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Behavioral Health Software Market - Global Opportunity Analysis and Industry Forecast 2020–2027

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Jun 2021 | 142 Views
 
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Behavioral health software Market Outlook - 2027

Behavioural health software is also called mental health software or therapy software, which helps the therapists, physicians, and many other professionals who help in the management of their administrative, clinical, and operational workflows. This software also looks over the patient cases and their outcomes for managing and ensuring their restricting compliance.

Behavioural health software deals with the scientific study of the patients’ anthropology and is also associated with the well-being of mental health, the concept of self, emotions, capability to perform day to day life events, and behaviour. This kind of depression, anxiety, and drug abuse are also considered in the behavioural health software.

Behavioral health software Market

This software help in the implication of the performance which will be beneficial for clinics or large practices and is adequate for healthcare practitioners.

While selecting the software of behavioural health various factors are taken into consideration:

  1. Workflow Management
  2. Advanced Note Management
  3. Specialty EMR templates
  4. GAF charts
  5. Specialty ICD-9 billing and coding

Market scope and structure analysis:

Report Metric

Details

Market size available for years

2019–2027

Base year considered

2019

Forecast period

2020–2027

Forecast units

Value (USD)

Segments covered

Component, Delivery Model, Functionality, End User, and Region

Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa.

Companies covered

Major players analyzed includeAdvanced Data Systems, AdvancedMD, Cerner, Compulink, Core Solutions, Credible Behavioral Health, Welligent, Valent, The Echo Group, Kareo, Meditab Software, Qualifacts, Mindlinc, Netsmart, and Nextgen Healthcare.

COVID-19 scenario analysis:

With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

Technological progress, cost containment, and increased access will in the near future be an integral part of healthcare reforms. Digital health and tele-health have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Tele-health growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate the market growth in the future.

Owing to such factors, COVID 19 is expected to have a significant impact on the Behavioural health software market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

The government has been investing and taking various initiatives for the encouragement of the adoption of the behavioral health software market in healthcare facilities, and ever-increasing demand for mental health services are the major factors propelling the growth of the behavioral health software market.

The cost for the healthcare systems and the treatments for the treatment of mental disorders are the major challenges in front of the government. Resolving these issues have been drawing the attention of the healthcare sector the facilities are thus utilizing this software for reducing paperwork and medication errors. Behavioral health software is also helping the productivity by allowing access to the patient instantly thus helping improve the workflow efficiency and bringing the cost of the healthcare lower.

Data privacy invasion is the biggest threat when behavioral health software are been considered. The providers are restricted from sharing the details of patients suffering from drug abuse or mental disorder to any outsider. Nonetheless, after the data integration by the behavioral health software market all the healthcare professionals have access to the patient information.

New product launches and acquisitions to flourish the market:

On July 19th, 2017, DeVero was acquired Netsmart which is a healthcare technology company.

On August 8th, 2016, Core Solutions and AHRC entered into a partnership that helped them work on the advance care delivery for the IDD population.

Surge in usage in hospitals and patients segment applications:

Various hospitals, community clinics, private practices, providers, patients, and payers are the major consumers of the behavioral health software market. Among them, patients sub-segments are the biggest end-users. Many patients are using this software for their self-care at their convenience.

Key segments covered:

Segments

Sub-segments

Component

  • Support Services
  • Software
  • Integrated Software
  • Standalone Software

Delivery Model

  • Subscription Models
  • Ownership Models

Functionality

  • Clinical Functionality
  • Electronic Health Records (EHR)
  • Clinical Decision Support (CDS)
  • Care Plans/Health Management
  • E-Prescribing
  • Tele-health
  • Others

End User

  • Providers
  • Community Clinics
  • Hospitals
  • Private Practices
  • Payers
  • Patients

Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Key benefits of the report:

  • This study presents the analytical depiction of the global Behavioral health software industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Behavioral health software market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global Behavioral health software market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Behavioral health software Market research report:

  • What are the leading market players active in the Behavioral health software market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
     
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