HYDERABAD, TELANGAANA, INDIA, August 11, 2022 /EINPresswire.com/ — According to the latest report published by MarketDataForecast, acquiring a growing CAGR of 13.87%, the global mental health software market is expected to reach USD 2.96 billion by 2027 from USD 1.55 billion in 2022.
Mental health software is a variety of software which have various functions to help monitor the mental condition of patients. the software provides users with facilities like online booking of appointment and payments along with the electronic health records (EHR) of patients, which assist the healthcare systems in patient management—the rise in the cases of depression. In addition, to anxiety, stress, and addictions worldwide, there is now an increased need to monitor patients’ health systems and prescribe appropriate medication to the patients. Therefore, these software systems are a new step toward telemedicine and bettering at-home mental care services.
HOW DOES COVID-19 IMPACT THE MENTAL HEALTH SOFTWARE MARKET?
There have been terrible times due to the Covid-19 pandemic. All businesses suffered losses because of the stringent lockdowns and quarantines that were imposed owing to the limitations on the production and supply of commodities. Access to even the most necessities of everyday life became quite complicated as a result. In addition, hospitals entirely shifted their attention to providing care for covid patients because of the pandemic, which also had a substantial influence on the healthcare industry. As a result, additional health department activities were regularly postponed.
However, the pandemic has positively affected the mental software market. During and post-pandemic, the cases of depression, anxiety, and stress and the rate of patients with mental health problems increased drastically for the common public and frontline covid healthcare workers. Additionally, the need to improve the healthcare IT sector for the growth of online platforms to provide better remote patient care led to immense market growth.
Therefore, the pandemic has positively affected the growth of the mental health software market.
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The expansion of the mental health software market is anticipated to be fuelled by the growing advances in the IT healthcare sector and government initiatives to create these technologies. Due to the demand for accurate patient data and maintenance records, the market for mental health software is anticipated to expand. The government’s efforts to create these breakthroughs will accelerate the expansion of the market. The cognitive health management software help in minimizing the time needed to help a patient; it helps healthcare systems become more operationally stable, enabling them to provide better patient care. The market is expanding due to growing demand for lower healthcare expenses, improved job productivity, and improved performance of healthcare systems. The management systems assist the healthcare division in overseeing patient recovery and scheduling shifts.
The software also makes it easier for hospital employees to do their duties, which promotes the service and care that those departments give and makes things easier to run. The software makes it simpler to prevent mistakes in the healthcare industry and staff fatigue brought on by too much labour. The subscription-based model convenience and the assistance of the software with claims and billing is pushing the market to grow.
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ANALYSIS ON VARIOUS SEGMENTS INVOLVED IN THIS MARKET:
On the basis of component, the integrated software systems dominated the market in the past, and the segment is expected to continue dominating the market due to its advantages like providing better EHR platforms and online patient access. In addition, it also helps the healthcare systems have smooth claims, insurance, and management plans, thus providing better service and smooth billing procedures, leading to the segment’s dominance.
On the basis of delivery model, many small healthcare providers cannot afford to own and quantify mental health software. However, these hospitals also try to provide the services of mental health software. Therefore, they opt for taking subscriptions with software instead of buying them, making it much cheaper and accessible. Consequently, the subscription model segment is expected to dominate the market during the forecast period.
On the basis of functionality, clinical functionality is expected to dominate the market during the forecast period. This sector’s dominance can be attributed to governments now investing more into building better mental health software systems for small clinics to provide low-cost services to consumers.
On the basis of end-user, patients as the end-users are expected to dominate the market during the forecast period. This is due to increased demand and use of mental health software by the population due to the awareness spread about better self-care procedures. Additionally, the payer’s segment is also expected to contribute significantly to the market growth due to the beneficial reimbursement policies provided by the segment.
Geographically, the North American region is expected to dominate the market during the forecast period due to the region’s increasing awareness and reforms about mental health software. However, the Asia Pacific and Europe stand after North America and are expected to grow lucratively in the market due to government initiatives, rising mental disorders, and the need for assistance.
Netsmart Technologies, Cerner Corporation, Core Solutions, Credible Behavioral Health, MindLinc, NextGen Healthcare Information Systems, Epic Systems Corporation, LLC, Qualifacts, The Echo Group, Welligent (U.S.)., Valant Medical Solutions Inc., etc.
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