Mental Health Software Market Is Forecasted To Reach US$ 29.45 Billion By 2034
According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Mental Health Software Market (メンタルヘルスソフトウェア市場) estimated at US$ 5.48 billion for 2024, is projected to expand rapidly at a CAGR of 18.8% from 2024 to 2034.
Key factors driving market growth include government funding, rising use of mental health software, positive behavioral health reforms, government initiatives to encourage the use of EHRs in psychiatry hospitals and facilities, and high demand for mental health services despite a shortage of providers.
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A specific set of digital tools called mental health software is intended to help mental health practitioners, patients, and organizations. It has features including appointment scheduling, telemedicine capabilities, electronic health records, evaluation tools, and billing administration.
Mental health software programs are essential for better mental health care since they simplify administrative duties and improve patient care. By providing safe communication, individualized treatment planning, and outcome tracking, they eventually improve patient outcomes and advance the use of evidence-based procedures in the mental health industry.
Key Takeaways from Market Study
- The global mental health software market is estimated at US$ 5.48 billion in 2024.
- Demand for mental health software is forecasted to rise fast at a CAGR of 18.8% from 2024 to 2034.
- The market is projected to reach US$ 29.45 billion by 2034-end.
- The market in East Asia is predicted to expand at a noteworthy CAGR of 18.9% through 2034.
- The on-premise segment is projected to advance at a CAGR of 18.5% through the forecast period.
- North America is predicted to account for 28.6% share of the global market in 2024.
“Governments worldwide are allocating funds and introducing initiatives to enhance mental health among their populations. This has led to a heightened awareness about the benefits of mental health services, as healthcare providers emphasize safe communication and individualized treatment planning,” says a Fact.MR analyst.
Integration of Mental Health Software with Electronics Health Records
One of the main factors propelling the growth of the global mental health software market is the rising need for specialty-specific EMRs among specialized healthcare facilities worldwide. Furthermore, the global market expansion is being driven by favorable behavioral health reforms like the Affordable Care Act (ACA) and government programs that promote the implementation of electronic health records in behavioral health organizations. However, privacy and data security issues could impede the growth of the worldwide mental health software market.
Market Developments
There are a few major players in the somewhat competitive mental health software market. Prominent industry participants employ several tactics, including joint ventures and alliances, heightened procurements and consolidations, and novel product development. In the upcoming years, these trends in the mental health software market are anticipated to lead to explosive market expansion.
- October 2022: Calm, a mindfulness app that requires a subscription, made its debut on Calm Health, a clinical mental health platform. Programs tailored to specific conditions are offered by Calm Health to close the gap between mental and physical treatment.
Advancements in Mental Health Care: A Focus on China and the United States
The Chinese government is actively working to improve mental health care, evident in initiatives like integrating mental health treatments into primary healthcare networks. The rise in mental health issues in China, attributed to societal pressures, work-related stress, and rapid urbanization, has prompted a growing interest in digital mental health solutions.
The increasing demand for smartphones in the country, coupled with East Asian countries' adoption of mobile and digital health technology, is expected to boost the utilization of mental health apps in the foreseeable future.
In the United States, the acknowledgment of mental health problems has led to a surge in demand for mental health services. A growing awareness has resulted in more individuals seeking therapy, counseling, and other forms of mental health support.
The U.S. stands at the forefront of technological innovation, particularly in mental health software, with various platforms and apps offering treatment, counseling, telepsychiatry, self-help tools, and mental health assessments. The rapid adoption of software connected to behavioral and mental health is a key factor propelling this expansion.
The smartphone adoption rate in North America, exceeding 80% in 2020 and projected to reach 85% by 2025 according to GSMA's 'The Mobile Economy Report 2021,' plays a pivotal role in this trend. Factors such as increased smartphone use, advancements in coverage networks, and the growing prevalence of the internet and social media contribute to this rise.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the mental health software market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on deployment (on-premise, subscription), mode of access (desktops/laptops, tablets/smartphones), function (telehealth, payroll, revenue cycle management, ledgers), and application (commercial, residential), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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