The major factors driving the growth of behavioral health software market are the increasing adoption of behavioral 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. On the other hand, data privacy concerns and a shortage of HCIT personnel are expected to restrain the growth of this market.
Projected Surge in Revenue Generation:
The global behavioral health software market is expected to reach USD 4.9 billion by 2026 from USD 2.0 billion in 2021, at a CAGR of 19.6% during the forecast period.
The support services segment is expected to account for the largest share of the behavioral health software market, by components in 2021
Based on components, the behavioral health software market is segmented into software and support services. The support services segment is expected to account for the largest share of the behavioral health software market in 2021. The recurring requirement of support services (such as software upgrades and maintenance) is the major factor supporting its growth.
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Community clinics segment to grow at the highest CAGR in the behavioral health market during the forecast period
Based on end users, the behavioral health software market has been segmented into community clinics, hospitals, and private practices. In 2021, the community clinics segment is expected to account for the largest share. Growing government initiatives to support these facilities and growing patient preference for community clinics are likely to drive behavioral health software adoption in this segment.
Geographical Growth Dynamics:
North America to dominate the behavioral health software market
On the basis of region, the behavioral health software market has been segmented into four major regions, namely, North America, Europe, the Asia Pacific and rest of the world. In 2021, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to factors such as the growing number of people requiring behavioral health services, behavioral health reforms in the US, and government funding for behavioral health services in the region.
Global Leading Players:
Major players operating in the behavioral health software market include Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Kareo (US), Meditab Software (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US, Qualifacts (US), The Echo Group (US), Valant (US), Welligent (US), Cure MD(US), Epic systems corporations (US), Accumedic (US), Mediware(US), Allscripts (US).
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