Behavioral Health Software Market Worth USD 2.80 billion by 2023

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Behavioral health software market to flourish with the increase in health care expenditure:

Behavioral health, more commonly known as mental health, can be defined as the scientific study of a person’s biology related to mental well-being, emotions, self-concept, behavior and the ability to function daily. Behavioral health software can be defined as specialized software used by psychologists to understand the patterns of patient behavior and suggest the treatment of various behavioral problems, such as anxiety, stress, addiction and depression. It has the ability to retrieve observations of laboratory, pharmacy and radiology data in treated patients. In addition, the software provides a detailed report that meets the needs of each patient.

Global Behavioral Health Software Market Size:

The behavioral health software is expected to be around $2.80 billion by 2023 from around $0.78 billion in 2014 while growing at a CAGR of 15.24%. 

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Global Behavioral Health Software Market – Drivers and restraints:

The behavioral health software market is anticipated to be driven by the increase in healthcare expenditure, rise in government funding for adoption of the software in healthcare facilities, focus of clinicians on providing quality care to patients, and the recurring requirement of support services for the software. In addition, the decrease in social stigma associated with behavioral health treatments is expected to stimulate growth in the global behavioral software market. However, clinics in the emerging markets of Asia-Pacific, the Middle East and Africa lack qualified psychologists and are facing data security issues, data breaches and privacy issues that can restrain the market in the near future.

Global Behavioral Health Software Market – Geographic Segmentation:

Geographically, the global behavioral health software market can be segmented into five regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America accounted for most of the market in terms of revenues in 2016. The trend is expected to continue during the forecast period. The growth of the market in the region can be attributed to the increase in the number of patients with behavioral health problems, the growing adoption of behavioral health software and the high knowledge of the population. The European market is expected to experience a high expansion of CAGR during the forecast period due to increased access to behavioral health care, increased incidence of behavioral disorders and government initiatives to increase health awareness about behavioral health. Poor growth in Asia Pacific, Latin America, and the Middle East and Africa can be attributed to the lack of awareness about behavioral health among public and clinicians and the social stigma associated with behavioral or mental health.

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Key Players in Behavioral Health Software Market:

The main players in the global behavioral health software market are Cerner Corporation, InSync Healthcare Solutions, Valant, Inc., Core Solutions, Inc., NextStep Solutions, Qualifacts, Netsmart Technologies, Advanced Data Systems Corporation, Mediware Information Systems, Welligent, Inc.., Accumedic and Compulink, and others.

Key Takeaways from this behavioral health software market Report:

• For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
• Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
• Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
• Increase overall revenue by understanding the geographical impact on sales and distribution channels.
• Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
• Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
• Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.

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