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  • Telepsychiatry Market Analysis | 2022-2028

    Telepsychiatry Market Analysis | 2022-2028

    Telepsychiatry Market Analysis | 2022-2028
    Report code - SRHL319 Delivery - 2 Weeks
    Telepsychiatry Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppor See more...

    “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”.

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    Market Dynamics

    Introduction

    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, 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.

    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 in terms of 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?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    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.

    Report Customization Options

    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 three players)
    • SWOT analysis of key players (up to three 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 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 to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The telepsychiatry market is estimated to grow at a healthy CAGR of 24.11% over the next five years.

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

    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.

    North America will likely maintain its supremacy in the market throughout the forecast period.

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

    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 market is studied from 2016-2028.