(PharmaNewsWire.Com, September 17, 2019 ) Increasing adoption of behavior health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage are the major factors driving the growth of this market.
The behavioral health software market is expected to reach USD 2.31 Billion by 2022 from USD 1.15 Billion in 2017, at a CAGR of 14.8%.
Market Dynamics
+ Drivers
+ Increasing Adoption of Bhs + Availability of Government Funding + Government Initiatives to Encourage EHR Adoption in Behavioral Health Organizations + Favorable Behavioral Health Reforms in the Us + High Demand for Mental Health Services Amidst Provider Shortage
Support services expected to dominate the market in 2017
Based on component, the behavioral health software market is segmented into software and support services. In 2017, the support services segment is expected to account for the largest share of the behavioral health software market. The recurring requirement of support services (such as for software upgrades and maintenance) is the major factor supporting its growth.
Based on delivery model, the mental health software market is segmented into ownership models and subscription models. The subscription models segment is expected to account for the largest share of the market in 2017. The growth of this segment can be attributed to its advantages such as cost-effectiveness, interoperability, and flexibility.
Based on the end user, the behavioral health software market is segmented into providers, payers, and patients. The patients segment is expected to register the highest CAGR during the forecast period. The large number of patients using behavioral health solutions in their homes or offices for better self-care is the key factor driving the growth of the market for the patients segment.
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