Behavioral Health Software Market: Growth Strategies Adopted by Leading Players Like Cerner (US) and NetSmart (US)

Illinois, United States, 2021-Feb-01 — /EPR Network/ —

This report aims to provide detailed insights into the global behavioral health software market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Key Players in Behavioral Health Software Market:

The behavioral health software market is highly competitive with several big and small players. Prominent players in this market include Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), ICANotes (US), InSync Healthcare Solutions (US), iSalus Healthcare (US), Kareo (US), Meditab Software (US), Mentegram (US), Mindlinc (US), Netsmart (US), Nextgen Healthcare (US), NextStep Solutions (US), Nuesoft Technologies (US), Qualifacts (US), Raintree Systems (US), Sigmund Software (US), The Echo Group (US), TheraNest (US), Valant (US), Welligent (US), and WRS Health (US).

Growth Strategies Companies Focused on:

Acquisitions and partnerships accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the companies that adopted these strategies include Netsmart, Core Solutions, Nextgen Healthcare, and InSync Healthcare Solutions.

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Cerner (US) is the one of the leading players in the behavioral health software market. The company’s expertise, experience, and comprehensive capabilities in various business functions have enabled it to maintain its position in the market. The company has a wide global presence with operations in North America, Europe, Asia, and other developing markets. The company’s solutions are licensed by approximately 27,000 facilities across the globe. It has a strong sales and marketing network, with sales offices in 35 countries across the globe. The company focuses on achieving sustainable growth by adopting organic growth strategies like an expansion.

NetSmart (US) is another key player in the behavioral health software market. The leading position of the company in this market is attributed to its strong relationship with its customers. The company has a keen focus on building and maintaining strong client relationship to enhance its growth. Additionally, the company also focuses on adopting inorganic growth strategies like acquisitions, partnerships, and collaborations with a view to enhance its presence in this market. For instance, in July 2017, Netsmart acquired DeVero to strengthen its expertise into home care and long-term care.

Major Market Growth Drivers:

Increasing adoption of mental health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage are the major factors driving the growth of mental health software market.

Expected Revenue Growth:

The mental health software market is expected to reach $2,306 million by 2022 from $1,155 million in 2017, at a CAGR of 14.8%.

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Regional Growth Analysis:

In 2017, North America is expected to dominate the market, followed by Europe. The high growth of the North American market is attributed to factors such as increasing behavioral health reforms and the availability of government funding for expanding behavioral health services in the region. While North America is expected to dominate the market in 2017, Europe is expected to register the highest CAGR during the forecast period. The high growth in this regional segment is attributed to growing incidence of mental disorders, government initiatives for increasing awareness about mental disorders, and the improving accessibility of behavioral healthcare.