As per the findings of Radiant Insights Inc., the global behavioral health software market is anticipated to attain a significant size in terms of revenue by 2022. The market is projected to exhibit a noteworthy CAGR during the forecast period (2017–2022). It is largely driven by growing number of cases of depression and substance abuse.
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Governments worldwide are playing a vital role in the development of the market. They are paying increased attention to mental health of the people in their countries and thus, organizing and funding services and campaigns related to behavioral health. Moreover, various health reformation initiatives being undertaken, especially in developed countries, are likely to augment the market.
Increasing number of organizations are adopting behavioral health software as a tool to minimize healthcare costs and enhance workflow efficiency. This, in turn, is estimated to provide a significant boost to the market. Rising awareness among different end users regarding the merits of the software can also work in favor of the market.
The advent of technologically advanced tools to assess mental health can also allow the market to gain traction. For instance, in September 2017, Samsung announced its partnership with Korean VR company FNI and Gangnam Severance Hospital to develop a set of mental health diagnosis programs incorporated into Samsung’s Gear VR headset and ecosystem. Through this partnership, they will focus on suicide prevention and basic psychological assessment.
On the other hand, issues pertaining to data privacy can limit the widespread adoption of behavioral health software. Moreover, lack of skilled psychiatrists and healthcare IT professionals can adversely affect the growth of the market. However, increasing cases of depression and improving healthcare infrastructure in developing countries will prove to be increasingly lucrative for behavioral health software developers.
The global behavioral health software market has been segmented on the basis of application, type, and region. In terms of application, the market is divided into clinics, residential, hospitals, and others. The two primary types of software are ownership models and subscription models. Demand for subscription models is poised to remain high throughout the forecast horizon.
Based on geography, the market is categorized into United States, China, Southeast Asia, Japan, Europe, and India. U.S. is expected to hold a prominent position in the global arena, thanks to increased awareness regarding behavioral health services among the populace and improved healthcare reforms. Presence of a large number of institutes dealing with mental health can also promote the growth of this market.
Europe is anticipated to register significant growth during the same period. Introduction advanced technologies in the behavioral healthcare sector is supplementing the growth of the regional market. Southeast Asia will offer tremendous growth opportunities, owing to increasing number of people suffering from depression, substance abuse, and various mental illnesses.
Some of the key players in the market are CRC Health; Universal Health Services Inc.; Springstone Inc.; Haven Behavioral Healthcare Inc.; and Acadia Healthcare.
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