Mental Health Software and Device Market: Current Analysis and Forecast (2021-2027)

Mental Health Software and Device Market: Current Analysis and Forecast (2021-2027)

The mental health software and devices market is expected to register a CAGR of approx. 12% over the period of 2022-2028. Mental health includes our emotional, psychological, and social well-being. It affects how a person thinks, feels, and acts in life. It is a relatively common disease that affects one in every five people. Genes, stress, and brain chemistry are all factors that contribute to depression. A growing concern is a mental health because of patients' changing lifestyles and unhealthful work schedules. To effectively monitor patients' mental and behavioral disorders, these mental health tools and software make effective use of IT advancements. The use of such software and devices can aid in the collection of patient records and mental health histories, resulting in successful patient management. These devices and software for mental health will aid in the diagnosis and treatment of mental disorders. Diagnostic systems, analytics, electronic health record systems (EHRs), terminology and coding systems, telepsychiatry, telemedicine, and others are major areas of the mental health software and devices market. The growing demand for mental health software and devices can be attributed to the growing cases of mental health issues and the increase in awareness among people about depression, anxiety, and other mental disorders which harm their mental stability. For instance, according to the WHO, the burden of mental health problems in India is 2443 disability-adjusted life years (DALYs) per 100 00 population, and the age-adjusted suicide rate per 100 000 population is 21.1. This increase in the number of patients suffering from mental illnesses has created the need for quicker healthcare. As a result, to address this problem, digital healthcare tools have the potential to scale up treatment and lower treatment costs for patients with a variety of mental illnesses, which is in turn driving growth in the adoption of various mental health applications. Furthermore, the mental health software and devices market is anticipated to grow on account of favorable reimbursement policies, and rising stress levels around the world. However, some of the restraints in the market including the scarcity of experienced therapists, and very high costs of installation and maintenance are impeding the growth of this market all over the world.

• Based on the component, the mental health software and devices market is segmented into software and devices. The software segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe. Web-based software is a collection of programs that use centralized data, are frequently operated on secure servers located outside of local networks or locations, and are quickly accessible via the Internet. Software is mainly preferred by many users due to its convenience to use and anywhere access.
• Based on the application, the market is fragmented into hospitals, clinics, and others. The hospital’s segment grabbed a considerable market share. It is expected to grow at a significant CAGR during the forecast period owing to the increasing patient pool and an ample number of patients deploying mental health solutions to enhance self-care.
• For a better understanding of the market adoption of mental health software and devices, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the mental health software and devices industry owing to the advancements in technology and rising demand for online wellness services. Stress, sedentary lifestyles, insufficient time for social and community activities, and government initiatives for focusing on healthcare.
• Some of the major players operating in IBM, CORE SOLUTIONS, Athenahealth, Credible Behavioral Health Inc, NextStep Solutions, Cerner Corporation, Nextgen Healthcare Inc, VALANT, MindLinc, Qualifacts among others. Several M&A along with partnerships have been undertaken by these players.