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, Market Research Future 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.
