Mental Health Software and Devices Market Research Report Information By Component (Software (Web-based, and Standalone Software) and Devices), By Functionality (Clinical (Electronic Health Records (EHRs), Clinical Decision Support, Health Management, E-prescribing, Tele-health, and Others), Administrative (Information Management, Scheduling, Workforce Management, And Others), Financial (Accounting, Revenue Cycle Management, Business Intelligence, And Others)), By End User (Providers, Payers, and Patients), and By Region (North America, Eur

Global Mental Health Software and Devices Market Overview

Mental Health Software and Devices Market Size was prized at USD 5.1 Billion in 2022. It is anticipated that the for mental health software and devices market will increase from USD 5.92 billion in 2023 to USD 19.69 billion by 2032, along a compound annual growth rate (CAGR) of 16.20% throughout the forecast period (2023–2032). Increased stress circumstances necessitating mental health management, government financing and incentives for EHR use in behavioral health organizations, and better health reforms are the key market drivers enhancing market growth. Over the projected period, factors, including the increased prevalence of behavioral/mental illnesses and government initiatives, are anticipated to enhance the market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Mental Health Software and Devices Market Trends

• Growing prevalence of mental disorders is driving the market growth

Market CAGR for mental health software and devices is driven by the expanding proportion of people experiencing mental health issues. Rising mental illness is anticipated to fuel demand for mental health software and device software. Distress or problems completing tasks at work, in the home, or social situations are the causes of these disorders. Mental health software and devices software creates new ways of thinking by highlighting false and true premises and correcting false perceptions. For instance, the World Health Organisation, a US-based government institution, reported on global mental health in June 2022 that 970 million people had a mental condition worldwide in 2019. The mental health software and devices market will grow as mental illness becomes more prevalent.

Market players in the mental health software and devices market, particularly those who cannot meet the standards set by Federal Government in the US, are anticipated to benefit greatly from the emerging markets in the Asia Pacific, Latin America, the Middle East, and Africa. Healthcare providers in Australia will be encouraged to embrace EMR and EHR technologies by government attempts to set standards, legislation, and infrastructure. To decrease errors and boost efficiency, the Australian government has been implementing several programs to encourage the adoption of IT in healthcare. As part of National E-Health Strategy, Australian government is actively pushing for electronic health information interchange. The government set aside USD 485.1 million in its 2015–16 Federal Budget to improve eHealth governance structures (. These programs are to blame for the increased use of EMRs and EHRs in Australia. Thus, driving the mental health software and devices market revenue.

Mental Health Software and Devices Market Segment Insights

Mental Health Software and Devices Component Insights

Mental Health Software and Devices Market segmentation, based on components, includes software (web-based and standalone software) and devices. With a major market share in 2022, the software segment dominated. The segment is expanding due to the increased use of technological solutions to handle psychiatry practices' financial, administrative, and clinical aspects.  In the software sector, the standalone sub-segment dominated the market. Small businesses choose standalone solutions since they cater to specific functionality. Additionally, in 2022, the device sector witnessed the fastest growth rate. Product launches and tactical moves by major market rivals positively affect the industry's expansion.

October 2021: Medical, Inc., a medical device company, announced that the FDA had granted it Breakthrough Device Designation for its individualized, rapid-acting, non-invasive neurostimulation technology, which is intended to treat major depressive disorder (MDD) in people who have not responded to antidepressant medication or other treatments.

Mental Health Software and Devices Functionality Insights

Mental Health Software and Devices Market segmentation, based on functionality, includes clinical (electronic health records (ehrs), clinical decision support, health management, e-prescribing, telehealth, and others), administrative (information management, scheduling, workforce management, and others), and financial (accounting, revenue cycle management, business intelligence, and others. The clinical segment acquired a major market share, accounting for 50.3% of market revenue (2.6 Billion). Behavioral health software offers clinical services such as claim filing, documentation, appointment scheduling, billing, and coding. The growth of the EHR sub-segment is fueled by several government measures, such as encouraging doctors to adopt electronic health records, funding the education of experts in healthcare information technology, and constructing regional extension centers to offer technical support and other services. Administrative tasks are also anticipated to expand the fastest in the future years. To view numerous providers in one location, facilities, especially large-scale centers, typically need centralized scheduling systems. The benefits of administrative tasks like scheduling include timely service delivery at a cheaper cost.

Figure 1: Mental Health Software and Devices Market, by Functionality, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Mental Health Software and Devices End-User Insights

Mental Health Software and Devices Market segmentation, based on end-user, include providers, payers, and patients. Due to the better reimbursement situation, the payer segment is predicted to experience a major compound annual growth rate (CAGR) during the projected period. Telepsychiatry services are covered by Medicare insurance. The patient segment is anticipated to have a profitable growth rate in the upcoming years. The segment is expanding due to increased levels of worry and stress, the availability of more mobile apps, and better internet connectivity.

