According to Goldstein Market Intelligence, “Humans are hard-wired for connection. So, in a world where work is becoming more remote, we have been working on technology that bridges the gap between our digital and physical worlds,” said Ira Gupta, Head– HR, Microsoft India.
While the physical, social, and economic burden of mental illness is great, mental health workers account for only 1% of the global health workforce and 45% of the world’s population lives in a country with less than one psychiatrist per 100,000 people. Interest in global mental health education and training by psychiatrists and trainees has grown over the past several years.
Despite the increased availability of antidepressants during the past few decades, limited efficacy, safety issues, and high treatment costs have resulted in an enormous unmet need for treatment of depressed mood. It is estimated that 350 million individuals experience depression annually. On average, it takes almost 10 years to obtain treatment after symptoms of depressed mood begin, and more than two-thirds of depressed individuals never receive adequate care. The impact of substance abuse is estimated to be worth USD 600 billion every year in the U.S., according to a survey by the Substance Abuse and Mental Health Services Administration (SAMHSA).
Enormous psychological, social, and occupational costs are associated with depressed mood, which is the leading cause of disability in the US for individuals aged 15 to 44 years with annual losses in productivity in excess of USD 31 billion. Behavioral health management software provides ease of communication between care providers and patients and its real-time monitoring feature enables doctors to efficiently track patient progress. These systems maintain confidentiality regarding patient information, especially in cases of substance abuse and mental health.
Increasing work stress is found to be the major reason for the requirement of mental health care management. As per the data published in February 2019 by American Psychological Association, 75% of adults have reported experiencing moderate to high levels of stress in the past month and nearly half of them reported that their stress has increased in the past years. The software increase productivity and efficiency of mental healthcare, by integrating with its existing infrastructure. Behavioral healthcare providers help reduce treatment costs by providing value-based medicine programs, thus preventing hospital readmissions.
How Could Global Behavioral Health Software Market Addresses The COVID-19 Concerns?
The COVID-19 pandemic is a threat to our population, not only for its risk to human life and ensuing economic distress but also for its invisible emotional strain. Beyond the negative impact of a traditional economic downturn, COVID-19 presents additional challenges—fear from the virus itself, collective grief, prolonged physical distancing, and associated social isolation—that will compound the impact on our collective psyche.
Pandemics are not just a medical phenomenon; they affect individuals and society on many levels, causing disruptions. Stigma and xenophobia are two aspects of the societal impact of pandemic infectious outbreaks. Panic and stress have also been linked to outbreaks. As concerns over the perceived threat grow, people may start to collect (and hoard) masks and other medical supplies. This is often followed by anxiety-related behaviors, sleep disturbances, and overall lower perceived state of health. Individuals with mental illness may be particularly vulnerable to the effects of widespread panic and threats.
Impact of Global Behavioral Health Software on COVID-19 Outbreak
At the time of this global pandemic, behavioral health services should initiate or accelerate efforts to reduce the effects on behavioral health. Increase the behavioral health competency of primary care providers, expand the use of peer counselors to enable timely behavioral healthcare, and strengthen the capacity of the behavioral health workforce. Provide appropriate physical health care to individuals with ongoing behavioral health needs. In the United States, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides USD 425 million for additional community-based behavioral healthcare and suicide prevention.
Further, many people with mental health disorders attend regular outpatient visits for evaluations and prescriptions. However, nationwide regulations on travel and quarantine have resulted in these regular visits becoming more difficult and impractical to attend, but this problem could be solved with the use of mental behavioral health software as this way people don’t need to travel and can attend the health services by sitting at home.
Global Behavioral Health Software Market Landscape
Goldstein Research analyst forecast the Behavioral Health Software Market size is set to reach USD 2.35 billion by 2024, at a CAGR of 13.49% over the forecast years. On the basis of delivery mode, the subscription segment dominates the market with 74.25% market share in 2016 and tends to dominate in the future as well owing to increasing awareness among residential users and increasing adoption of electronic health record systems. Based on geography, North America dominates the Behavioral/Mental Health Software Market with 47.2% market share while APAC holds the promising future potential for this market and tends to grow at a CAGR of 13.98% over the forecast period.
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