New York, NY, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Mental Health Software Market by Component (Support Services and Software), by Functionality (Clinical Functionality, Administrative Functionality, and Financial Functionality), by Delivery Model (Subscription and Ownership), and by End-User (Providers, Payers, and Patients): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, global mental health software market was valued at approximately USD 1,350 million in 2017 and is expected to generate revenue of around USD 4,585 million by end of 2026, growing at a CAGR of around 14.5% between 2018 and 2026.
In the developed countries, the cost of mental health problems is about 3-4 percent of Gross National Product. Mental disorders cost several billion dollars to national economies, in terms of loss of productivity and expenditures incurred. The annual average costs along with medical and disability costs for personnel with behavioral disorders, such as depression, is around four times more than those experienced by usual beneficiaries. Though, the treatment cost is frequently offset by a decrease in the number of days of non-attendance at work.
Browse through 94 Tables & 39 Figures spread over 140 Pages and in-depth TOC on “Global Mental Health Software Market Size 2018: By Type, Industry Share, Segments, Analysis and Forecast 2026”.
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The global mental health software market is segmented based on component, functionality, delivery model, and end-user. By component, the mental health software market is bifurcated into software and support services. The software segment is further segmented as integrated software and standalone software. Support system held a major market in 2017, due to the continuously increasing demand for software upgrade and maintenance services.
By functionality, the mental health market is segmented into administrative functionality, clinical functionality, and financial functionality. The clinical functionality covers clinical decision support (CDS), electronic health records (EHR), care plans/health management, telehealth, and e-prescribing. The administrative functionality segment is sub-segmented into document/image management, patient/client scheduling, case management, workforce management, and business intelligence (BI). The financial functionality segment includes managed care, revenue cycle management, accounts payable/general ledger, and payroll. The Clinical Functionality segment held a major share, i.e., more than 40%, in the global market in 2017. This can be due to the rising adoption of clinical functionality software by hospitals and clinicians to provide smooth accessibility to the healthcare system.
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By delivery model, this market is segmented into ownership models and subscription models. Subscription models held the majority share, with a value of USD 722 million in 2017 globally. Subscription-based models allow flexible options, such as concurrent licenses and pay-as-you-go. They also offer a faster time to value, more active deployment cycle, and reduced costs by having the option to choose the required information.
By end-user, the market includes payers, providers, and patient. The provider segment covers community clinics, hospitals, and private practices. Providers held a major market in 2017, due to the rising prevalence of mental disorders and increasing competition among the key market players to develop new products with advanced technology. Among the providers, hospitals held a major share, i.e., more than 40%, in the global market.
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Based on geography, the mental health software market is segmented in five major regions namely, North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America held the major share, i.e., of more than 40%, in the global market in 2017. It is expected to reach a value of around USD 1,900 million by 2026. The large number of healthcare companies, huge population suffering from various mental disorders, and high awareness of new and advanced technologies with government support are likely to be the key factors boosting this regional market. In the U.S., 1 in 5 adults had a mental health condition, i.e., over 40 million Americans were suffering from mental illness in the year 2016. The prevalence of mental illness among women was higher than men.
Europe is expected to register the highest CAGR in the mental health software market in the upcoming years. The increasing government initiatives for awareness about mental disorders and the growing funding for medical illness are expected to drive this regional market in the future.
Browse the full “Mental Health Software Market by Component (Support Services and Software), by Functionality (Clinical Functionality, Administrative Functionality, and Financial Functionality), by Delivery Model (Subscription and Ownership), and by End-User (Providers, Payers, and Patients): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/mental-health-software-market
The Asia Pacific is expected to register a significant growth rate in this market globally, due to growing government support and improved accessibility of mental healthcare in the region. In the Asia Pacific region, China held the largest share in 2017 and is expected to reach a market value of USD 290 million by 2026.
Some of the key players in the mental health software market are Cerner, Netsmart, Mindlinc, Core Solutions, Nextgen Healthcare, Valant, The Echo Group, Welligent, Qualifacts, Kareo, Compulink, Meditab, Credible, Advance Data Systems, and Advancedmd, among others.
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This report segments the global mental health software market into:
Global Mental Health Software Market: Component Analysis
- Support Services
- Software
- Integrated
- Standalone
Global Mental Health Software Market: Functionality Analysis
- Clinical Functionality
- Electronic Health Records (EHR)
- Clinical Decision Support (CDS)
- Care Plans/Health Management
- E-Prescribing
- Telehealth
- Administrative Functionality
- Patient/Client Scheduling
- Document/Image Management
- Case Management
- Business Intelligence (BI)
- Workforce Management
- Financial Functionality
- Revenue Cycle Management
- Managed Care
- Accounts Payable/General Ledger
- Payroll
Global Mental Health Software Market: Delivery Model Analysis
- Subscription Model
- Ownership Model
Global Mental Health Software Market: End-User Analysis
- Providers
- Community Clinics
- Hospitals
- Private Practices
- Payers
- Patients
Global Mental Health Software Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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