Globally, the behavioral health market was valued at $205 billion in 2021, and it's expected to hit $261.8 billion by 2029.
The market for mental health software, meanwhile, was valued at more than $4.6 billion in 2021, and it's expected to quadruple in value to $18.8 billion by 2030. It is projected to see 16.9 percent compound annual growth through 2030, according to a Feb. 22 news release. The growth is expected to be driven mostly by factors including healthcare reforms, government financing and incentives for behavioral health EHR use.
North America and Europe are projected to account for the highest shares of the global market for mental health software. Serious mental illnesses cost the U.S. an estimated $193.2 billion in annual missed earnings, according to the National Alliance on Mental Illness.