Mental Health Software and Devices Market – a Hefty CAGR growth and seismic change in the market value to accrue owing to the triumph of information technology

Pune, India, April, 2023 /press release/- Market Research Future Published an Upcoming Report on Global Mental Health Software and Devices Research Report.

Market Scenario:

Mental health software and devices is the application of information technology and advancements in devices technology for the diagnosis, and treatment of mental disorders. Major functional sections of the mental health software and devices market  include terminology and coding systems, analytics, electronic health record systems (EHRs), diagnostic systems, tele-psychiatry, telemedicine, and others.

Mental Health Software and Devices Market is expected to reach value of USD 19.69 Billion by 2032 at 16.20 % CAGR during the forecast period 2023-2032.

Market Dynamics:

Drivers

The economic drivers of the market are growing demand for cost effective solutions, concerns over healthcare delivery cost, growing purchasing power of players.

The advantages of information management such as reduced manual intervention and concurrent elimination of errors, faster information collection, access and analysis, informed decision making results in improvements in performance and returns on investment. Real-time health monitoring and provision of population healthcare via telemedicine are other drivers of the market.

Growing incidence of mental disorders due to rising risks such as stress, old age population, sedentary lifestyles, substance abuse and others are the demographic drivers of the market. According to world health organization, proportion of the world's population over 60 years is expected to double from 12 % in 2015 to 22 % by 2050 which provides a sustainable and large unmet need which is easily comprehended.

The economic drivers of the market are pricing pressures on hospitals, growing adoption and affordability of devices, rapid development of wireless technology and integration, greater patient satisfaction, and growing healthcare infrastructure. The growing functionality of mental health software and devices systems is reflected by the plethora of function additions representing the dashboard of a financial company! The list includes but is not limited to clinical statistics, case cancellation rate, revenue cycle management, scheduling and others. The impetus provided by governments towards development of psychiatric care and a drive towards patient centric healthcare are regulatory drivers of the market.

Explore In-depth Details: Mental Health Software and Devices Market Research Report

Restraints

High costs of installation and maintenance, concerns over information security and privacy, scarcity of trained manpower, digital divide, limited reimbursement for mental healthcare, are the restraints on the market.

Segments:

To generate a bird’s view of the global mental health software and devices market the report is divided by solution, deployment, end users and regions.

Based on component, the market has been segmented by software and devices. The software has been sub segmented into web based, and standalone software.

Based on functionality, the market has been segmented by clinical, administrative, financial and others. The clinical has been sub segmented into electronic health records (EHRs), clinical decision support, health management, E-prescribing, Tele-health, and others. The administrative has been sub segmented into information management, scheduling, workforce management, and others. The financial has been sub segmented into accounting, revenue cycle management, business intelligence, and others.

Based on end user, the market has been segmented by providers, payers, and patients.

Based on regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.

Future Market Trends:

Regional analysis:

North America accounts for the largest market share led by the U.S. due to the faster uptake of new technology, developed hospital infrastructure, awareness and others.

Europe led by Germany, France and the U.K. accounts for the second largest market. The implementation and framing of provisions of mental health in the constitution and administrative policies of state has resulted in adoption of population health by many regions. For example, in December, 2017, Texas healthcare department launched mHealth app to connect patients with psychiatrists.

Asia Pacific region is anticipated to grow at the fastest rate owing to large unmet needs especially of China and India. The Middle East & African region, is anticipated to generate moderate growth due to poor social and economic reasons especially in Africa and social stigma with the market skewed in favour of Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.

Prominent players:

The prominent players of the global mental health software and devices industry are Advanced Data Systems (US), McKesson Corporation (US), AdvancedMD (US), Compulink (US), Athena health (US), Core Solutions (US), Sigmund Software (US), IBM (US), Credible Behavioral Health (US), ICANotes (US), NextStep Solutions (US), InSync Healthcare Solutions (US), iSalus Healthcare (US), The Echo Group (US), Kareo (US), Cerner Corporation (US), Meditab Software (US), Mentegram (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US), Nuesoft Technologies (US), Qualifacts (US), Raintree Systems (US), TheraNest (US), Valant (US), Welligent (US), and WRS Health (US). Allscripts (US), Orion Health (New Zealand) and others.