Mental Health Technology Market Size, Share, Growth, and Industry Growth, By Type (Software, Service and Others) By Application (Hospitals and Clinics, Mental Health Centers, and Others), By Functionality (Clinical, Financial, and Administrative), Regional Insights, and Forecast To 2031

Mental Health Technology Market REPORT OVERVIEW

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The global mental health technology market size is expected to be USD 4311 million in 2022 to USD 10588.51 million by 2031, exhibiting a CAGR of 10.5% from 2022 to 2031. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Telemedicine or eHealth are terms used to describe the therapeutic utilisation electronic and communication technology in healthcare settings. A developing area of mental health technology treatment that is thought to have the potential to enhance the availability, efficacy, and accessibility of mental health care is the use of such technologies as a complement to conventional therapies for mental diseases.

In addition to normal therapeutic methods, professionals in the field of mental health use e-mail, SMS, VR, computer programmes, blogging, social media networks, smartphones, teleconferencing, game consoles, text messaging, and podcasts. To help people with psychological state issues, it is typical to use treatments including medication, counselling, cognitive-behavioral therapy (CBT), exercise, and a healthy diet. New technology can be utilised in conjunction with conventional procedures.

COVID-19 Impact: The COVID-19 Underlying Condition Uplifted the Market Growth

Due to the pandemic, those who already have poor psychological health are at risk for a variety of problems, including an increase in mental illness rates, disruptions to care, prescriptions, and the backbone of support services, as well as a detrimental effect on the market. Furthermore, research indicates that in individuals with a history of mental illness, the outbreak is most likely to exacerbate preexisting symptoms or cause a relapse. Additionally, several nations are spending money on hiring more mental health specialists and on cutting-edge digital and telecommunications solutions. As a result, it will have a favorable effect to the mental health technology market growth during the forecasted period.

LATEST TRENDS

"The Adoption of Behavioral Health Software to Attract the Market Share"

The major drivers of this market's growth are the rising acceptance of behavioral health software, the accessibility of federal money, government initiatives to promote EHR adoption in behavioral health organizations, positive behavioral health reforms in the North American region, and the growing preference for mental health technology amid a supplier shortage. The main factor driving the market is the rising use of behavioral health software. Governments are especially concerned about the high expenditures of healthcare for the suffering from mental diseases or behavioral health-related issues.

Mental Health Technology Market SEGMENTATION

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• By Type

Based on type the mental health technology market is classified into software, service and others.

The software is the leading type of the segment in the market.

• By Application

Based on application the mental health technology market is classified as hospitals and clinics, mental health centers and others.

The Hospitals and clinic accounts for the leading application in the market.

• By Functionality

Based on functionality, the mental health technology market has been categorized into clinical, financial, and administrative.

Under the functionality, the clinical segment held the highest market share.

DRIVING FACTORS

"Complexity of the Paper Work and Occurring Errors to Enhance the Market Growth"

The need for and production of extensive paperwork, which reduces clinician productivity and results in poor management of revenue cycles by mental health technology organizations, are major contributors to those high expenses. The need to address these problems has increased interest in and use of behavioral health software as a means of lowering drug errors and paperwork, boosting productivity by assuring prompt patient data access, streamlining workflow, and lowering healthcare costs. These advantages of behavioral health software have influenced its uptake, particularly in big hospitals and neighborhood clinics.

Rise in the Electronic Devices Accessibility to Reinforce the Market Growth

Data gathering and support for mental health technology have entered a new era because of technology. The public, medical professionals, and researchers now have new options to seek assistance, track progress, and deepen their understanding of mental health thanks to mobile devices including cellular phones, smartphones, and tablets. Support for mobile mental health can be relatively straightforward but efficient. Anyone who can send a text message, for instance, can get in touch with a crisis centre. The number of mental health apps in the ios and Android app stores is in the hundreds, and it keeps increasing yearly.

RESTRAINING FACTORS

"Data Privacy and Breaching of Data to Hamper the Market Share"

The market is being constrained by worries over data privacy. The privacy of patient information is the main worry for medical professionals in mental health. Providers of behavioral health services are not permitted to discuss patients with certain mental illnesses or drug addictions with anyone who isn't involved in their supervision. However, any healthcare worker who is unaffiliated with that patient can access the personal health information because of the integration of records leveraging behavioral IT techniques.

Mental Health Technology Market REGIONAL INSIGHTS

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"North American Region to Rule Out the Market With the Rising Technological Advancements"

Due to increased adoption of cutting-edge technologies and rising awareness of psychological well-being by many healthcare professionals and people working in the corporate sector, North America represented a significant portion of the global market for mental health technology and is anticipated to maintain its leadership during the forecast period. Additionally, the expansion of mental health initiatives in the healthcare industry to create innovative services and the presence of significant competitors that operating in the region accelerate the mental health technology market share expansion. The provision of government funds for boosting behavioral health services in the area and the rise in behavioral health reforms are mostly the reason behind this.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, and production & consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

LIST OF TOP Mental Health Technology COMPANIES

• Advanced MD (U.S.)
• Cerner (U.S.)
• Compulink (U.S.)
• Advanced Data Systems (U.S.)
• Core Solutions (U.S.)
• Credible Behavioral Health (U.S.)
• Welligent (U.S.)
• Valent (U.S)
• The Echo Group (U.S.)
• Kareo (U.S.)
• Netsmart Technologies Inc (U.S.)
• Mindlinc (U.S.)
• Welligent, Inc. (U.S.)
• Nextgen Healthcare Information Systems Llc (U.S.)
• Epic Systems Corporation (U.S.)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.