Individuals’ mind and body work together and it is essential to keep the mind healthy just as to keep a body healthy. Every year, millions of people seek behavioral health professionals’ help to lead healthier lives. Behavioral health usually refers to a person’s state of being and the impact of their choices and habits on their wellness and health.
Growing awareness about behavioral health conditions among people is the key factor that is fueling the growth of the global behavioral health market. Further, an increase in initiatives and programs conducted by the government & NGOs is also contributing to the growth of the market. Additionally, an increase in adoption of behavioral health software, increase in demand for home-based services, and rise in behavioral health counseling, and increase in the frequency of stress & anxiety cases are also some of the key aspects that are augmenting the growth of the global market. In addition to this, depression is a common illness globally and among all the age groups, nearly 264 million people live with depression. This contributes to the overall burden of the disease. To overcome the socioeconomic burden, platforms are created to support the people and increase the services related to behavioral health. This is also driving the overall market growth. Furthermore, technological advancements for the development of behavioral health tech solutions will lead to good opportunities for the growth of the global market over the forecast period.
The global behavioral health market is divided based on product type, application, end-users, and region. The product type segment in the global behavioral health market is categorized into alcohol use disorders, schizophrenia, anxiety, depression, and others. Based on the application, the global market is split into home-based treatment services, emergency mental health services, outpatient counseling, and others. The end-users included in the global market are providers, payers, patients, community centers, and hospitals and clinics.
Geographically, North America is estimated to lead the global behavioral health market during the forecast period. An increase in behavioral health awareness and growing initiatives from the government to reduce the burden of disorders related to anxiety & depression are fostering the growth of the market in this region. Europe is expected to be the second-largest contributor in the market and Asia Pacific is anticipated to grow at the fastest rate owing to increase in social acceptance and awareness regarding behavioral health conditions.
The key players operating in the global behavioral health market include NXGN Management, LLC, MindLinc, Core Solutions, Inc, Netsmart Technologies, Inc., Cerner Corporation, Credible, Qualifacts Systems, Inc., WELLIGENT, INC., Valant Inc., and Echo Group, among others.
In August 2019, Netsmart Technologies, Inc. and AsOne Healthcare IPA publicized their partnership to use the Netsmart population health management platform & services to manage care delivery and enhance outcomes for the population they assist as part of the initiative New York State Behavioral Health Care Collaborative (BHCC).