Favorable Government Policies & Surge in Incidences of Mental Illness has Propelled the Growth of the In Home Telepsychiatry Market in the North America Region!

• Vikas Kumar
• December 23, 2023
• HEALTHCARE, NEWS
• In Home Telepsychiatry Market Analysis, In Home Telepsychiatry Market Forecast, In Home Telepsychiatry Market Growth, In Home Telepsychiatry Market Outlook, In Home Telepsychiatry Market Share, In Home Telepsychiatry Market Size, In Home Telepsychiatry Market Trends
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North America held the dominant share of the market and is expected to do so even in the forecast period. This is mainly attributed to the increase in smartphone penetration, favorable reimbursement policies, and the presence of a large number of industry players. Moreover, the pandemic eventually gave a much-needed push to this technology. CMS and FDA considered telemedicine and the virtual care service as the backbone of the COVID-19 response strategy which is further fueling the revenue for in home telepsychiatry.

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Further, the North America In Home Telepsychiatry Market is expected to grow at a strong CAGR of 25% during the forecast period (2023-2030). The US In home telepsychiatry market is growing at a high rate during the forthcoming years. Major factors contributing to the growth of this region include presence of major key players, rising penetration of internet, and increasing funding from government associations. For instance, in February 2021, the US Department of Agriculture invested USD 42 million in telemedicine infrastructure and distance learning to health outcomes and education. USDA funded 86 projects to rural communities through Distance Learning and Telemedicine (DLT) program to help people by providing rural healthcare education and grant to purchase telemedicine interactive telecommunications distance learning equipment. In addition, companies have launched several programs to target large number of patients, thus driving the growth of the market. For example, in July 2020, Eugenia launched Telepsychiatry Program in partnership with Insight + Regroup to improve the mental health care services in Lewis County. Through this partnership, they are trying to reach more people who have mental health issues.

FIG. 1 North America In Home Telepsychiatry Market Revenue (2020-2030)- USD Mn

Based on the type, the market is segmented into software and services. The services segment held a dominant share of the market in 2021. The software segment is anticipated to grow with significant CAGR during the forecast period due to the rising demand for affordable and accessible healthcare services, more efficient workflow management, and improved quality of care. The increasing cost of healthcare, combined with the need to monitor population health accurately and in real-time, is driving the adoption of software. Additionally, healthcare institutions in developed countries are transitioning to value-based care models to enhance patient outcomes.

By age group, the market is categorized into adult, pediatric & adolescent, and geriatric. The pediatric & adolescent category is anticipated to grow with significant CAGR during the forthcoming period. Mental health disorders in children and adolescents are becoming increasingly prevalent, and telemedicine offers a convenient and accessible solution for these patients and their families. According to the Centers for Disease Control and Prevention (CDC), approximately 1 in 6 children in the United States has a diagnosable mental, behavioral, or developmental disorder. This includes conditions such as anxiety, depression, ADHD, and autism spectrum disorder. In addition, the CDC reports that suicide is the second leading cause of death among children and adolescents aged 10-24 years old.  

Based on application, the market is segmented into psychiatric evaluation and diagnoses, therapy, and medication management. The therapy segment held a significant share of the market in 2022. Teletherapy involves delivering psychotherapy sessions to patients remotely, using video conferencing technology. The benefits of teletherapy for patients are numerous. It allows individuals to receive mental health treatment from the comfort of their homes, without needing to travel to a clinic or hospital. This can be especially beneficial for individuals who may have mobility issues, live in remote areas, or have difficulty leaving their homes due to other reasons. In addition, teletherapy offers the opportunity for patients to receive treatment in a more private and confidential setting. This can be particularly important for individuals who may be uncomfortable with in-person therapy or who have concerns about privacy.

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Global In Home Telepsychiatry Market Segmentation

Market Insight, by Type

• Software
• Services

Market Insights, by Age Group

• Adult
• Pediatric & Adoloscent
• Geriatric

Market Insights, by Application

• Psychiatric Evaluations and Diagnoses
• Therapy
• Medication Management

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  •  Rest of North America
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• North America
  • China
  • Japan
  • India
  • Rest of North America
• Rest of the World

Top Company Profiles

• Array Behavioral Care
• innovaTel
• Advanced Telemed Services
• American TelePsychiatry
• Telemynd
• Encounter Telehealth
• Genoa Telepsychiatry
• American Well
• Ieso Digital Health
• American Telepsychiatrists