Global Telepsychiatry Market – Industry Trends and Forecast to 2029

 Telepsychiatry Market Analysis and Size

Telepsychiatry allows patients and psychiatrists to communicate directly and is used for a variety of treatments such as individual therapy, family therapy, and group therapy. Telepsychiatry also offers services such as session recording in the form of images or audio-video files, which can be reviewed later. This technology can be used to provide patients with remote care.

Data Bridge Market Research analyses that the telepsychiatry market which was USD 6.02 billion in 2021, is expected to reach USD 15.45 billion by 2029, at a CAGR of 12.50% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Telepsychiatry Market Scope and Segmentation  

Market Definition

Telepsychiatry refers to the use of telemedicine in the field of psychiatry via telecommunication technology, most likely video conferencing. It provides many services, including patient education, therapy, medication management, and psychiatric evaluations. It also allows for direct communication between the patient and a psychiatrist. Telepsychiatry plays an important role in providing cost-effective, patient-centered, and highly effective interventions for patients in need of psychiatric care. It has been shown to be effective in treating eating disorders, anxiety, schizophrenia, and substance abuse. Nursing homes, mental health centres, primary care centres, schools, and prisons are some of the places where telepsychiatry services can be provided.

Global Telepsychiatry Market Dynamics

Drivers

• Rising demand for telepsychiatry is a driver

The rising demand for telepsychiatry among the population as well as healthcare providers as it is a convenient and cost-effective business model, its ability to enhance care coordination, and satisfaction among the caregivers and parents regarding the quality of care provided by telepsychiatry are some of the major factors boosting the growth of the global telepsychiatry market.

Moreover, as per the study of WHO, around 7.5 percent of the Indian population is living with one or other form of mental disorder and by 2020, it is estimated that about 20 percent of the Indian population will be suffering from mental illness. Such a rising prevalence of mental disorders is driving the growth of the market.

• Government initiatives are fostering growth

The government has also taken steps to encourage the use of telepsychiatry services. For instance, the US government has expanded telehealth consultations to nearly 62 million Medicare beneficiaries. Furthermore, due to the pandemic, restrictions on telehealth, including telepsychiatry, have been temporarily lifted, such as the removal of the penalty for HIPAA violations. As a result of all of the beneficial decisions made by the government during the pandemic, the global telepsychiatry market is expanding.

Opportunities

• Increasing prevalence of mental health disorders

Globally, rising levels of anxiety and stress have increased the demand for telepsychiatry, as have rising rates of suicide and mental disorders. According to the National Alliance on Mental Illness, 43.3% of people in the United States received mental illness care in 2018. For instance, suicide was the second leading cause of death in people aged 10-34 in the United States (2017), and the fourth leading cause in people aged 35-54. These are the certain factors which helps the market to grow.

Restraints/Challenges

• Denial of mental health problems will challenge the growth

Reluctance to seek help as well as denial of mental health problems by the majority of the population, which leaves mental illness as a taboo, may hamper the market growth. Some patients prefer and respond better to hands-on, in-person care or some types of care, such as physical examinations, labs, imaging, and interventional procedures, must still be provided in person.

This telepsychiatry market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the telepsychiatry market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent developments

• In December 2019, two leading telepsychiatry service providers, InSightTelepsychiatry and Regroup Telehealth, merged to accelerate the development of the telepsychiatry market.
• In July 2020, MDLive collaborated with MobileHelp, a leader in mobile Personal Emergency Response Systems (mPERS) and healthcare technology solutions. The companies announced a new telehealth service from MDLive that will provide in-home care. The new product offering comes at a time when older adults are avoiding traditional brick-and-mortar healthcare facilities for fear of being exposed to COVID-19.
• In January 2020, MDLive, Inc. launches the most comprehensive virtual primary care platform in the telemedicine industry. The platform enabled health plans, health systems, retailers, and employers in the United States to offer consumers convenient, secure, and cost-effective access to preventive, chronic, and other primary care services.

Global Telepsychiatry Market Scope

The telepsychiatry market is segmented on the basis of product, age group and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• In-home Solutions
• Forensic Solutions
• Routine Solutions
• Crisis Solution
• Others

Age Group

• Adult
• Pediatric
• Adolescent
• Geriatric

 End-Use

• Community Mental Health Centers
• Specialty Care Settings
• Skilled Nursing Facilities
• Homecare
• Others

Telepsychiatry Market Regional Analysis/Insights

The telepsychiatry market is analysed and market size insights and trends are provided by country, product, age group and end-use as referenced above.

The countries covered in the telepsychiatry market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the telepsychiatry market due to the high investment in the healthcare sector and rising adoption of telepsychiatry technology in the region, increasing penetration of IT in the healthcare sector and the rising prevalence of mental health disorders.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the growing adoption of smartphones and dearth of well-established infrastructure in emerging countries.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The telepsychiatry market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for telepsychiatry market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the telepsychiatry market. The data is available for historic period 2010-2020.

Competitive Landscape and Telepsychiatry Market Share Analysis

The telepsychiatry market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to telepsychiatry market.

Some of the major players operating in the telepsychiatry market are:

• Telehealth (U.S.)
• Epsychiatry Pty. Ltd. (U.S.)
• CB Information Services, Inc. (U.S.)
• eVisit (U.S.)
• Advanced TeleMed Services (U.S.)
• innovaTel (U.S.)
• American Telepsychiatrists (U.S.)
• Encounter Telepsychiatry (U.S.)
• JSA Health Telepsychiatry, LLC (U.S.)
• Arcadian Telepsychiatry, LLC (U.S.)
• Genoa (Italy)
• FasPsych, LLC (U.S.)
• General Electric (U.S.)
• TeleSpecialists (U.S.)
• Chiron Health (U.S.)
• Zipnosis (U.S.)
• Medtronic (Ireland)
• Iris Telehealth Inc. (U.S.)
• MDLIVE (U.S.)
• SOC Telemed (U.S.)

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