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(I-SoftwareNews.Com, September 21, 2018 ) Industry Trend Analysis 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%. The market is mainly driven by factors such as expanding government support for growing behavioral health services, behavioral health changes, and rising patient base looking for behavioral health services. Moreover, consistent technological advancement in behavioral health software is also expected to favorably contribute to the market growth during the forecast period. However, factors such as low deployment rate of the software in hospitals, difficulty in implementation, lack of skilled healthcare staff and physiatrists, and the lack of data privacy are some of the factors, restraining the growth of the global mental health software market.
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Competitive Insights Behavioral health software includes broad arrangements with solution that aids providers of behavioral health software to cut the cost in services, upgrade effectiveness, and enhance the nature of patient care. The global behavioral health software market is growing expressively, due to great potential of subscription model.
Some of the major players operating in the global Behavioral Health Software market are, Allscripts, Cerner Corporation, MindLinc, Credible Behavioral Health, Inc., Askesis Development Group Inc, eClinicalWorks, Epic Systems Corporation, NextGen Healthcare Information Systems(subsidiary of Quality Systems), General Electric Company, The Echo Group, Valant Medical Solutions Inc. and others.
Product Outlook and Trend Analysis Support services represent the major share in this market, essentially due to the repeating prerequisite for these services for up gradation of software and maintenance services. The software market is categorized into the integrated and standalone software. The deployment rate of integrated software is higher as they are easy to use and smoothly integrated with various functionalities, thereby these software’s helps for reducing overall cost.
Delivery Model Outlook and Trend Analysis The subscription model in the segment of the delivery model is supposed to witness heavy growth in behavioral health software market, as it is more user-friendly and cost-effective than the ownership model. Also due to the accessibility of web hosted and the cloud-hosted services subscription model is highly utilized in the healthcare sector.
End User Outlook and Trend Analysis The end user segment is divided into providers, payers and residential. Providers are the major end users of this software; this end-client portion is partitioned into hospitals, private practices, and community clinics. They utilize this software for scheduling appointments, workforce management, maintaining patient records, revenue cycle management, and others.
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Regional Outlook and Trend Analysis Asia is relied upon to be the fastest growing region, due to expanding health care services use and expanding government activities and support within the region. Furthermore, the market in Asia is growing, due to increasing awareness about behavioral health software in the emerging countries, such as India and China. North America is expected to dominate the global market in the coming years, due to the expansion of government supports and expanding patient base looking for behavioral services.
Behavioral Health Software Market Segmentation:
By Component Support Service Software Integrated Standalone
By Delivery Model Ownership Model Subscription Model
By Functionality Clinical Electronic Health Records (EHRs) Clinical Decision Support (CDS) E-Prescribing Care Plans/Health Management Telehealth Administrative Document Management/Imaging Business Intelligence Patient/Client Scheduling Workforce Management Case Management Financial Accounts Payable/General Ledger Payroll Revenue Cycle Management Managed Care
By End User Providers Community Clinics Hospitals Private Practices Payers Residential
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Some of the key questions answered by the report are: What was the market size in 2014 and forecast from 2015 to 2023? What will be the industry market growth from 2015 to 2023? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com
Source: EmailWire.com
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