Mental Health Software and Device Market: Current Analysis and Forecast (2022-2028)

Report Description

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 emotional, psychological, and social well-being. It affects how a person thinks, feel, 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 mental health as a result of patients’ changing lifestyles and unhealthful work schedules. In order 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.

IBM, CORE SOLUTIONS, Athenahealth, Credible Behavioral Health Inc, NextStep Solutions, Cerner Corporation, Nextgen Healthcare Inc, VALANT, MindLinc, and Qualifacts are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, the software category accounted for the significant share in the market in 2020”

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.

“Amongst application, the hospital category is expected to witness considerable CAGR during the forecast period”

Based on the application, the market is fragmented into hospitals, clinics, and others. The hospital’s segment grabbed a considerable market share, and 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.

“North America to witness significant growth during the forecast period”

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. Furthermore, it is anticipated that the existence of notable companies in the region will also hasten the development of the North American region, such as Advanced Data Systems, Insync Healthcare Solutions, Isalus Healthcare, The Echo Group, Kareo, Cerner Corporation, Meditab Software, Raintree Systems, Theranest, and Valant, among others.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global mental health software and devices market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Mental Health Software and Devices Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global mental health software and devices market were the three major steps undertaken to create and analyze the adoption of mental health software and devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global mental health software and devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the mental health software and devices market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the mental health software and devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the component and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the mental health software and devices market. Further, we conducted factor analysis using dependent and independent variables such as growing cases of mental health issues, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the mental health software and devices market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global mental health software and devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the mental health software and devices market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global mental health software and devices market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global mental health software and devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component and application in the global mental health software and devices market.

The main objective of the Global Mental health software and devices Market Study

The current & future market trends of the global mental health software and devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the mental health software and devices market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component and application.
• Define and analysis of the regulatory framework for the mental health software and devices market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the mental health software and devices market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the mental health software and devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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