Global Telepsychiatry Market is expected to foresee significant growth. North America leads the growth!
- Vikas Kumar
- January 14, 2023
- HEALTHCARE, NEWS
- Asia Telepsychiatry Market, Europe Telepsychiatry Market, Middle east Telepsychiatry Market, Telepsychiatry, Telepsychiatry Market, Telepsychiatry Market analysis, Telepsychiatry Market forecast, Telepsychiatry Market growth, Telepsychiatry Market share, Telepsychiatry Market size, Telepsychiatry Market trend, US Telepsychiatry Market
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Global 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 global telepsychiatry can be attributed to the rising healthcare costs, technological innovations, increasing remote patient monitoring thus, rising the adoption of inorganic growth strategies among key industry players around the globe. For instance, In April 2021, Swedish digital health start-up Kry, offered telehealth service and software tools. Nearly 6,000 clinicians are using telehealth platform and software tools to connect with patients for remote consultations. Owing to the glaring statistics, the rising mental disorder and covid pandemic lockdown increases the demand for telepsychiatry and is anticipated to grow in the forthcoming years mainly. Moreover, the Telepsychiatry services aid in the provision of mental health services that are affordable, convenient, and easily accessible are fueling the demand for the telepsychiatry market. Furthermore, the R&D for the development of advanced and user-friendly telepsychiatry services, and the increase in adoption rate for telepsychiatry by both patients and prescribers are expected to drive the market for telepsychiatry market in the coming years.
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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 and are likely to aid the growth of the segment.
Based on age, the market is fragmented into adult, pediatric and adolescent, and 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.
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For a better understanding of the market adoption of the telepsychiatry market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. 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 in the region.
Some of the major players operating in the market include InSight Telepsychiatry, Telemynd, e-Psychiatry, Advanced Telemed Services, American Telepsychiatrists, Iris Telehealth, MDLIVE Inc., innovaTel Telepsychiatry, SOC Telemed, Encounter Telehealth LLC.
Global Telepsychiatry Market Segmentation
Market Insight, by Product
- In-home Solutions
- Forensic Solutions
- Routine Solutions
- Crisis Solutions
- Others
Market Insight, by Age
- Adult
- Pediatric and Adolescent
- Geriatric
Market Insight, by End-Users
- Community mental health centers
- Specialty Care Settings
- Homecare
- Other
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- India
- Australia
- Japan
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- InSight Telepsychiatry
- Telemynd
- e-Psychiatry
- Advanced Telemed Services
- American Telepsychiatrists
- Iris Telehealth
- MDLIVE Inc.
- innovaTel Telepsychiatry
- SOC Telemed
- Encounter Telehealth LLC
