• Blog
  • Telepsychiatry Market Report

    Telepsychiatry Market Report

    Telepsychiatry Market Report
    Report code - SRHL319 Delivery - 2 Weeks
    Get Free Sample |
    Play Audio
    Listen
    Global Telepsychiatry Market, Dynamics, Trends, and Market Analysis
    See more...

    Impact of COVID-19 on Telepsychiatry Market

    Covid-19 has impacted the market dynamics, competition, and global...

    See more...

    Impact of COVID-19 on Telepsychiatry Market

    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.

    Market Insights

    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)

    Wish to get a free sample report on this study? Click here.

    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.

    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).

    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.

    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 in 2020 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.

    Regional Trends

    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.

    • 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.

    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.

    Critical Questions Answered in the Report

    • What are the key trends in the global telepsychiatry market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of COVID-19 on the global telepsychiatry market?
    • What are the key strategies adopted by the major vendors to lead in the global Telepsychiatry market?
    • What is the market share of the top vendors?

    Wish to know more about the study? Click here.

    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

    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 sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    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.

    •