Milind Khangan - Sr. Marketing Lead at FnF Research
Mental health software assists the behavioral health service providers in selecting the best plan for treating an individual affected due to stress, depression, addiction, and anxiety. The plan is drafted or created based on the clinical data or information of the patient and the patient’s medical history record. Apparently, the software helps the users in scheduling appointments online and even enables them to pay medical bills via portable equipment like smartphones and laptops.
The recent study published by a research firm, Facts and Factors, and suggested by Milind Khangan, a Sr. Marketing Lead in a market research firm, the global Mental Health Software market value increases from USD 1,527 million in 2018 to reach USD 3,957 million by 2025, at a CAGR of around 14.6% between 2019 and 2025.
Rapid digitization witnessed in the healthcare sector to drive market growth
Breakthroughs in science & technology are bringing a paradigm shift in the healthcare industry, particularly in domains like digital imaging and enhanced digital software & sensors. This, in turn, is likely to help the market gain momentum over the forecast period. Moreover, the growing digitization of healthcare activities including medical prescriptions, visits, and patient monitoring will enable the mental health software business to reach scalable heights of growth over the forecast period.
Additionally, the burgeoning need for mental health solutions for curing a spectrum of mental disorders like schizophrenia, depression, and anxiety will further augment the market scope over the forecast period. High awareness about the mental ailments among both the youth and adult populace will trigger the growth of the market over 2019-2025. However, restrictions & seclusion can constraint business expansion over the forecast period. Apparently, lack of availability of skilled personnel, concerns about data protection, and less acceptance of software in emerging economies will further depreciate the market growth. Nonetheless, the introduction of the new mental health applications will help the market sketch a profitable roadmap over the forecast timeline.
Support services to dominate the component segment by 2025
The growth of the support services segment over the forecast timeline is owing to the consistently rising demand for mental health software up-gradation & maintenance activities.
Patients segment to register highest CAGR over the forecast timeframe
The segment is set to record the highest growth rate of more than 15% during the period from 2019 to 2025. The growth of the segment over the forecast period is owing to a bulge in the number of patients making use of mental health services in households & offices for the purpose of self-care.
Some of the key players in the market include Advance Data Systems, Cerner, Core Solutions, Mindlinc, Kareo, Nextgen Healthcare, Netsmart, The Echo Group, Valant, Welligent, Qualifacts, Credible, Meditab, Compulink, and Advancedmd among others.
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