Global Mental Health Software Market to Reach $4.5 Billion by 2026
SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Mental Health Software – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 10; Released: February 2022
Executive Pool: 372
Companies: 143 – Players covered include Cerner Corporation; Core Solutions, Inc.; Epic Systems Corporation; Mindlinc; Netsmart Technologies, Inc.; NextGen Healthcare Information Systems LLC; Qualifacts Systems, Inc.; Valant, Inc.; Welligent Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Software, Support Services); Function (Clinical, Administrative, Financial); End-Use (Providers, Payers, Patients)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Mental Health Software Market to Reach US$4.5 Billion by the Year 2026
Mental health software solutions are designed to address specific requirements of the mental health or behavioral health sector. These platforms bridge the gap between general or standalone healthcare solutions that are sometimes unable to deliver all functions needed by a practice. Mental health software enables health professionals to prepare a treatment plan for patients suffering from various behavioral ailments such as anxiety, addiction, stress, and anxiety. Mental health software allows physicians, therapists and other users to simplify patient-facing and front-office workflows. Supporting mental health is now considered an important component for overall health and becoming a global priority. The application of health information technology (HIT) provides participants with considerable opportunities to improve mental healthcare. Stakeholders need to consider computerized clinical decision support to treat people who don’t respond to telemedicine, initial drug trials and computer-based adaptation of psychosocial treatments intended for people suffering from SMI. Moreover, the training of HIT along with integration of the technology into behavioral health settings facilitates cross-provider and interdisciplinary collaboration. Mental health software and tools address this ever-growing healthcare challenge. Solutions embedded with the science of mental health integration empower all individuals requiring care and the people closest to them with the capability to prioritize mental health by finding an inclusive and supportive pathway to overall wellness.
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. The grave impact of the Covid-19 healthcare crisis and the ensuring psychological battle of individuals, finally made mental health enter mainstream. While there were just about 11% of American adults who reported suffering from symptoms of depression or anxiety in 2019, the figure rose steeply to around 42% as of December 2020. Soon, venture capitalists started funding mental health start-ups, investing a record US$1.5 billion in 2020, up 5.5 times the $275 million invested in 2016. The year witnessed a buoyant mergers and acquisition activity, greater SPAC deals and a rush of digital health IPOs, resulting in about 7 mental health unicorns and 124 deals in 2020, when compared to just 2 unicorns and 69 deals in 2019.
Amid the COVID-19 crisis, the global market for Mental Health Software estimated at US$2.5 Billion in the year 2022, 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 $932.5 Million in 2022, While China is Forecast to Reach $305.8 Million by 2026
The Mental Health Software market in the U.S. is estimated at US$932.5 Million in the year 2022. 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. More
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SOURCE Global Industry Analysts, Inc.