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    Telepsychiatry Market Report

    Telepsychiatry Market Report
    Report code - SRHL319 Delivery - 2 Weeks
    Telepsychiatry Market Size, Share, Dynamics, Trends, Forecast & Industry Analysis See more...

    Market Insights

    The Global Telepsychiatry Market is projected to grow from USD 7.11 billion in 2021 to USD 32.42 billion by 2028 at a CAGR of over 24.11% during the forecast period of 2022-2028.

    Telepsychiatry-Market-Size

    What is Telepsychiatry?

    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 Dynamics

    • Rising tendencies of suicide in young adults and teenagers contributes to an increase in demand for mental health treatment, thus propels 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 on Global Telepsychiatry Market

    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, which has affected the physical and mental health of several patients. Also, due to the restricted movement of people, there is a drastic shift towards telepsychiatry.

    Telepsychiatry Market Snapshot

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    Key Players

    Key players operating in the global telepsychiatry market are-

    • 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).

    Target Audience

    Here is the list of the group of customers that the Global Telepsychiatry market hopes to have the greatest opportunity to convert-

    • Telepsychiatry companies
    • Telepsychiatry vendors
    • Mental health clinics
    • Therapy services
    • NGOs

    Segment Analysis

    Product Trends

    By product, 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.

    Age Group Trends

    By age group, 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.

    End-use Trends

    By end-use type, the market has been segmented into Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare 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.

    Telepsychiatry Market Share

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    Regional Trends

    By region, the market in North America garnered the highest market share of almost 37.8% in 2021 and is projected to grow at a steady CAGR during the assessment period. This is mainly attributed to favourable reimbursement policies, the surge in smartphone penetration, and the presence of many industry players, which further augments the regional growth. In addition, the pandemic has driven the regional demand for telepsychiatry due to lockdown.

    Market Segmentation

    Report Feature

    Market Segmentation

    4

    Regions Covered

    5

    Countries/Subregions Covered

    16

    Figures & Tables

    >90

    Company Profile

    10

     

    The market is segmented in the following ways:

    By Product Type

    • In-home solutions
    • Forensic solutions
    • Routine solutions
    • Crisis solutions
    • Others

    By Age group Type

    • Adult
    • Paediatric and Adolescent
    • Geriatric

    By End-Use Type

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

    By Region

    • North America
    • Europe
    • Asia-pacific
    • Middle East & Africa
    • South America

    Research Methodology

    For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

    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.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Report Customization

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The telepsychiatry market size is expected to reach USD 32.42 billion in 2028.

    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.

    The telepsychiatry market is expected to witness an impressive growth of 24.11% CAGR in the telepsychiatry market in the coming years.

    North America garnered the highest market share of almost 37.8% in 2021 and is projected to grow at a steady CAGR during the assessment period.

    The in-home solutions segment is expected to register the fastest CAGR in the telepsychiatry market in the years to come.

    Increase in demand for mental health treatment, 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 telepsychiatry market.

    Telepsychiatry companies, Telepsychiatry vendors, Mental health clinics, Therapy services, NGOs are the target audience in the telepsychiatry market.