U.S. Behavioral Health EHR Market size is expected to reach USD 459.1 million by 2030

 U.S. Behavioral Health EHR Industry Overview

The U.S. behavioral health EHR market size was valued at USD 176.2 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.07% from 2022 to 2030.

Increasing government efforts to boost healthcare IT adoption among healthcare facilities and rising awareness among mental care professionals about the benefits of electronic health record (EHR) are primary factors driving the market. With the advent of technological advancement, physicians can use the same EHR software not only for storing patient data but also for telehealth, e-prescribing, clinical assessment documentation, and other clinical and administrative work. This, coupled with specific needs for behavioral care practices, is propelling the market growth.

Gather more insights about the market drivers, restrains and growth of the U.S. Behavioral Health EHR Market

Furthermore, increasing funding on start-up businesses is propelling the growth of the market. For instance, in May 2020, Holmusk obtained USD 21.5 million in Series A funding led by Health Catalyst Capital (HCC) and Optum Ventures (OV).

Over the past few years, the prevalence of mental disorders in the U.S. is increasing. Work stress, unhealthy lifestyle, COVID-19 pandemic, loss of loved one, and substance addiction are major factors contributing to the prevalence of mental disorders in the country. According to John Hopkins Medicine, every one in four adults has a diagnosable psychiatric disorder. In addition, 18% of the U.S. population has anxiety disorders. According to the Anxiety and Depression Association of America, around 19 million adults have specific phobias. Obsessive-Compulsive Disorder (OCD) affects 2.2 million people in the U.S. This is resulting in high demand for behavioral care services and visits to psychiatric hospitals and rehabilitation centers, in turn favoring the market growth.

New forms of technology are targeting the way professionals document their time spent with patients. Clinicians frequently move from patient to patient, which places a cognitive strain on them. Providers confront difficulties at the end of the day when they must make up for lost documentation. A possible solution to this problem is to include a well-designed EHR scribe tool into the EHR workflow. IKS Health created Scribble, an EHR scribe tool that documents the entire case from beginning to end, reducing cognitive load.

Moreover, the industry is focusing on voice-enabled EHR add-ons. Amazon, in particular, is seeking to reduce the number of mouse clicks, switching of computer screens, and eventually cognitive stress by introducing voice-enabled technology. AWS announced the debut of Amazon Transcribe Medical, a voice recognition service that converts physician and patient speech to text. Not only will the technology assist physicians in more effectively documenting short notes in an EHR or mobile app, but it will also transcribe complete discussions into text using proper punctuation. Such technological advancements are expected to drive the market.

Browse through Grand View Research's Medical Devices Industry Research Reports

  • Cryoablation Devices Market: Cryoablation devices offer various benefits such as fewer side effects, easy recovery, cost-effective, etc. These benefits represent lucrative growth opportunities for the cryoablation market.
  • Empty IV Bags Market: The global empty IV bags market size was valued at USD 4.54 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.60% from 2023 to 2030. 

Market Share Insights

  • December 2021: Qualifacts Systems, Inc. announced the acquisition of InSync Healthcare Solutions. The acquisition enables the combined business to serve a broader behavioral health and human services market with innovation, technology, customer support, and complementary products.
  • June 2020: North Central Health Care (NCHC) opted to implement Cerner Corporation’s EHR at its three behavioral healthcare facilities across Wisconsin. This technology is expected to provide NCHC nurses, therapists, and physicians with near real-time patient data to help improve care quality.
  • March 2020: Credible Behavioral Health partnered with Change Healthcare to offer a free EHR software solution to behavioral health institutions impacted by the COVID-19 scenario.

Key Companies Profile

Some prominent players in the U.S. behavioral health EHR market include:

  • Core Solutions, Inc.
  • Meditab
  • Holmusk
  • Netsmart Technologies, Inc.
  • Qualifacts Systems, Inc.
  • Welligent
  • Valant
  • Therapynotes, LLC
  • Nextstep Solutions

 

Order a free sample PDF of U.S. Behavioral Health EHR Market Intelligence Study, published by Grand View Research. 

Comments

Post a Comment

Popular posts from this blog

Global Potash Market: Trends, Growth & Forecast 2023-2032

T he global  potash market  size is expected to reach USD 93.50 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032, according to a new study by Grand View Research, Inc. This is attributed to the increasing demand for food and efficient usage of agricultural land. As consumers seek healthier options, there has been a surge in demand for high-value crops like fruits, vegetables, and specialty crops, boosting the demand for potash. Furthermore, the adoption of precision agriculture techniques has become increasingly prevalent in recent years. Precision agriculture involves using advanced technologies and data-driven approaches, such as soil testing and targeted nutrient management, to make informed decisions about fertilizer application.   Farmers are embracing precise and site-specific methods for applying fertilizers, based on field variability and crop requirements. This trend makes way for optimized resource utilization, improved crop performance, and enhanced...
Read more

Smart Ticketing Market Report: Emerging Technologies & Market Opportunities

  The global smart ticketing market size is expected to reach USD 31.65 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. With the widespread adoption of smartphones, mobile ticketing channels have gained traction, allowing users to purchase, store, and validate tickets directly on their mobile devices, eliminating the need for physical cards or paper tickets. The convenience and ease of use offered by mobile ticketing have contributed to the growth of the market. Smart ticketing systems generate vast amounts of data on passenger journeys, travel patterns, and ticket usage.   Operators leverage this data to gain valuable insights, optimize operations, and improve the overall passenger experience. Data analytics techniques, such as predictive modeling and real-time monitoring, are being applied to enhance efficiency, manage capacity, and offer personalized services, which bode well for smart ticketing...
Read more

Boosting Crop Yields: India Foliar Fertilizer Market Trends & Forecasts

  The  India foliar fertilizer market  size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 11.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by surged demand for food due to increasing population coupled with supportive government initiatives and decreasing arable land in the country.   There has been a significant increase in the global prices of fertilizers and foliar fertilizers. As such, farmers falling into small- and marginal-income categories cannot afford to buy fertilizers resulting in reduced agricultural yields. This has led the Government of India to take initiatives to provide fertilizer subsidies to farmers in the country to make them affordable at subsidized prices. For instance, the Government of India announced a subsidy scheme related to fertilizers worth USD 27 billion in 2022 to ensure that fertilizers are affordable for every farmer in the country. Thus, ...
Read more