Telepsychiatry Market 2030 By Product Type (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions and Others), Age group (Pediatric, Adult and Geriatric), End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Industry : Healthcare | Pages : 181 Pages | Published On : Feb 2024

         
     

Telepsychiatry Market was valued USD 9.7 Billion in 2023 and projected to reach USD 39.9 Billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023-2030.

Telepsychiatry Market Size


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             2019                         2023-2030      

ReportDetails
Market Size ValueUSD 9.7 Billion in 2023
Market Size ValueUSD 39.9 Billion by 2030
CAGR22.4%
Forecast Period2023-2030
Historic Data2019
Forecast UnitsValue (USD Million/USD Billion)
Segments CoveredProduct Type, Age group, End-user and Region
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Major vendors in the global Telepsychiatry market : Talkspace, Telemynd, Advanced Telemed Services, American Tele psychiatrists, e-Psychiatry, Iris Telehealth, MDLIVE Inc, innova Tel Telepsychiatry, Encounter Telehealth, LLC and Others.

Market Overview

Telepsychiatry involves delivering psychiatric services to individuals residing far from a psychiatrist who prefer receiving care in the comfort of their homes. This method offers numerous advantages, such as increased accessibility and convenience. Telemedicine utilizes video-based technology to deliver various healthcare services to patients. Through telepsychiatry, psychiatrists can directly interact with patients through phone calls or video conferencing. Factors driving the expansion of the telepsychiatry market include the growing elderly and medically underserved populations, particularly in rural areas, the rising prevalence of chronic conditions, the benefits of telehealth amid the current shortage of healthcare professionals, and advancements in telecommunications. However, challenges like regional regulatory variations, potential fraud, and the use of social media for care provision hinder the growth of the telepsychiatry market.

Rising demand for telepsychiatry

The increasing demand for telepsychiatry among both the general population and healthcare providers is driven by its convenient and cost-effective business model. Its capacity to improve care coordination and the positive feedback from caregivers and parents regarding the quality of care provided further contribute to the growth of the global telepsychiatry market. Additionally, according to a WHO study, approximately 7.5% of the Indian population is currently living with some form of mental disorder, and projections suggest that by 2020, this figure will rise to about 20%. This escalating prevalence of mental disorders is a significant factor fueling the expansion of the market.

Market Dynamics

Drivers:

  • Increasing demand for mental health services
  • Growing geriatric and medically underserved populations
  • High demand from healthcare providers

Opportunities:

  • Partnering with other organizations
  • Developing new technologies
  • Educating the public

Expanding into new markets

Entering new markets in the telepsychiatry sector represents a strategic opportunity for growth and increased outreach. With the growing demand for telepsychiatry services, exploring untapped markets allows providers to extend their influence and cater to diverse populations seeking mental health support. Diversifying into different geographical areas not only provides access to a broader patient base but also facilitates the establishment of partnerships with local healthcare organizations. This strategic approach promotes collaborative efforts to address specific mental health needs unique to various regions. Additionally, venturing into new markets in telepsychiatry creates avenues for innovation and adaptation to different cultural nuances, thereby contributing to the overall advancement and global expansion of mental healthcare services.

The market for Telepsychiatry is dominated by North America.

In 2022, North America emerged as the market leader, boasting a substantial share of revenue. This dominance can be credited to the widespread adoption of smartphones, favorable reimbursement policies, and the presence of a multitude of industry players in the region. Furthermore, the pandemic played a pivotal role in driving the growth of this technology. Both CMS and FDA recognized telemedicine and virtual care services as essential components of the COVID-19 response strategy, thereby contributing significantly to the revenue surge in the telepsychiatry market.

On the other hand, the Asia Pacific region is anticipated to experience rapid growth throughout the forecast period. This surge can be attributed to factors such as heightened patient awareness, the expanding use of smartphones, and supportive government initiatives fostering increased adoption of telepsychiatry services in the region. A noteworthy development is the Japanese Ministry of Economy, Trade, and Industry (METI) launching free remote consultation services in collaboration with Line and Medpeer on March 11, 2020, which is expected to contribute to revenue growth. Additionally, the Ministry of Health and Family Welfare in India has issued new guidelines to facilitate remote consultations through video calls, chat, and phone, particularly targeting remote areas during lockdowns to assist individuals in managing their mental health.

The Adult Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on age group, the market is pediatric, adult and geriatric. In 2022, the market segment dominated by adults secured a significant share of revenue. The increasing prevalence of depression and anxiety among adults is a key driver behind the growing demand for virtual consultations in this age group. Additionally, the familiarity of adults with smartphone usage and online services further contributes to the rising demand. The pandemic has intensified the need for virtual mental health consultations due to factors like social distancing and job losses, fostering increased adoption of these services. Individuals with mental health disorders are susceptible to harmful life choices, emphasizing the importance of continuous monitoring to address feelings of loneliness, a service readily provided through remote monitoring. Furthermore, telepsychiatry proves effective in tracking early warning signs and facilitating follow-up appointments, further fueling its demand.

Segmentations Analysis of Telepsychiatry Market: -

  • By Product Type
    • In-home solutions
    • Forensic solutions
    • Routine solutions
    • Crisis solutions
    • Others
  • By Age group
    • Pediatric
    • Adult
    • Geriatric
  • By End-user
    • Community Mental Health Centers
    • Specialty Care Settings
    • Skilled Nursing Facilities
    • Homecare
    • Others
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of MEA

Recent Developments

  • In October 2023, Talkspace announced a partnership with the National Guard to provide telepsychiatry services to Guard members and their families.
  • In September 2023, Teladoc Health announced a partnership with the American Psychiatric Association (APA) to provide telepsychiatry services to APA members.

Answers to Following Key Questions:

  • What will be the Telepsychiatry Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Telepsychiatry Market?
  • What are the main forces behind worldwide Telepsychiatry Market? Which companies dominate Telepsychiatry Market?
  • Which companies dominate Telepsychiatry Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Insight Engines industry's suppliers' opportunities and dangers in Telepsychiatry Market?
  • What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Telepsychiatry Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Telepsychiatry Market?
  • What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Telepsychiatry Market?
  • What are the dominant revenue-generating regions for Telepsychiatry Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Telepsychiatry Market trends that are influencing the market's expansion?
  • Which key product categories dominate Telepsychiatry Market? What is Telepsychiatry Market’s main applications?
  • In the coming years, which Telepsychiatry Market technology will dominate the market?

Reason to purchase this Telepsychiatry Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Telepsychiatry Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Telepsychiatry Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Telepsychiatry Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Telepsychiatry Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Telepsychiatry Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

TOC

Table and Figures

Methodology:

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This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.

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