New York, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Mental Health Software and Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Mental Health Software and Devices Market Information By Software, Functionality, End User, And Region - Forecast till 2030", the market will touch USD 17.2 billion by 2030, an 16.1% CAGR.
Mental Health Software and Devices Market Synopsis
Due to patients' shifting lifestyles and unhealthful job schedules, a growing problem is a mental health. This mental health software and equipment makes excellent use of IT breakthroughs to properly keep a regular watch on mental and behavioral diseases among patients. Utilizing such software and equipment can make collecting patient records and mental health histories very simple, resulting in successful patient care. The lack of pleasurable emotion, a negative mood, and several comorbid cognitive, physical, emotional, and behavioral indications are used to diagnose mental health disorders. One in every five people has this moderately common ailment. Depression is influenced by various factors, including genes, stress, and brain chemistry.
Artificial intelligence has been a significant contributor to the detection of many diseases and has fueled research and development in the healthcare sector. Flinders University has created new AI software that exhibits excellent promise in enabling valuable assistance ahead of relapse in patients with severe mental illness. This is a similar case of the usage of AI in mental disease that has been documented there. Such advancements will significantly transform how mental health treatment is delivered and offer help outside hospitals. AI implementation will soon fundamentally alter the range of mental health software.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 17.2 Billion |
| CAGR | 16.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Functionality and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | There is rising demand for effective solutions for curing and managing mental health issues |
| Growing awareness about mental diseases |
Mental Health Software and Devices Market Competitive Landscape:
The exceptional contenders in the mental health software and devices market are:
- Advanced Data Systems (US)
- Insync Healthcare Solutions (US)
- Isalus Healthcare (US)
- The Echo Group (US)
- Kareo (US)
- Cerner Corporation (US)
- Meditab Software (US)
- Raintree Systems (US)
- Theranest (US)
- Valant (US)
- Welligent (US)
- WRS Health (US)
- Allscripts (US)
- Mentegram (US)
- Mindlinc (US)
- Netsmart (US)
- McKesson Corporation (US)
- Advanced MD (US)
- Compulink (US)
- Athena Health (US)
- Core Solutions (US)
- Sigmund Software (US)
- IBM (US)
- Credible Behavioral Health (US)
- Icanotes (US)
- Nextstep Solutions (US)
- Nextgen Healthcare (US)
- Nuesoft Technologies (US)
- Qualifacts (US)
- Orion Health (New Zealand)
Mental Health Software and Devices Market USP Covered:
Market Drivers:
Patients' income levels are rising, and they can now afford to spend large sums of money to have the best care possible. So, this is yet another element that will support the expansion of this sector. Another factor driving the market growth for mental health software and devices is the increasing desire for efficient treatments for treating and managing mental health concerns. It is anticipated that using management software by healthcare providers will enhance the treatment of mental health issues. Integrating EHRs can help behavioral health practices run their businesses more profitably and efficiently. Real-time monitoring technology facilitates communication between patients and caregivers by removing communication barriers like sharing information and confidentiality, which are frequent in substance abuse settings. The effectiveness and efficiency of care are improved when new technology is used with tried-and-true therapy techniques.
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Market Restraints:
The installation and maintenance expenses for mental health equipment are quite high, which is a barrier to this industry's expansion. Second, only a very small fraction of people have the necessary installation and operation expertise. The lack of qualified and trained labor is another issue that could limit this market's expansion. Thirdly, relatively few nations offer acceptable reimbursement for mental healthcare, and the remaining nations either don't have these facilities or offer very little compensation. Shortly, market growth is expected to be hampered by a lack of skilled therapists, ignorance of mental health issues, and growing data privacy concerns. Conversely, it is anticipated that the rising expense of mental health treatments and substance abuse will restrain the market growth.
COVID 19 Analysis
The fact that the market for mental health software and gadgets has remained stable despite the pandemic scenario is largely due to the restrictions that the governments of various nations implemented as a result of this issue. Therefore, those using such IT-based software call doctors or psychiatrists to talk with them about their problems and what preventative measures may be implemented in such circumstances, including those with mental health issues and those suffering from other diseases. Positive modifications to the rules governing telemedicine payment have facilitated telehealth usage. Additionally, the COVID-19 epidemic has led to an upsurge in cases of stress, despair, paranoia, and anxiety, among other mental health issues. As a result, the prevalence of mental health issues increased quickly. Therefore, during the COVID-19 outbreak, usage and demand for behavioral and mental health software surged considerably due to the rising number of cases of mental illness. Additionally, cooperation to introduce new services to meet the escalating demand during the epidemic has improved the market.
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Mental Health Software and Devices Market Segmentation
By Component
The component segment is divided into software and devices. The software segment is further divided into web-based, and standalone software. The telehealth segment is estimated to prosper in the duration of the forecast period.
By Functionality
The functionality segment is divided into clinical, administrative, financial and others.
By End User
The segment includes provider, players, and patients. Payers are estimated to prosper in the duration of the forecast period.
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Mental Health Software and Devices Market Regional Insights
Over the projection period, growth in the North American behavioral & mental health software market is anticipated. The region's behavioral and mental health software industry statistics will be influenced by several factors, including the rising prevalence of mental health disorders, improved healthcare infrastructure, and rising healthcare spending. The market size will also increase due to the increasing use of behavioral and mental health software to treat various psychological illnesses. Furthermore, it is anticipated that the existence of notable companies, among other factors in the area, will hasten the development of the North American region.
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