Telepsychiatry Market Report
The report on the Global Telepsychiatry Market is segmented By Product (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions, Others), By Age group (Adult, Paediatric and Adolescent, Geriatric), By End-Use (Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, Others) and Region, This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global telepsychiatry market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on the Global Telepsychiatry Market is segmented By Product (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions, Others), By Age group (Adult, Paediatric and Adolescent, Geriatric), By End-Use ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Telepsychiatry Market is projected to grow from USD 5.74 billion in 2020 to USD 21.36 billion by 2026 at a CAGR of over 24.5% during the forecast period.
Figure: Global Telepsychiatry Market Size, 2020-2026 (USD Billion)
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.
Key players operating in the global telepsychiatry market are-
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.
By product, the telepsychiatry market has been segmented into in-home solutions, forensic solutions, routine solutions, crisis solutions, and others.
By region, the market in North America garnered the highest market share of almost 40% in 2020 and is projected to grow at a steady CAGR during the assessment period.
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.
Here is the list of the group of customers that the Global Telepsychiatry market hopes to have the greatest opportunity to convert-
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 at [email protected].
The telepsychiatry market size is expected to reach USD 21.36 billion in the foreseeable future.
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 24.5% CAGR in the telepsychiatry market in the coming years.
North America garnered the highest market share of almost 40% in 2020 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.