The rising demand for Mental Health Software has augmented globally, largely owing to the boost in government spending toward the adoption of software in healthcare facilities. In addition, factors such as bolstering global mental health startups, elevating demand for mental health services among the people coupled with a spur in the prevalence of mental disorder and new technological development in software is projected to escalate the demand for mental health software in the forecast period in the market.
Moreover, the COVID-19 pandemic has significantly stimulated the demand for mental health software. The lockdown imposition in the countries has led to an increase in the number of people plagued with stress, exhaustion, fatigue, and loss of motivation. Due to this, galvanizing government initiatives toward the introduction of mental health programs in the emerging countries such as India has had a positive impact towards the market growth of mental health software.
According to MarkNtel Advisors’ research report titled “Global Mental Health Software Market Analysis, 2020”, the Global Mental Health Software market is anticipated to grow at a CAGR of around 14% during 2020-25. Based on delivery model, subscription delivery model is anticipated to register the fastest growth over the forthcoming period owing to rise in the start-ups of small-scale mental healthcare professionals. The lack of reimbursement limits and limited budget restrict the small-scale practitioners toward adequate usage of Electronic Health Records (EHRs). In order to overcome this problem, small-scale professionals are increasingly inclining toward the subscription-based software solutions, which is expected to promulgate the market subscription model in the coming years.
“Global Mental Health Software Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Mental Health Software providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Captured the Lion’s Share
North America accounted for the majority market share in the Global Mental Health Software market in 2019 due to large-scale augmentation of wearable and mobile devices, rising degree of mental illnesses in the citizens, and bolstering government digital initiatives for expanding metal health services in the region.
The Asia-Pacific Mental Health Software market is also anticipated to foresee robust growth in coming years on an account of launch of various mental health programs by the governments in the region and rise in number of mental disorders among the people, ranging from depression and anxiety to severe conditions such as schizophrenia. Thus, these factors are anticipated to fuel the demand for Mental Health Software market globally in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Mental Health Software Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Mental Health Software market are Cerner Corporation, Core solutions, EMIS Health, Epic, Meditab, Holmusk, Netsmart, Qualifacts, Welligent, TheraNest, Athena Software, Harmony Medical, TherapyNotes, Nextgen, CureMD etc.
Key questions answered in the study