Telepsychiatry - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Telepsychiatry Market is accounted for $5.82 billion in 2019 and is expected to reach $30.34 billion by 2027 growing at a CAGR of 22.9% during the forecast period. While factors like increasing suicidal deaths, and rising incidence of mental health disorders are driving the growth of the market. However, reimbursement challenges & licensure, and privacy & confidentiality are hampering the market growth.
The telepsychiatry services help in providing affordable, convenient, and readily-accessible mental health services. Telepsychiatry, a subset of telemedicine, can involve providing a range of services including psychiatric evaluations, therapy (individual therapy, group therapy, family therapy), patient education, and medication management. It provides a practical and effective alternative to in-person psychiatric services. Psychiatrists are adopting telepsychiatry to provide treatment to those in rural and geographically isolated areas.
Based on the age group, the adult segment is going to have a lucrative growth owing to an increasing level of depression and anxiety which is increasing demand for virtual consultation in this age group. Furthermore, adults are very much accustomed to using smartphones and online services, which are further fueling the demand.
By geography, North America is estimated to have a huge demand in the forecast period due to increasing adoption of telepsychiatry technology, an increase in smartphone penetration, and favourable reimbursement policies.
Some of the key players profiled in the Telepsychiatry Market include Advanced Telemed Services, American Telepsychiatrists, Encounter Telehealth, LLC, e-Psychiatry, innovaTel Telepsychiatry, InSight Telepsychiatry, Iris Telehealth, MDLIVE Inc., SOC Telemed, and Telemynd.
Age Groups Covered:
• Pediatric and Adolescent
Product Types Covered:
• Crisis Telepsychiatry
• Forensic Telepsychiatry
• In-Home Telepsychiatry
• Routine Telepsychiatry
End Users Covered:
• Community Mental Health Centers
• Skilled Nursing Facilities
• Specialty Care Settings
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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