According to FutureWise analysis, the market for behavioral health in 2023 is US$ 45.90 billion, and is expected to reach US$ 67.41 billion by 2031 at a CAGR of 4.92%.
Behavioral health management software provides communication between patients and care providers. These systems maintain the confidentiality of patient information. The blending of advanced behavioural health software solutions with the conventional behavioural health solutions is expected to enhance effectiveness and productivity thus increasing the behavioral health market size. Behavioral healthcare providers help reduce costs related to substance abuse. According to the survey conducted by the Substance Abuse and Mental Health Services Administration (SAMHSA), the effect of substance abuse is forecasted to be worth USD 600 billion every year in the United States. The market is bifurcated to component, delivery, function, end-users, and region. In terms of components, the software is expected to achieve notable behavioural health market growth. The constant need to support software maintenance and software upgrades are the factors fueling the growth of the market. EHR systems are also integrated with complex long term billing procedures.
Owing to these features, an increase in the behavioral health market size is observed. In terms of delivery model, subscription models are expected to show notable growth owing to the increasing interest coming from small-scale businesses. Subscription models offer advantages such as interoperability, flexibility, and cost-effectiveness. Features such as optimal return on investments are expected to further expand the behavioral health market size. On the basis of functions, clinical functions are one of the behavioral health market trends. Clinical functions are cost-effective and target a specific area that needs amendment. Owing to these features an ample number of small scale healthcare facilities opted for clinical functions, thus expanding the behavioural health market size. In terms of end-user, the patient segment is expected to achieve highest CAGR owing to increasing patient pool and ample number of patients deploying behavioral health solutions in their office or home to enhance self-care.
Based on regions, North America is the global leader of the market. Rising behavioral health reforms coupled with the availability of government funding is driving the behavioural health market growth in the region. Europe is also forecasted to be a lucrative region owing to the rise in cases of mental disorders, improvements in accessibility of behavioral healthcare and increasing awareness about mental disorders. Government initiatives towards creating awareness regarding mental disorders and an increase in funding are also complementing the growth of the market.