(MENAFN - GetNews) 'The Latest Research Report Global Mental Health Software and Devices Market By 2023 provides information on Market Size, Analysis, Shares, Forecast, Emerging Technologies and Company Profiles for key Industry Participants – Market Research future'
Global Mental Health Software and Devices Market Analysis by Software (web based, and Standalone software) and devices), By Software Functionality (Clinical (electronic health records (EHRs), clinical decision support, Health Management, E-prescribing,Tele-health, and others), Administrative (information management, scheduling, workforce management, and others), Financial (accounting, revenue cycle management, business intelligence, and others) and others), ByEnd User(providers, payers, and patients) - Forecast To 2023
Mental health software and devicesisthe application of information technology and advancements in devices technology for the diagnosis, and treatment of mental disorders. Major functional sections of the mental health software and devices include terminology and coding systems, analytics, electronic health record systems (EHRs), diagnostic systems,tele-psychiatry, telemedicine, and others.
The prominent players of the global mental health software and devices industry are Advanced Data Systems (US), McKesson Corporation (US), AdvancedMD (US), Compulink (US), Athena health (US), Core Solutions (US), Sigmund Software (US), IBM (US), Credible Behavioral Health (US), ICANotes (US), NextStep Solutions (US), InSync Healthcare Solutions (US), iSalus Healthcare (US), The Echo Group (US), Kareo (US), Cerner Corporation (US), Meditab Software (US), Mentegram (US),Mindlinc(US), Netsmart (US), Nextgen Healthcare (US), Nuesoft Technologies (US), Qualifacts (US), Raintree Systems (US), TheraNest (US), Valant (US), Welligent (US), and WRS Health (US). Allscripts (US), Orion Health (New Zealand) and others.
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The economic drivers of the market are growing demand forcost effectivesolutions, concerns over healthcare delivery cost,growingpurchasing power of players.
The advantages of information management such as reduced manual intervention and concurrent elimination of errors, faster information collection, accessandanalysis, informed decision making results in improvements in performance and returns on investment. Real-time health monitoring and provision of population healthcare via telemedicine are other drivers of the market.
Growingincidence of mental disorders due to rising risks such as stress, old age population, sedentary lifestyles, substance abuseandothers are the demographic drivers of the market. According toworldhealth organization,proportionof the world's population over 60 years is expected to double from 12 % in 2015 to 22 % by 2050 which provides a sustainable andlargeunmet need which is easily comprehended.
The economic drivers of the market are pricing pressures on hospitals, growing adoptionandaffordability of devices,rapiddevelopment of wireless technology and integration, greater patient satisfaction, and growing healthcare infrastructure. The growing functionality of mental health software and devices systems is reflected by the plethora of function additions representing the dashboard of a financial company! The list includes but is not limited to clinical statistics, case cancellation rate, revenue cycle management, schedulingandothers. The impetus provided by governments towardsdevelopmentof psychiatric care and a drive towardspatient centrichealthcareareregulatory drivers of the market.
High costs of installation and maintenance, concerns over information security and privacy, scarcity of trained manpower, digital divide, limited reimbursement for mental healthcare, are the restraints on the market.
To generate a bird's view of the global mental health software and devices market the report is divided by solution, deployment, end users and regions.
Based oncomponent, the market has been segmented by software and devices. The software has beensub segmentedintoweb based, and standalone software.
Based on functionality, the market has been segmented by clinical, administrative, financial and others. The clinical has beensub segmentedinto electronic health records (EHRs), clinical decision support, health management, E-prescribing,Tele-health, and others. The administrative has beensub segmentedinto information management, scheduling, workforce management, and others. The financial has beensub segmentedinto accounting, revenue cycle management, business intelligence, and others.
Based onenduser, the market has been segmented by providers, payers, and patients.
Based on regions, the market has been segmented by North America, Europe, Asia Pacific, Middle EastandAfrica.
North America accounts for the largest market share led by the U.S. due to the faster uptake of new technology, developed hospital infrastructure, awarenessandothers.
Europe led by Germany, Franceandthe U.K. accounts for the second largest market. The implementation and framing of provisions of mental health in the constitution and administrative policies of statehasresulted inadoptionof population health by many regions. For example, inDecember,2017, Texas healthcare department launchedmHealthapp to connect patients with psychiatrists.
Asia Pacific region is anticipated to grow at the fastest rate owing to large unmet needs especially of China and India. The Middle East & Africanregion,is anticipated to generate moderate growth due to poor social and economic reasons especially in Africa and social stigma with the market skewed infavourof Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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