Persistence Market Research Pvt. Ltd has released a new report on titled “Mental Health Software Market: Global Industry Analysis and Forecast 2014 – 2020.”
New York, NY, July 31, 2015 –(PR.com)– Mental health includes human psychological, emotional, and social well-being. Symptoms of mental health are divided into two groups: neurotic and psychotic. Neurotic symptoms include normal emotional experiences such as depression and anxiety or panic. Psychotic symptoms include hallucinations such as seeing, hearing, smelling, and feeling things that no one else senses. Mental health software provides patient management functionality such as maintaining patient records, treatment plans, progress note, billing, scheduling, document management, pharmacy management, and e-prescribing.
The global mental health software market is categorized based on component, delivery model, end user, and functionality. Based on component, this market is segmented into support services and software. Support services include software upgradation and maintenance services. Software segment is sub-segmented into integrated mental health and standalone behavioral health software. Based on delivery model, the market comprises subscription models and ownership models. Subscription models cover web-based and cloud-based delivery modes, while the ownership model refers to on-premise mode of delivery. Based on end user, the mental health software market is sub-segmented into providers and payers. Provider segment includes hospitals, community clinics, and private practices. Based on functionality, the market covers clinical, administrative, and financial functions. The clinical segment comprises electronic health records (EHRs), clinical decision support (CDS), health management, e-prescribing, and telehealth. The administrative segment is further sub-segmented into patient/client scheduling, business intelligence, document management, workforce management, and case management. The fFinancial functionality segment comprises revenue cycle management, payroll, and accounts payable/general ledger of organizations.
North America has the largest market for mental health software, followed by Europe. This is due to rise in number of mental healthservice users, increasing adoption rate of subscription model and improved medical insurance policies in the region. Moreover, increased healthcare expenditure, technological advancements in healthcare, and developed healthcare infrastructures are also supporting the growth of the mental health software market in North America. The mental health software market in Asia is expected to experience a high growth rate in the next few years. This is due to developing healthcare infrastructure, increasing prevalence of mental disorders, aging population, and increasing disposable income in the region. Furthermore, increasing population and growing economies of countries such as India and China are expected to drive the market in Asia.
Initiatives by various governments to improve healthcare services across the globe are expected to drive the mental health software market. Moreover, a rise in healthcare expenditure, increasing R&D activities, and improved mental health services are the other factors driving this market. However, data privacy concerns, implementation issues, lack of skilled healthcare IT professionals, and low adoption rate of behavioral health EHRs are some major factors restraining the growth for the global mental health software market.
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Increasing number of mergers and acquisitions, rise in the number of collaborations and partnerships, and new product launches are some of the latest trends that have been observed in the global mental health software market. The major companies operating in this market worldwide are Cerner Corporation, Netsmart Technologies Inc., Core Solutions, Inc, Credible Behavioral Health, Qualifacts Systems Inc., MindLinc, The Echo Group, Nextgen Healthcare Information Systems, LLC, Valant Medical Solutions Inc., Welligent, Inc., and Epic Systems Corporation.
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