Behavioral/Mental Health Care Software Market Is Poised To Value Over Usd 8.45 Bn By 2032 | Cagr 13.79% – Taiwan News

Behavioral/Mental Health Care Software Market Is Poised To Value Over USD 8.45 Bn By 2032 | CAGR 13.79% – Taiwan News

The Behavioral/Mental Health Care Software Market garnered a value of US$ 2.7 Bn and is projected to expand at 13.79% CAGR over the forecast period of 2022-2032, and is expected to be valued at US$ 8.45 Bn by 2032 end.
Stress can cause chaos in your home or work and bad habits like drinking and unhealthy eating. Behavioral/mental healthcare software can support unique mental health needs. Any doctor, psychiatrist, or behavioral healthcare professional can make it easier to streamline front-office workflow and patient-facing processes using behavioral/mental health software.
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Additionally, the functionality of behavioral/mental-health software is flexible enough to be used in any clinic or practice of any size. These benefits will help the behavioral/mental-health software market grow substantially over the forecast period.
Behavioral/mental Health software helps people to keep their minds sharp and is similar to medical practice management software. The combination of EHR software with LIMS software, EHR software, pharmacy management, and medical billing software is expected to help propel the market for behavioral/mental health software. The behavioral/mental health software will help the clinics become more efficient and paperless.
The behavioral/mental software can also provide a detailed report detailing the patient’s individual needs. The forecast period will see new opportunities in the behavioral/mental-health software market, providing the best patient care and support for most healthcare industries.
Driving Factors
The increasing number of Behavioural health Issues, Increasing Use of Behavioral Healthcare Software, and Improved Time Efficiency
A growing number of behavioral issues (such as depression) is leading to positive shifts within the behavioral health software market. According to the World Health Organisation, around 3.8% of people are affected by depression.
High costs for mental health treatment have prompted interest in behavioral health software. This software reduces prescription errors and paperwork, increases productivity by ensuring patient data access, streamlines workflow efficiency, and cuts healthcare costs. CAMH (Centre for Addiction and Mental Health), a CAMH study, found that Canada’s annual mental health cost is more than CAD 50 million. This includes healthcare costs, lost productivity, and reduced quality of life. Hospitals can make use of mental health software to lower their costs. The availability of mental health software has greatly impacted the global behavioral market.
Behavioral Health Software has helped to improve time efficiency. According to an NCBI report, EHR cut documentation time from approximately 2% to about 45%. EHR software makes documentation faster and more efficient. This drives the market growth.
Restraining Factors
Data Privacy Problem
Providers of behavioral healthcare services are most concerned about data privacy. Behavioral health providers are not allowed to share information on patients with a mental disorders or drug abuse with anyone who is not directly involved in the patient’s care. Any healthcare practitioner not involved in the case can view the patient’s data through data integration using behavioral IT Technologies. The HIPAA Journal, United States, reported 365 healthcare data breaches for 2018, 68% more than 2012’s total.
Key Trends
The Electronic Health Record Segment is expected to hold significant market share during the Forecast Period
Healthcare professionals believe treating addiction and managing mental health differs from other specialties, such as family medicine and pediatrics. The complexity of addiction/mental/mental medicine and behavioral/mental healthcare is compounded by the fact that organizations can be operated on an inpatient, partial inpatient, or strictly outpatient basis.
Due to the increasing prevalence of mental disorders, the demand for EHRs specifically designed for mental health is growing. According to the World Bank Group’s 2020 estimates, at least 10% of the world’s population suffers from mental, neurological, and substance use disorders (MNS). Additionally, around 20% of all children and adolescents worldwide are affected by some mental disorder yearly.
An EHR that is specialty-specific can make a significant difference for patients and medical staff involved in behavioral/mental healthcare management. An EHR for behavioral health provides advanced capabilities that are not available to general practices.
As specialty healthcare providers such as mental and behavioral health professionals have become more sophisticated, they are now requesting electronic health records (EHRs) specifically tailored to their needs. For cases involving medical EHRs, robust and well-constructed modules allow the specialist to be the focus.
Recent development
Netsmart purchased GPM, a North Carolina-based SaaS tech and services provider, in February 2021. This acquisition will enhance Netsmart’s CareFabric technology and enable interoperable data sharing among long-term care providers and institutions.
Cerner announced in July 2020 its partnership with Nuance Communications, Inc. The collaboration’s goal was to integrate Nuance’s virtual assistant technology into Cerner Millennium.
Netsmart (US) partnered with CalVet (US) in April 2020. CalVet was supported by this partnership in introducing Netsmart’s person-centered EHR platform myUnity to enhance clinical and operational performance in daily care delivery.
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Updated : 2022-09-13 19:12 GMT+08:00
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