The Telepsychiatry Market is segmented by Product Type (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions, and Others), by Age group Type(Adult, Paediatric and Adolescent, and Geriatric),by End-Use Type (Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, and Others)and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
The Telepsychiatry Market is segmented by Product Type (...
“The Telepsychiatry Market was estimated at USD 7.11 billion in 2021 and is expected to grow at a CAGR of 24.11%during 2022-2028 to reach USD 32.42 billion in 2028”.
Telemedicine is defined as a process of offering healthcare services through technology, mainly via videoconferencing. Telepsychiatry is a sub-segment of telemedicine that offers a broad range of mental health solutions such as therapies, which includes individual therapy, family therapy, and group therapy as well as medication management, psychiatric evaluations, and patient education.
Telepsychiatry involves either direct communication between the psychiatrist and the patient or through the psychiatrist supporting primary healthcare providers specialized in mental health.
Market Drivers
Rising tendencies of suicide in young adults and teenagers contribute to an increase in demand for mental health treatment, thus propelling the telepsychiatry market growth.
Also, the implementation of telepsychiatry such as better care and follow-up, reduction in transportation barriers, reduced delays in care, and the ability to avoid long waiting times at psychiatry clinics, further spur the demand for telepsychiatry.
However, the belief among patients that telepsychiatry might not be as effective as direct consultation is likely to hinder the market growth.
COVID-19 Impact
The ongoing COVID-19 pandemic has positively influenced the telepsychiatry industry. Governments across the globe are responding to the rise in COVID-19 cases with all essential measures, such as social distancing, nationwide lockdowns, and large-scale quarantine to prevent the spread of the virus.
Many countries have declared mandatory stay-at-home for non-essential workers, affecting several patients' physical and mental health. Also, due to the restricted movement of people, there is a drastic shift towards telepsychiatry.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Product-Type Analysis
In-home solutions, Forensic solutions, Routine solutions, Crisis solutions, and Others
The in-home solutions segment witnessed the largest market share in 2021.
Age Group-Type Analysis
Adult, Paediatric and Adolescent, and Geriatric
The adult segment accounted for the largest market share in 2021.
End-Use-Type Analysis
Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, and Others
Community mental health centers accounted for the largest market share in 2021.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World
North America held the highest market revenue share in the global market for telepsychiatry in 2021.
By Product Type
“The in-home solutions segment held the highest market share in 2021”.
The telepsychiatry market has been segmented into in-home solutions, forensic solutions, routine solutions, crisis solutions, and others. Under these, the in-home solutions segment witnessed the largest market share of more than 35% in 2021 and is likely to register the fastest CAGR in the following years.
This is mainly attributed to the rising preference for telepsychiatry treatment at home. Moreover, an in-home solution saves valuable traveling time as there is no need to travel to the clinic.
By Age Group Type
“The adult segment captured the largest market share in 2021”.
The market has been segmented into adult, paediatric and adolescent, and geriatric. Among these, the adult segment accounted for the largest market share of more than 55% in 2021. Increase in work-related pressure and advancements in telepsychiatry services are the major factors driving the growth of this segment.
However, the geriatric segment is expected to witness considerable growth during the forecast period, due to an increase in the number of the elderly population and a rise in healthcare expenditures.
By End-Use Type
“Community mental health centers dominated the market share in 2021”.
The market has been segmented into community mental health centers, specialty care settings, skilled nursing facilities, home care, and others. Community mental health centers accounted for more than 25% market share in 2021 due to a rise in the number of community mental health centers.
Regional Analysis
“In 2021, North America led the global telepsychiatry market regarding revenue share”.
The market is broken down geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America captured a market share exceeding 35% in the regional market and is forecasted to experience consistent growth with a steady CAGR during the forecast period.
This is mainly attributed to favorable reimbursement policies, the surge in smartphone penetration, and the presence of many industry players, which further augments regional growth. In addition, the pandemic has driven the regional demand for telepsychiatry due to the lockdown.
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Key Players
The following are the key players in the Telepsychiatry Market (arranged alphabetically)
Advanced Telemed Services (U.S)
American Telepsychiatrists (U.S)
e-Psychiatry (U.S)
Encounter Telehealth, LLC (U.S)
InSight Telepsychiatry (U.S)
innovaTel Telepsychiatry (U.S)
Iris Telehealth (U.S)
MDLIVE Inc. (U.S)
SOC Telemed (U.S)
TELEMYND (U.S)
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
in-depth Analysis of the Telepsychiatry Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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An increase in demand for mental health treatment, and implementation of telepsychiatry such as better care and follow-up, reduction in transportation barriers, reduced delays in care, and the ability to avoid long waiting times at psychiatry clinics are the factors driving the growth of the telepsychiatry market.
InSight Telepsychiatry (The U.S), TELEMYND (The U.S), e-Psychiatry (The U.S), Advanced Telemed Services (The U.S), American Telepsychiatrists (The U.S), Iris Telehealth (The U.S), MDLIVE Inc. (The U.S), innovaTel Telepsychiatry (The U.S), SOC Telemed (The U.S) and Encounter Telehealth, LLC (The U.S) are among the key players in the telepsychiatry market.
