Global Mental Health Software Market to Value US$ 4.51B in 2021
According to a report published by Persistence Market Research, “Global Market Study on Mental Health Software: Industry Analysis and Forecast 2015-2021”, the global market valued US$ 2,203 million at the end of 2015 and is projected to register a CAGR of 12.7% through the forecast period to reach the value of US$ 4,509.6 million at the end of 2021. Government initiatives and growing ageing population are the major factors to which the market trend can be attributed.
Spreading use of mobile devices and wearable gadgets, along with growing per capita expenditure on healthcare are major drivers in the global market. Rising incidences of chronic diseases of the ageing population is expected to fuel demand for remote patient monitoring. Healthcare organizations are opting for integration of behavioral healthcare services into care continuum to improve quality of healthcare services. On the other side, uncertainty in regards to privacy and security of data, and lack of awareness in emerging regions such as Latin America, MEA, and Asia Pacific are major challenges, restraining the global market.
In terms of deployment mode, the market is segmented into on-premise and subscription method of deployment. Subscription segment is projected to grow at the fastest rate of 24.2% through the forecast period. In terms of mode of access, the global market is segmented into desktops/laptops and tablets/smartphones. The desktops/laptops segment is the dominating segment in the global market, estimated to account near 70% share in the global market by the end of the forecast period.
In terms of function, the global market is segmented into telehealth, ledger, payroll, business intelligence, revenue cycle management, clinical decision support, and electronic health record (EHR). Telehealth segment in the third largest segment in terms of revenue, accounting for over 16% share in the global market in 2015.
In terms of application, the global market is segmented into commercial and residential. Commercial segment is further sub-segmented into hospitals and clinics, and others. Others subsegment is further segmented into psychiatrists, social workers, psychologists, counselors, nurse practitioners, and group therapists.
The global mental health software market is segmented on the basis of region into North America, Latin America, Asia Pacific, Middle East and Africa, and Europe. Asia Pacific and North America accounted for over 65% share in terms of revenue, collectively, at the end of 2015. Due to rising amount of ageing population and growing incidences of chronic diseases in Asia Pacific is expected to drive the market at the fastest rate through the forecast period.
Epic Systems Corporation, Netsmart technologies Inc., Credible Behavioral Health Inc., Cerner Corporation, Core Solutions Inc., Nextgen Healthcare Information Systems LLC., Qualifacts Systems Inc., Valant Medical Solutions Inc., Welligent Inc., and MindLinc are the leading global players in the mental health software market worldwide.