Behavioural/Mental Health Software (BMHS) Market is supposed to grow with CAGR of around 15% during 2019-2026

Behavioral health refers to ways of promoting well-being by intervening or preventing mental illnesses such as anxiety or depression. It also aims to intervene or prevent in substance abuse or other addictions. The global behavioral/ mental health software market is expected to have a CAGR of about 15% during the forecast period 2019-2026. Factors driving the market growth are high government funding, growing electronic health records adoption in hospitals and high demand for mental health services. Behavioral health care providers can integrate and make use of the client portal which allows them to add primary care doctors and send them data directly.

The growing government funding and initiatives across the world dedicated to providing metal and behavioral health services are anticipated to drive the market of behavioral/mental health software in the forecast period. As per the Mental Health America Organization, the federal government is a major funding stream for mental health services. In addition to this, funding in mental health services that fall under Medicare and the Department of Veterans Affairs (VA) matches CHIP (Children’s Health Insurance Program) and state Medicaid and spending varies from 50% to 70%, depending on the state. Moreover, in Australia, there is high funding by the government for mental health services. The Council of Australian Governments (CoAG) has allocated around $115 million funding in 2017. Furthermore, during 2014-2015, mental health had received around 5.25% of the health budget that accounts around 12% of the total burden of disease. The Government of United States also offers Mental Health Block Grants (MHBG) to support states for the development of their community mental health services. Also, the government agencies such as the Substance Abuse and Mental Health Services Administration (SAMHSA) (United States), National Institute of Mental Health (NIMH) (united States), administer grants and lead research for creating awareness regarding mental and behavioral health.

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North America accounted for the largest market share in terms of revenue for the behavioral/mental health software market in 2016 followed by Europe. North America is expected to dominate the market during the forecast period. The dominance of North America is witnessed due to factors such as government funding for expanding behavioral health services and growing behavioral health reforms across the region. Also, Europe is expected to be the fastest growing region for behavioral/mental health software market during the forecast period due to government initiatives to raise awareness about mental disorders, high prevalence of mental disorders and enhanced accessibility of behavioral healthcare in this region is expected to contribute towards the highest growth rate in Europe during the forecast period.

Global behavioral/mental health software market report covers segmentation analysis of component, delivery model, functionality and end user industries. The report further covers segments of component that includes support services and software. Delivery model in behavioral/mental health software include subscription model and ownership models. Subscription models are accounted for the largest market share in terms of revenue in 2016 and are expected to dominate the market during the forecast period. The dominance of subscription model is witnessed due to its advantages such as interoperability, cost-effectiveness and flexibility. Functionality in behavioral/mental health software is divided into clinical functionality, administrative functionality and financial functionality. Clinical functionality accounted for the largest market share in terms of revenue in 2016 and it is expected to dominate the market during the forecast period. Its dominance is witnessed due to raising government initiatives for the adoption of software by clinicians in order to provide quality care for their patients at reduced costs. End user in behavioral/mental health software is divided as provider, payer and patients.  Patients segment is expected to be the fastest growing segment during the forecast period. Highest growth rate is observed due to the growing number of patients who use behavioral health solutions in their offices or homes for better self-care and this is one of the important factors which is driving the growth of the patient’s market segment.

The major market players of the global behavioral/mental health software market are: Advancedmd, Nextgen Healthcare, Kareo, Mindlinc And Others. These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch whereas, partnership is the key strategy adopted by the companies in the global behavioral/mental health software market. For example: In 2015, NextGen Healthcare Information Systems had launched behavioral health software named Behavioral Health Information Network of Arizona (BHINAZ) in Arizona which is the first statewide behavioral health information exchange (HIE) in Arizona.

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