February 01, 2021
According to the research report titled ‘Global Mental Health Software Market Analysis, 2020’, available with Market Study Report LLC, global mental health software market is expected to grow with a CAGR of 14% between 2020 and 2025.
The advent of COVID-19 pandemic has resulted in shutdown of several manufacturing industries as well as construction activities. This has increased the frequency of mental health disorders among people, thereby fueling the growth of global mental health software market.
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As per component type, global mental health software market is segmented into software and support services. The software segment is further categorized into standalone and integrated segments.
By function type, the market is split into clinical function, administration function, and financial function. The clinical function is further divided into telehealth, E-prescribing, care plans, CDS (clinical decision support), and EHR (Electronic Health Records).
The administration function segment is also classified into workforce management, BI (business intelligence), case management, document management and patient/client scheduling. The financial function is fragmented into payroll, accounts payable/general ledger, managed care, and revenue cycle management.
According to the report, global mental health software industry share from clinical function segment is predicted to expand significantly during the forecast period. Supportive regulatory outlook which encourages the adoption of mental health software among clinicians in order to ensure quality care to patients at relatively lower costs is favoring the overall market scenario.
In terms of delivery model, global mental health software industry is segmented into ownership model, and subscription model.
The end-user scope of the overall market consists of patients, payers, private practices, hospitals, and community clinics. The report states that the payers segment is expected to generate significant revenue for global mental health software industry in the upcoming years. Increased pervasiveness of mental disorders couple with high concentration of leading companies is facilitating the overall business outlook.
The competitive landscape of global mental health software industry is defined by companies such as CureMD Healthcare, Nextgen Healthcare, TherapyNotes LLC, Harmony Medical Solutions, Athena Software, TheraNest LLC, Welligent Inc., Qualifacts Systems Inc., Netsmart Technologies, Holmusk, Meditab Software Inc., Epic Systems Corp., EMIS Health, Core solutions Inc., and Cerner Corporation among others.