Press Release

Medi-Tech Insights

Global Behavioral/Mental Health Market is set to witness a lucrative growth rate of 25% in the coming 5 years

May 25th, 2022 9:39 AM

In recent years, the healthcare industry has witnessed the foray of several providers that offer software for behavioral and mental health practices: EHR, teletherapy, scheduling, client engagement, billing, and digital therapeutics to prevent, manage and treat medical disorders.

Demand for Digital Behavioral/Mental Health Market Solutions Surge Amid Covid-19 Pandemic

With lockdowns implemented, social distancing mandated, and widespread apprehension – Covid-19 placed a dramatic burden on managed healthcare and especially on neurological and psychiatric disease care.

The ubiquity of personal digital devices—smartphones, fitness trackers, tablets, and the launch of digital solutions ensured that the digital mental health tools were accessed more frequently and by a wider demographic of patients. Benefits such as therapeutic approaches to support positive behavioral change on a large scale, anywhere, anytime accessibility, on-demand help without waiting lines, convenience, and ease of use were the key factors that fueled its demand.

Behavioral/Mental Health Market Tools for Children and Teens Set to Open New Growth Avenues

The mental well-being of children and teenagers has been an area of concern given there are few pediatric mental health specialists in both developed and developing economies. Long waiting time for care and a growing number of kids being sent to the emergency room during mental health crisis situations has been a long-standing issue. To address these concerns, several digital health companies have entered the market. For instance,

  • In March 2022, Brightline, a leader in virtual behavioral health care for children, adolescents, and families, secured a $105M Series C funding. Brightline offers a digital on-demand platform, Connect, along with its coaching programs and clinical services including behavioral therapy, evaluation, medication support, and speech therapy.

“A limited number of pediatric mental health specialists has been a persistent issue in the United States. Virtual health care exploded during the Covid-19 pandemic and this further exacerbated the mental health crisis situation among the children and youth. As a result, several companies are now targeting the behavioral health needs of children and teenagers.” – Senior Director, Virtual Behavioral Health Care Provider, United States

Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold

The behavioral/mental health market is an emerging but competitive market marked by the presence of both established and new players. Players operating in the market adopt both organic and inorganic growth strategies such as new product launches, and acquisitions to garner market share.  For instance,

  • In April 2022, Talkspace, the leading provider of virtual behavioral health services, launched new product suite – Talkspace Self-Guided, a suite of offerings for employers designed to help executives, managers, and teams prioritize and build emotional intelligence (EQ) and mental wellness in and out of the workplace
  • In Jan 2022, CloudMD Software & Services Inc. acquired MindBeacon Holdings Inc., one of North America’s leading providers of digital mental health care.

The global behavioral/mental health market is a booming market that is expected to gain further momentum in the coming years due to the increasing incidence & awareness levels of mental health disorders, conducive funding environment, improving healthcare IT infrastructure, and aggressive organic and inorganic growth strategies followed by players.

Competitive Landscape Analysis: Behavioral/Mental Health Market

The global Behavioral/Mental Health market is marked by the presence of key players such as Akili, Pear Therapeutics, Advanced Data Systems, AdvancedMD, Credible, Lyra Health, Spring Health, Brightline, Little Otter, among others.

Get Customized Report on Behavioral/Mental Health Market @ https://meditechinsights.com/digital-behavioral-mental-health-market/

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