The key factors propelling the growth of the market is the increasing stress conditions requiring for mental health management, government funding and initiatives toward EHR adoption in behavioral health organizations and improved health reforms during the forecast period.
Increasing work stress is found to be the major reason for the requirement of mental health care management. As per the data published on February 2019 by American Psychological Association, 75% of adults have reported experiencing moderate to high levels of stress in the past month and nearly half of them reported that their stress has increased in the past years.
The increasing problems of stress, anxiety, and depression are thus driving the patients to take treatment and hence, healthcare facilities are adopting advanced systems, like various software, in order to manage behavioral/mental health for clinical functionality, administrative functionality, and financial management. There has been an increased depression and stress has enhanced the requirement of the behavioral/mental health management, in turn, leading to the growth of the global behavioral/mental health software market.
In addition, the focus of healthcare professionals on providing quality care to patients, behavioral health modifications and increasing government support for the enhancement of behavioral healthcare services are rapidly propelling the growth of the overall market.
Key Market Trends
Electronic Health Record Segment is Expected to Grow Fastest During the Forecast Period
The demand for EHR build specifically for mental health is increasing due to increasing incidence of mental disorders like Parkinsons’s Disease, especially in developed parts of the world. As per a 2018 report by the Parkinson’s Disease Society of the United Kingdom, the incidence cases of the disorder are expected to increase from 145,500 in 2018 to nearly 168,600 by 2025.
A specialty-specific EHR makes a difference to the medical staff and the patients associated with the management of behavioral/mental health as it provides the advanced capabilities that include practice management and patient portal among other integrated benefits. Its integrated EHR suite includes patient records, documentation, scheduling, practice management, and an online patient portal. Hence the focus on better continuity of care, various advancement in terms of technology and growing adoption of these products are likely to contribute to the market growth in the future.
North America Holds the Largest Share in the Market and is Expected to Follow the Same Trend over the Forecast Period
The market in North America accounts for major share in terms of revenue and is expected to maintain its position over the forecast period. With the increasing burden of depression and stress due to work-life or personal life, the adoption rate of behavioral/mental health is also rising.
The web-based EHR, medical billing, and practice management presently are used by thousands of physicians across the United States and thus the adoption rate has been increasing year-on-year. Hence, with the rising acceptance and improved healthcare infrastructure, increasing mental health awareness is also driving the overall market across the North America region.
The presence of key players and government funding for behavioral health are the factors propelling the growth of the target market in this region. Some of the major strategies followed by the key market players are partnerships & collaborations, rise in the number of acquisitions & mergers and increasing product innovation. Such trends in the mental health software market are expected to witness huge market growth in the forthcoming years.
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