Behavioral Health Software: Growing Emphasis on Subscription Models

What This Report Will Provide?

This study involved four major activities in estimating the current size of the behavioral health software market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

Expected Revenue Growth:

[217 Pages Report] The behavioral health software market is expected to reach USD 4.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 19.6%

Major Growth Boosters:

Increasing adoption of behavior health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage are the major factors driving the growth of this market.

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Increasing Adoption of BHS:

High healthcare costs for the treatment of behavioral health-related problems or mental illnesses form a key concern for governments. Major contributing factors to these high costs are the need for and generation of excessive paperwork, causing loss of productivity amongst clinicians and improper revenue cycle management by behavioral health organizations. The need to resolve these issues has boosted attention on and the adoption of behavioral health software, as a means of reducing medication errors and paperwork; enhancing productivity by ensuring quick patient data access; improving workflow efficiency; and minimizing healthcare costs. These benefits of behavioral health software have driven their adoption, especially among large hospitals and community clinics.

Recent Developments:

In July 2020, Cerner(US) collaborated with Nuance Communications, Inc. (US). This long-standing collaboration aimed to integrate Nuance’s virtual assistant technology into Cerner Millennium.

In April 2020, Netsmart (US) partnered with The California Department of Veterans Affairs (CalVet, US). This partnership helped CalVet to implement Netsmart’s person-centered EHR platform, myUnity, to provide enhanced clinical and operational effectiveness in its delivery of day-to-day care to its residents

In February 2021, Netsmart acquired GPM, a North Carolina-based Software-as-a-Service technology and services company. This will help Netsmart’s CareFabric platform to deliver interoperable data sharing between long-term care facilities and providers.

Key Questions Addressed in The Report:

1. Who are the top 10 players operating in the global behavioral health software market?
2. What are the drivers, restraints, opportunities, and challenges in the behavioral health software Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of behavioral health software in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?

Regional Growth Analysis:

North America is expected to dominate the market, followed by Europe. The high growth of the North American market is attributed to factors such as increasing behavioral health reforms and the availability of government funding for expanding behavioral health services in the region.
 
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Key Players in Behavioral health software Market:

Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Welligent (US), Valent (US), The Echo Group  (US), Kareo (US), Meditab Software (US), Qualifacts (US), Mindlinc (US), Netsmart (US), and Nextgen Healthcare (US).