size of US$4.5 Billion by 2026, growing at a CAGR of 14.9% over the analysis period. Software, one of the segments analyzed in the report, is projected to grow at a 15.4% CAGR to reach US$4.3 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Support Services segment is readjusted to a revised 12.5% CAGR for the next 7-year period. This segment currently accounts for a 18.2% share of the global Mental Health Software market.
Advancements in artificial intelligence, voice recognition, and optical recognition technologies could enable online mental health software to make more accurate diagnosis and provide more personalized treatment. Mental health software also supports virtual reality (VR) treatments intended to assist patients in relieving trauma-related incidents in a safe, controlled environment like physician’s office.
The U.S. Market is Estimated at $806.1 Million in 2021, While China is Forecast to Reach $305.8 Million by 2026
The Mental Health Software market in the U.S. is estimated at US$806.1 Million in the year 2021. The country currently accounts for a 36.7% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$305.8 Million in the year 2026 trailing a CAGR of 18.1% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.8% and 14.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.2% CAGR while Rest of European market (as defined in the study) will reach US$217.7 Million by the end of the analysis period. Increasing US health reforms along with aging demography that require health services are factors driving growth in this region. Growing awareness of mental healthcare software across China and India is driving demand for the same in Asia Pacific.
Select Competitors (Total 143 Featured)
- Cerner Corporation
- Core Solutions, Inc.
- Epic Systems Corporation
- Netsmart Technologies, Inc.
- NextGen Healthcare Information Systems LLC
- Qualifacts Systems, Inc.
- Valant, Inc.
- Welligent Inc.
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Review of the World Economy in 2021
- Pandemic Pulls Up Lever for Digital Mental Healthcare
- Mental Health Software: A Prelude
- Key Benefits of Mental Health Software
- An Insight into Mental Health Prevalence and Addressal
- Select Mental Health Stats Worldwide
- Challenges Remain
- Advanced Technologies to Create New Possibilities for Mental Healthcare in the Future
- COVID-19 Drives Investment, Bestows Mainstream Status to Mental Health
- Start-ups Follow Unusual Routes to Deliver Mental Health Services
- Select Startups in Digital Mental Healthcare Space
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Digital Innovation Push Mental Health Software as New Frontier in Access to Mental Health Support
- Transforming Mental Healthcare
- Technologies Exuding Potential to Transform Mental Health Space
- Mental Healthcare Emerges as a Key Beneficiary of Big Data Phenomenon
- Big Data Analytics Play a Pivotal Role
- Virtual Reality (VR) Makes Mental Health Therapy More Productive
- Technology-Driven Boost for Mental Health Software
- Remote Access and Low Costs Widen Adoption of Cloud based Mental Health Solutions
- Growing Use of EHR in Behavioral Health Organization to Drive Growth
- EMR Software Features Essential for Mental Health Professionals
- Key Technologies Likely to Impact Next-Generation EHRs
- Value-based care Model Drives Integrated Physical Health and Behavioral Health Care
- Rise in Focus on Mental Health Wellness in Workspace Drives Adoption of Mental Health Platforms
- COVID-19 Pandemic Amplifies Work Related Stress
- Artificial Intelligence to Stir Next Wave of Growth in Healthcare IT
- Pandemic Reinforces the Power of AI in Mental Health Services Delivery
- AI- and ML-enabled Research for Geriatric Mental Health Research
- Payer-Provider Healthcare Sector See Significant Changes
- SMI Patient Population Impacted by Deficiency in Outpatient Management Programs Offer Opportunities
- Efforts to Address Opiate and Substance Use Disorder
- Mobile Mental Healthcare Apps Come to the Fore
- TeleHealth Evolves as a Useful Tool to Improve Accessibility to Mental Health Care
- Telehealth Holds Potential to Improve Pediatric Mental Health Referrals
- Behavioral Health in the Limelight as Substance Use Disorder Rise
- Aligning Insurance Financing Systems with Outcomes
- Schools Increasingly Realize the use of Behavioral Health Software for Streamlining Mental Health Services
- Integration of New Technologies with Existing Treatment Modalities Increases Providers’ Productivity
- Increased Healthcare Spending to Drive Sales of Behavioral/Mental Health Software
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 143
For more information about this report visit https://www.researchandmarkets.com/r/qxp68i
Research and Markets
Laura Wood, Senior Manager
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