Mental Health Software and Devices Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American mental health software and devices market area will dominate this market. This is brought on by substantial market participants, a strong infrastructure, and the growing weight of stress and despair. National Institute of Mental Health predicted that in January 2022, in the United States 2020, at least 21.0 million adults had at least one major depressive episode.

Further, the major countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.

Figure 2: MENTAL HEALTH SOFTWARE AND DEVICES MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s mental health software and devices market account for the second-largest market proportion because of the increased behavioral problem prevalence, easier access to mental health care, and government campaigns to raise behavioral health awareness. Adopting technology and IT solutions in healthcare throughout developed and developing regions in Europe is the main factor driving demand for mental health software. Further, the German mental health software and devices market held the major market share, and the UK mental health software and devices market was the rapidly growing market in the European region.

The Asia-Pacific Mental Health Software and Devices Market is expected to expand significantly from 2023 to 2032. Regional expansion is predicted to be fueled by rising older populations in China and Japan, increasing smartphone and internet usage, and combined factors. Moreover, China’s mental health software and devices market held the major market share, and the Indian mental health software and devices market was the rapidly growing market in the Asia-Pacific region.

Mental Health Software and Devices Key Market Players & Competitive Insights

Leading market players are largely investing in research and development to expand their product lines, which will help the mental health software and devices market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their global presence. The mental health software and devices industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.

One of the major business strategies manufacturers use in global mental health software and devices industry to increase the market sector and benefit customers is local manufacturing to lower operational costs. In recent years, the mental health software and devices industry has stipulated some of the most important medicinal benefits.  Major players in the mental health software and devices industry, including Nextgen Healthcare (US), Credible Behavioral Health (US), Orion Health (New Zealand), Mckesson Corporation (US), and others, are funding operations for research and development to boost market demand.

Calm is a sleep, meditation, and relaxation program that helps users reduce anxiety and live more peacefully. The company's app offers original audio material, tales, and programs that address some of today's most pressing mental health issues, such as anxiety, stress, and sleeplessness, allowing users to overcome stress, live joyfully, and live a healthy life. In October 2022, Calm, the subscription-based mindfulness app, launched Calm Health, its first clinical mental health solution. Calm Health, available through payers, providers, and self-insured companies, contains condition-specific programs aimed to "bridge the gap between mental and physical healthcare."

American Well Corp is a telehealth company that allows its consumers to receive care digitally. Its platform, Amwell, enables care delivery across the entire healthcare continuum, from basic and emergency care in the home to high acuity specialty consults in the hospital, like telestroke and telepsychiatry. It offers health systems, health plans, governments, and innovator clients the resources they need to enable novel forms of treatment for their patients and members. In August 2021, American Well finalized the acquisition of SilverCloud Health and Conversa Health, a leading provider of digital mental health platforms. The acquisition aims to improve and increase physical and virtual care integration, consequently increasing its market position.

Key Companies in the mental health software and devices market include

• 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)


• WRS HEALTH (US)


• ALLSCRIPTS (US)


• ORION HEALTH (NEW ZEALAND)

Mental Health Software and Devices Industry Developments

February 2022 Core Solutions, the creators of the next-generation, clinically oriented Cx360 behavioral health electronic health record (EHR) system, is thrilled to announce the release of an update to its flagship product. The secure, cloud-based Cx360 V7.5 platform has gained several significant improvements and a more modern and efficient user interface to streamline quality care and billing further.

September 2022 Osmind, based in San Francisco, said that its electronic health record (EHR) system for mental health physicians has integrated Zoom virtual visits into the company's regulatory-compliant ISV Partner Programme. Clinicians can utilize various digital tools, such as progress tracking and journaling capabilities, within the Osmind EHR to address high-patient demand.

Mental Health Software and Devices Market Segmentation

Mental Health Software and Devices Component Outlook

• Software


• Web Based


• Standalone Software


• Devices

Mental Health Software and Devices Functionality Outlook

• Clinical


• Electronic Health Records (EHRs)


• Clinical Decision Support


• Health Management


• E-prescribing


• Telehealth


• Others


• Administrative


• Information Management


• Scheduling


• Workforce Management


• Others


• Financial


• Accounting


• Revenue Cycle Management


• Business Intelligence


• Others

Mental Health Software and Devices End-User Outlook

• Providers


• Payers


• Patients

Mental Health Software and Devices Regional Outlook

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America