According to a new report published by UnivDatos Markets Insights, the Mental Health Software and Devices Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 12% from 2022-2028. The analysis has been segmented into Component (Software, Devices); Application (Hospitals, Clinics, Others); Regions/Countries.
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The mental health software and devices market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the mental health software and devices market. The mental health software and devices market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the mental health software and devices market at the global and regional levels.
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Market Overview
The demand for mental health software and devices can be attributed to the increased workload, high competition in academics among students and other environmental factors such as pollution, climate change; etc. are the reason for increasing mental health issues among the population worldwide. As per a report by the fitness company Fitbit, the practice of meditation has increased by nearly 3,000 percent in 2021 globally. The major cause of health complaints was workplace stress followed by financial and family problems. For instance, 80% of the working people in the U.S. were stressed because of their work. Furthermore, 79% of employed adults in 2020 were suffering from work-related stress. This value was 20% higher compared to 59% in 2018, as revealed by the Perk box. Owing to this, a massive population is shifting towards mental health care to live a happy and healthy life. Furthermore, the rise in technological advancements in mental health software and devices, and rising mental health software adoption, favorable behavioral health reforms in the United States are expected to drive the market for mental health software and devices market in the coming years.
Some of the major players operating in the market IBM, CORE SOLUTIONS, Athenahealth, Credible Behavioral Health Inc, NextStep Solutions, Cerner Corporation, Nextgen Healthcare Inc, NEXTGEN HEALTHCARE, MindLinc, Qualifacts.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The government of various nations-imposed restrictions as a result of this pandemic situation, which is the primary factor behind the stability of the market for mental health software and equipment even during this pandemic. As a result of everyone working from home and experiencing irregular sleep and work schedules, 38% of the population, or 65% of the population, actually experienced these mental disorders. In order to consult with doctors or psychiatrists about their problem and what precautions can be taken in such circumstances, people using such IT-based software, including those with mental health issues as well as those suffering from other diseases.
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The global mental health software and devices market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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 particular locations, and are quickly accessible via the Internet. Software is mainly preferred by many users due to its convenience to use and anywhere access.
· Based on the application, the market is fragmented into hospitals, clinics, and others. The hospital's segment grabbed a considerable market share and 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.
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Mental health software and devices Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the 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.
The major players operating in the market includes:
· IBM
· CORE SOLUTIONS
· Athenahealth
· Credible Behavioral Health Inc
· NextStep Solutions
· Cerner Corporation
· Nextgen Healthcare Inc
· VALANT
· MindLinc
· Qualifacts
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Mental health software and devices market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the mental health software and devices market?
• Which factors are influencing the mental health software and devices market over the forecast period?
• What are the global challenges, threats, and risks in the mental health software and devices market?
• Which factors are propelling and restraining the mental health software and devices market?
• What are the demanding global regions of the mental health software and devices market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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