Behavioral Health Software Industry Analysis, Growth and Forecast Report 2030

Posted by Aryan on November 22nd, 2023

The behavioral health software market will power at a compound annual growth rate of 16.10% in the years to come, reaching at a value of USD 9,346 million by 2030.

The industry growth is driven by the increasing requirement for mental wellbeing software, obtainability of government subsidy, and initiatives to power the acceptance of EHRs in psychiatric hospitals. Essentially, the incessant necessity for solutions to advance mental health is the main element powering the expansion of the industry.

The services offered under the behavioral health umbrella comprise those for mental health, alcohol and drug misuse, anxiety, depression, post-traumatic stress ailment, schizophrenia, and eating ailments.

In the years to come, mental ailments have seen a stable increase in incidence, therefore leading to an increase in the requirement for effective counseling and treatment. The main reasons for persons to suffer from behavioral matters comprise chronic ailments, taxing lives because of subjects in work and relations, and monetary problems.

The software category had the larger share of revenue of about 55%, in 2022, and it will continue dominating in the years to come. This is because of the snowballing acceptance of cutting-edge solutions for managing the financial, administrative, and clinical facets of psychiatric practices.

The subscription category accounted for major share in 2022 in the behavioral health software market, and it will power at a rate of about 17% in the years to come. Contrary to large medicinal offices or hospitals, utmost small mental healthcare providers do not have sufficient to send on solutions centered on cutting-edge technologies.

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Medicinal specialists are, consequently, unwilling to spend considerable sums on this kind of software, and smaller healthcare entities subscribe to this kind of software due to their tighter monetary restraints.

Moreover, the obtainability of various software based on subscription, for helping managing health status of the patients on a routine basis, is further substantial reason for the growth of the industry.

North America dominated the industry with a share of around 42%, in 2022, and it will continue dominating in the years to come. The large share of the U.S. in the region will be because in the number of people needing these services for freedom from mental ailments, surge in the subsidy by the government for their provisioning, and application of numerous behavioral health reforms. Moreover, the easy obtainability of repayment for telepsychiatry services and increasing knowledge of mental health software make the industry a promising industry.

It is due to the increasing occurrence of depression, anxiety, and PSTD, the demand for behavioral health software will continue to grow in the years to come.