Psychological wellbeing or behavioral health is a level of mental wellness that’s defined as the healthy level of emotional and behavioral adjustment and absence of any psychological disorder. Behavioral healthcare has started getting the due attention since the past few years. Rising awareness and government efforts towards mental health are expected to create better prospects for the patients. Increasing use of software and programs for systematic management of customer data is creating growth opportunities in the behavioral health software market. The industry is expected to witness steady growth with rising demand from the emerging markets along with advancing technologies in the real time management of these projects.
Major Market Drivers and Restraints
As per the researchers, the behavioral health software market is expected to be driven by increasing adoption of these software programs due to their numerous advantages. Improved workflow efficiency and minimization of healthcare costs are some of the major benefits of BHS systems. As a result, these systems are adopted by various mental healthcare professionals and institutes. Strong reforms in behavioral health are also expected to drive this industry during the next few years. Apart from that, government funding and growing efforts from authorities to create awareness are estimated to give traction to this industry. Major restraints for the market include data privacy, low rate of adoption lack of skilled healthcare IT staff and integration difficulties.
Segmentation in BHS Market
Researchers segment the global behavioral healthcare software market on the basis of the types of components, delivery models, functionalities, end-users, and geographic regions. The types of components include software and support services. Basic delivery models include subscription and ownership models. The basic functionality segments in the market include administrative, clinical and financial. Major end-users in the market include payers, residential and providers. Based on geographic regions, researchers segment the market into North America, Asia Pacific, Europe and rest of the world. The rest of the world segment includes analysis of the regions like Latin America, Middle East and Africa.
Growth Prospects for the Market
As per the latest research reports, the behavioral healthcare software market is expected to grow at a steady CAGR of over 14% from 2014 to 2020. At the estimated growth rate, the market is estimated to become worth $1,494.1 million by the end of the year 2019. In 2014, the market was estimated to be worth $752.6 million. During the forecasting period, North America is estimated to dominate the global market. Rapid healthcare reforms, high growth forecasts for subscription models and rising demand from emerging markets are expected to create major growth opportunities for the key players in this market.