In Home Telepsychiatry Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Software, and Services); Age Group (Adult, Pediatric & Adolescent, and Geriatric); Application (Psychiatric Evaluation And Diagnoses, Therapy, and Medication Management); Region/Country.
The in home telepsychiatry market was valued at USD 2555.48 Million and is expected to grow at a strong CAGR of around 25.3% during the forecast period (2023-2030). The market is growing with the surge in the adoption of telehealth. After the global COVID-19 pandemic outbreak, telehealth has become increasingly popular. Telehealth allows patients to receive medical care from the comfort of their own homes, which has been of utmost importance during social distancing. Telehealth applications have successfully delivered appropriate care to patients while reducing adverse events and preventing the symptoms from going unnoticed. Innovations in digital healthcare, such as smart wearables, the internet of Things, advanced healthcare analytics, better internet connectivity, and the rising penetration of smartphones globally are significantly shaping the growth of the industry. According to a report by McKinsey, telehealth visits accounted for 20% of all medical visits in the United States in April 2020, up from just 1% in March 2020.
Some of the major players operating in the Array Behavioral Care, innovate, Advanced Telemed Services, American TelePsychiatry, Telemynd, Encounter Telehealth, Genoa Telepsychiatry, American Well, Ieso Digital Health, and American Telepsychiatrists. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the software segment to grow with high CAGR during the forecast period”
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. Furthermore, significant efforts are being made by key players globally, which is contributing to the growth of the software segment. For instance, in August 2021, Panacea Infosec, in partnership with the human resource development firm Panacea Bioedge, has teamed up with Healmed Solutions, a mental health technology company in the US, to establish an AI-driven online mental health platform in India.
“Amongst age group, the lung cancer category to grow with high CAGR during the forecast period”
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.
“Amongst application, the hospitals category to held significant share of the market in 2022”
Based on the 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.
“Asia Pacific to grow with high CAGR during the forecast period”
The Asia Pacific is anticipated to grow rapidly in the upcoming years owing to the surge in the prevalence of mental illness and rising adoption of telehealth among individuals. According to the WHO, the burden of mental health problems in India is 2443 disability-adjusted life years (DALYs) per 100 00 population; the age-adjusted suicide rate per 100 000 population is 21.1. This increase in the number of patients suffering from mental illnesses has created the need for quicker healthcare. The Japanese government has also been actively promoting the use of telemedicine services, including telepsychiatry, as a way to improve access to mental health care. In 2020, the government introduced a new reimbursement system for telemedicine services, which allows healthcare providers to be reimbursed for providing telemedicine services to patients.
In Home Telepsychiatry Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global in home telepsychiatry market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the In Home Telepsychiatry Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global in home telepsychiatry market were the three major steps undertaken to create and analyze the adoption of in home telepsychiatry in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global in home telepsychiatry market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the in home telepsychiatry market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the in home telepsychiatry market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and age group. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the in home telepsychiatry market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and age group of the in home telepsychiatry market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the in home telepsychiatry market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global in home telepsychiatry market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the in home telepsychiatry market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global in home telepsychiatry market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global in home telepsychiatry market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, application, and age group the global in home telepsychiatry market.
The main objective of the Global In Home Telepsychiatry Market Study
The current & future market trends of the global in home telepsychiatry market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the in home telepsychiatry market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the type, application, and age group
- Define and analysis of the regulatory framework for the in home telepsychiatry industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the in home telepsychiatry market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the in home telepsychiatry market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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