The global behavioral health software market is expected to reach $1.5 billion by 2019 from $0.75 billion in 2014, growing at a CAGR of 14.7% from 2014 to 2019.
Seattle, WA -- (SBWIRE) -- 07/24/2017 -- The report "Behavioral/Mental Health Software Market by Delivery Mode (Ownership & Subscription), Functionality (EHR, CDS, Telehealth, Payroll, RCM, Ledger, BI, Workforce & Case Management), End User (Hospitals, Clinics, Health Plans, Residential) - Forecasts to 2019", The global behavioral health software market is expected to reach $1.5 billion by 2019 from $0.75 billion in 2014, growing at a CAGR of 14.7% from 2014 to 2019.
Browse 197 market data tables and 53 figures spread through 200 pages and in-depth TOC on "Behavioral/Mental Health Software Market",
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The report segments this market on the basis of component, delivery model, functionality and end user. Among various end users, the providers segment is expected to account for the largest share in 2014. Providers extensively use this software for maintaining patient records and management of revenue cycles and cases, which is a major reason for its high share. The residential end user segment is expected to grow at the highest CAGR from 2014 to 2019, due to the increasing use of behavioral health solutions by patients in their homes or offices for better self-care.
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Major factors driving growth of this market include behavioral health reforms, government initiatives for improving behavioral healthcare services across the globe, and the rising number of people seeking behavioral health support, are likely to propel market growth. On the other hand, the lower adoption rate of behavioral health EHRs, data privacy concerns, and dearth of psychiatrists and healthcare IT professionals are expected to restrain the growth of this market. Emerging economies such as India, China, and Middle East present an array of opportunities for this market.
North America dominates the behavioral health software market with the U.S. accounting for a major market share. However, Asia is poised to grow at the highest CAGR during the forecast period owing to factors such as governmental initiatives, rising focus of major players in the Indian market, and rising number of people requiring behavioral health services.
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Based on geography, the global behavioral health software market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). North America is expected to account for the largest share of the market by the end of 2014. The growth of this market is driven by factors such as increasing government support for expanding behavioral health services, behavioral health reforms, and rising patient base seeking behavioral health services.
Key players in the behavioral health software market include Netsmart Technologies (U.S.), Qualifacts (U.S.), Cerner Corporation (U.S.), Epic Systems Corporation (U.S.), MindLinc (U.S.), Credible Behavioral Health Software (U.S.), Accumedic (U.S.), Askesis Development Group, Inc. (U.S.), BestNotes (U.S.), Valant Medical Solutions, Inc. (U.S.), Welligent, Inc. (U.S.), and NextGen Healthcare (U.S.), amongst others.
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