Mental health software market to reach $5.6B market value in 2028: 3 key factors driving growth

The mental health software market value is on track to reach $5.6 billion by 2028, led by three industry developments, according to a market research study published Aug. 8. by Facts and Factors.

The study identifies three industry changes propelling the expected compound annual growth rate of 18.5 percent:

1. More demand for mental health treatment as a result of the COVID-19 pandemic.

2. Faster development of software as use of software increases industry competition.

3. Increased reliance on electronic health records and telehealth services by providers, hospitals and healthcare systems.

The U.S. held 41.8 percent of the market value in 2021. Facts and Factors researchers attribute this to Medicare paying for telepsychiatry services and 2019's Telemental Health Expansion Act, which made virtual mental health treatment more accessible to patients.

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