The Business Research Company’s Behavioral Health Software Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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— The Business Research Company
LONDON, GREATER LONDON, UK, July 18, 2024 /EINPresswire.com/ — The behavioral health software market size has grown exponentially in recent years, from $3.14 billion in 2023 to $3.86 billion in 2024, at a compound annual growth rate (CAGR) of 23.0%. The growth during this period can be attributed to improvements in time efficiency, cost savings, the high prevalence of depression, increased use of business intelligence, and increased stress. The market is expected to continue its exponential growth, reaching $8.86 billion by 2028, at a CAGR of 23.1%. This growth is driven by government funding, high demand for mental health services, government initiatives for EHR adoption, favorable behavioral health reforms, and an increasing number of behavioral health issues.
Increasing Prevalence of Mental Health Disorders Drives Market Growth
The increasing prevalence of mental health disorders is expected to propel the growth of the behavioral health software market. Mental health disorders, encompassing conditions affecting mood, thinking, and behavior, are rising due to factors such as stressful lifestyles, traumatic childhood experiences, and social media pressures. Behavioral health software improves patient care by enhancing engagement, streamlining administrative tasks, and providing data-driven insights. For instance, the National Alliance On Mental Illness reported nearly 600,000 hospitalizations each year among people aged 18-44 in the U.S. due to psychosis spectrum and mood disorders. Furthermore, the National Health Service in the UK noted an increase in mental disorder prevalence among individuals aged 17 to 19, from 17.4% in 2021 to 25.7% in 2022. Therefore, the rising prevalence of mental health disorders drives the behavioral health software market.
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Major Players and Market Trends
Major companies operating in the behavioral health software market include Cerner Corporation, Epic Systems Corporation, Nextgen Healthcare LLC, Netsmart Technologies Inc., Kareo Inc., Qualifacts Systems Inc., CureMD Inc., The Echo Group, Therap Services LLC, Streamline Healthcare Solutions LLC, Kipu Health, Compulink, Advanced Data Systems Corp., Credible Behavioral Health, Core Solutions Inc., Valant Inc., Welligent Inc., BestNotes LLC, Meditab Software Inc., MindLink Software Ltd., Accumedic Computer Systems Inc., Mediware, Allscripts, MedEZ, Procentive, and TheraPlatform.
Innovations and Partnerships
Major companies are developing prospective patient management tools to help behavioral health practices. For instance, in December 2022, Valant (US) launched a prospective patient management tool to efficiently match patients with optimal clinicians, enhancing patient retention and provider satisfaction. This tool offers benefits such as increased efficiency, improved patient engagement, enhanced practice management, and better patient care.
Segments:
• Component: Support Services, Software
• Delivery Model: Subscription Models, Ownership Models
• Functionality: Clinical Functionality, Administrative Functionality, Financial Functionality
• End User: Community Clinics, Hospitals, Private Practices
Geographical Insights: North America Leading the Market
North America was the largest region in the behavioral health software market in 2023, while Asia-Pacific is expected to be the fastest-growing region during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Behavioral Health Software Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Behavioral Health Software Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on behavioral health software market size, behavioral health software market drivers and trends, behavioral health software market major players, competitors’ revenues, market positioning, and market growth across geographies. The behavioral health software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Originally published at https://www.einpresswire.com/article/728556343/global-behavioral-health-software-market-overview-and-statistic-for-2024-2033