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Mental Health Software and Devices Market Business Revenue Forecast Statistics and Growth Prospective

Market Research
Mental Health Software and Devices Market Business Revenue Forecast Statistics and Growth Prospective

Mental health has come into focus due to changing lifestyles of patients and unhealthy work hours. Mental health software and devices utilizes the power of information technology to keep a check on mental or behavioral disorders. The global mental health software and devices market report by Market Research Future (MRFR) focuses on various issues plaguing the market as well as efforts by manufacturers.

Market Outlook

The global mental health software and devices market size can expand from 2017 to 2023 (forecast period) due to the rapid adoption of software by mental health professionals. Change in health practices due to availability of patient records and mental health history can lead to effective management of patients. Collection and analysis of information, elimination of errors, rise in patient income levels, and demand for effective solutions for management of mental health are other drivers of the market.

Development of wearables, changing attitudes of patients and doctors towards information technology, and pressure on hospitals to reduce operational costs can drive the global mental health software and devices market. Real-time monitoring of patient health and provision of advice and medicines via telemedicine can bode well for the market growth in the coming years.

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Competition Outlook

Prominent mental health software vendors and device manufacturers profiled in the report include Athena Health, Mindlinc, Mentegram, WRS Health, Kareo, Nextgen Healthcare, ICANotes, Core Solutions, InSync Healthcare Solutions, Compulink, Allscripts, Nuesoft Technologies, NextStep Solutions, Valant, Credible Behavioral Health, Welligent, Raintree Systems, Netsmart, Meditab Software, Orion Health, The Echo Group, Sigmund Software, IBM, TheraNest, Advanced Data Systems, AdvancedMD, Qualifacts, McKesson Corporation, iSalus Healthcare, and Cerner Corporation.

Segmentation Analysis

the global mental health software and devices market is segmented on the basis of solution, deployment, end users and regions.

By component, the market has been segmented by software and devices. The software has been sub-segmented into web based and standalone software.

By functionality, the market has been segmented by clinical, administrative, financial and others. The clinical segment has been categorized into tele-health, electronic health records (EHRs), E-prescribing, clinical decision support, health management, and others. The administrative has been sub segmented into information management, scheduling, workforce management, and others.

The financial has been sub segmented into accounting, revenue cycle management, business intelligence, and others.

Regional Analysis

Region-wise, the global market comprises North America, Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.

North America accounted for the largest market led by the U.S. due to focus on mental health by governments. According to the American Psychological Association in 2019, the number of young U.S. citizens with an increase of mental health disorders has risen due to shift in mood disorders. Other drivers include rapid adoption of technology and development of healthcare infrastructure by governments. 

Europe is the second largest region of the market driven by large number of burnout cases and mental health issues of employees. Governments in the region have developed a common platform for collection of mental health issues and records of patients for implementation of good policies as well as welfare schemes. On the other hand, the APAC region is expected to exhibit the fastest growth rate during the forecast period due to being driven by economies of China, India, and Japan. International brands in the region are giving mental health insurance for preventing burnouts and reducing stress in the workplace.

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