Telepsychiatry Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Product (In-home Solutions, Forensic Solutions, Routine Solutions, Crisis Solutions, Others); Age (Adult, Pediatric and Adolescent, Geriatric); End-Users (Community Mental Health Centers, Specialty Care Settings, Homecare, Other); and Region/Country
The telepsychiatry market is expected to register a CAGR of approx. 19% over the period of 2022-2028. Telemedicine is defined as the process of providing healthcare services via technology, primarily through videoconferencing. Telepsychiatry is a branch of telemedicine that provides a wide range of mental health services, including therapies such as individual, family, and group therapy, as well as medication management, psychiatric evaluations, and patient education. Telepsychiatry entails either direct communication between the psychiatrist and the patient or the psychiatrist assisting primary care providers who are trained in mental health. The growing demand for telepsychiatry can be attributed to an increase in the prevalence of mental diseases such as anxiety and depression across the globe. For instance, in 2020, according to World Health Organization (WHO), in September 2021, depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults and 5.7% among adults older than 60 years and approximately 280 million people in the world have depression. Owing to these glaring statistics, change in lifestyle, and due to excess work pressure, there is an increase in the demand for telepsychiatry. Furthermore, the telepsychiatry market is anticipated to grow on account of the increasing remote patient monitoring and the adoption of telemedicine. However, some of the restraints in the market including the high cost of expert consultation are impeding the growth of this market all over the world.
InSight Telepsychiatry, Telemynd, e-Psychiatry, Advanced Telemed Services, American Telepsychiatrists, Iris Telehealth, MDLIVE Inc., innovaTel Telepsychiatry, SOC Telemed, Encounter Telehealth LLC are some of the key players in the market. 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 products, the in-home solutions category accounted for the significant share in the market in 2020”
Based on the products, the telepsychiatry market is segmented into in-home solutions, forensic solutions, routine solutions, crisis solutions, and others. The in-home solutions segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe because of the growing preference for telepsychiatry treatment at home. The constantly changing guidelines for improved privacy and security contribute to the patient’s trust in virtual consultations are likely to aid the growth of the segment
“Amongst age, the adult category is expected to witness considerable CAGR during the forecast period”
Based on the age, the market is fragmented into adult, pediatric and adolescent, geriatric. The adult segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Adults’ increasing levels of depression and anxiety are fueling the demand for virtual consultations in this age group. Furthermore, adults are very accustomed to using smartphones and online services, which fuels demand even more.
“Amongst end-users, the community mental health centers category is expected to witness considerable CAGR during the forecast period”
Based on the end-users, the market is fragmented into community mental health centers, specialty care settings, homecare, and other. The community mental health centers segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The lack of numerous clinical teams in these facilities is contributing to the high demand for telepsychiatry services. Furthermore, the service is cost-effective, and increased patient satisfaction is expected to drive segment growth even further.
“North America to witness significant growth during the forecast period”
North America constitutes a major market for the telepsychiatry industry owing to increased smartphone penetration, favorable reimbursement policies, and the presence of a large number of industry players.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, 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.
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|1.1. Market Definitions|
|1.2. Main Objective|
|2.1. Research Process of the Telepsychiatry Market|
|2.2. Research Methodology of the Telepsychiatry Market|
|2.3. Respondent Profile|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. IMPACT OF COVID-19 ON THE TELEPSYCHIATRY MARKET|
|6. GLOBAL TELEPSYCHIATRY MARKET REVENUE, 2020-2028F|
|7.1. In-home Solutions|
|7.2. Forensic Solutions|
|7.3. Routine Solutions|
|7.4. Crisis Solutions|
|8.2. Pediatric and Adolescent|
|9.1 Community mental health centers|
|9.2. Specialty Care Settings|
|10.1. North America|
|10.1.1. The U.S.|
|10.1.3. Rest of North America|
|10.2.2. The U.K.|
|10.2.6. Rest of Europe|
|10.3.5. Rest of Asia-Pacific|
|10.4.Rest of World|
|11.1. Market Drivers|
|11.2. Market Challenges|
|11.3. Impact Analysis|
|12. TELEPSYCHIATRY MARKET OPPORTUNITIES|
|13. TELEPSYCHIATRY MARKET TRENDS|
|14.1.Demand Side Analysis|
|14.2.Supply Side Analysis|
|15. VALUE CHAIN ANALYSIS|
|16.1.1. Porter’s Five Forces Analysis|
|17.1. InSight Telepsychiatry|
|17.4. Advanced Telemed Services|
|17.5. American Telepsychiatrists|
|17.6. Iris Telehealth|
|17.7. MDLIVE Inc.|
|17.8. innovaTel Telepsychiatry|
|17.9. SOC Telemed|
|17.10. Encounter Telehealth, LLC.|
Research Methodology for the Global Telepsychiatry Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global telepsychiatry market were the three major steps undertaken to create and analyze the adoption of 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 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 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 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 included in the report as the product, age, and end-users. 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 telepsychiatry market. Further, we conducted factor analysis using dependent and independent variables such as an increase in the prevalence of mental diseases such as anxiety and depression, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the 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 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., top-down/bottom-up approach were applied to arrive at the market forecast for 2028 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 telepsychiatry market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global telepsychiatry market in terms of solutions 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, and 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
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global telepsychiatry market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, age, and end-users in the global telepsychiatry market.
The main objective of the Global Telepsychiatry Market Study
The current & future market trends of the global 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 as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the 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 product, age, and end-users.
- Define and analysis of the regulatory framework for the telepsychiatry market 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 telepsychiatry market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the 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