Key Players are Epic Systems Corporation (U.S.), Credible Behavioral Health Software (U.S.), Accumedic (U.S.), Askesis Development Group, Inc. (U.S.)
(PRWEB) December 27, 2014
The behavioral health software market is expected to reach $1,494.1 million by 2019 from $752.6 million in 2014, at a CAGR of 14.7%. The global behavioral health software market is categorized on the basis of component, delivery model, functionality, end user, and geography.
The subscription model segment is expected to register the highest growth rate in the behavioral health software market, by delivery model, during the forecast period. This favorable growth is attributed to its data centralization capabilities, greater level of interoperability, automatic software up-gradations, and easy customization. Furthermore, subscription model offers cost-effectiveness due to the elimination of upfront cost of software and hardware.
Major factors contributing to growth of the behavioral health software market include the behavioral health reforms and the rising number of people seeking behavioral health support. Furthermore, government support in the form of funding is another major factor providing impetus for growth of this market. For instance, in November 2013, in November 2014, federal health officials granted $1.2 million under the Affordable Care Act (ACA) to Florida for expanding or initiating behavioral health services to 18,854 citizens. The relatively untapped markets of the Asian region and high adoption rate of subscription model have opened an array of opportunities for the behavioral health software market. However, the lower adoption rate of behavioral health EHRs, data privacy concerns, and dearth of psychiatrists and healthcare IT professionals are expected to restrain the growth of this market.
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The Asian region, subscription model and integrated behavioral health software are expected to serve as new revenue pockets for the behavioral health software market in the coming five years.
Apart from the comprehensive geographical and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by the industry players over the last three years. In addition, the company profiles comprise the basic views on the key players in the behavioral health software market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above mentioned market research data, current market size, and forecast of the future trends will help the key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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