Market Size of Behavioral/Mental Health Software Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 11.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mental Health Software Market Analysis
The behavioral/mental health software market is projected to register a CAGR of 11.8% during the forecast period.
Due to the recent COVID-19 pandemic, an increase in stress, anxiety, depression, frustration, and fear was observed among the population, increasing the prevalence of mental health conditions. According to the scientific brief released by WHO in March 2022, the global prevalence of anxiety and sadness soared by a staggering 25% in the first year of the COVID-19 pandemic. Thus, due to the increasing burden of the meatal issue amid the pandemic and restrictions imposed worldwide in early 2020, there was increased usage of behavior and mental health software. Thus, the market showed growth initially. The pandemic has raised awareness about using behavioral/mental health software, and the market is expected to follow the same trend over the coming years. Hence the market is expected to project stable growth over the next 3-4 years.
The key factors propelling the market's growth during the forecast period are the increasing stress conditions requiring mental health management, government funding and initiatives for EHR adoption in behavioral health organizations, and improved health reforms.
The increasing problems of stress, anxiety, and depression are driving patients to seek treatment. Hence, healthcare facilities are adopting advanced systems, such as various software solutions, to manage behavioral/mental health. In October 2021, according to the report published by the Centers for Disease Control and Prevention, the United States Census Bureau Household Pulse Survey data indicated that the percentage of US adults with symptoms of anxiety and depressive disorders increased nationwide from 36.4% to 41.5% from August 2020 to February 2021. The percentage of those reporting unmet mental health care needs increased from 9.2% to 11.7%. It is also reported that disorders were commonly reported among adults aged 18-29 years and those with less than a high school education. Thus, the growing prevalence of mental disorders is expected to rise in demand for the management of diseases which will propel the growth of the behavioral/mental health software market.
In addition, the focus of healthcare professionals on providing quality care to patients, behavioral health modifications, increasing government support for the enhancement of behavioral healthcare services, new products and service launches, and partnerships among market players are rapidly propelling the growth of the overall market. For instance, in January 2021, Ehave Inc. partnered with Cognitive Apps Software Solutions Inc. to commercialize its AI-based Workforce Mental Health Analytical Platform in G20 countries. Thus, this is expected to boost market growth over the forecast period.
Thus, factors such as the rising burden of behavioral/mental diseases and government initiatives are expected to boost the market over the forecast period. However, data privacy concerns and the usage of traditional paper-based systems are expected to hamper the market's growth during the forecast period.
