Global Telepsychiatry Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Telepsychiatry Market: Overview

“The global Telepsychiatry Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Telepsychiatry is a part of telemedicine, which includes psychiatric evaluations, therapy, patient education, and medication management. Telepsychiatry offers direct interactions between patients and the psychiatrist.

It is used for different types of therapies such as individual therapy, family therapy, or group therapy.

Telepsychiatry also offers facilities such as session recording in form of images or audio-video file, for later reviewing the file. This technology can be used to treat patients in even remote places.

Global Telepsychiatry Market: Dynamics

The major factor driving growth of the global telepsychiatry market is increasing awareness regarding mental health and rising demand for mental health treatments among end users.

Telepsychiatry provides patients treatment in their homes that helps to make them comfortable while receiving the treatment. It also eliminates the requirement of the patient to travel to hospital or clinics for receiving the treatment.

These are also some of the factors fueling growth of the target market. Furthermore, growing adoption of telemedicine and reducing stigma against medical treatment for mental health are factors expected to boost growth of the global telepsychiatry market in the near future.

However, stringent regulations regarding treatment in various countries is a factor that may hamper growth of the global telepsychiatry market.

In addition, the possibility of telepsychiatry being less effective than direct consultation is another factor that could affect its demand among end users in the near future. Nevertheless, growing adoption of technologically advanced solutions in the healthcare sector can create high revenue opportunities for players in the target market.

Global Telepsychiatry Market: Segment Analysis

Among the product type segments, the in-home solutions segment is expected to register high growth in terms of revenue in the near future. Increasing preference for healthcare treatment provided to their patients in their home is a factor propelling growth of the in-home solutions segment in the target market.

Among the end user segments, the hospital segment is expected to register lucrative growth in terms of revenue over the forecast period.

Global Telepsychiatry Market: Regional Analysis

Currently, market in North America dominates the global market in terms of revenue and is expected to maintain its position over the forecast period. Increasing adoption of telepsychiatry technology as well as well-established architecture are factors fueling growth of the target market in this region. In addition, high investment in the healthcare sector is another factor supporting growth of the telepsychiatry in North America.

The market in Europe is expected to account for second-highest share in terms of revenue in the near future. Market in Asia Pacific is expected to register high growth in terms of revenue over the forecast period.

Lack of well-established infrastructure in developing countries and increasing adoption of smartphones are factors anticipated to boost growth of the target market in the Asia Pacific region.

Global Telepsychiatry Market Segmentation:

Segmentation by product type:

• Forensic Solutions
• Routine Solutions
• In-Home Solutions
• Crisis Solutions
• Others

Segmentation by end user:

• Community Mental Health Centers
• Skilled Nursing Facilities
• Specialty Care Settings
• Hospitals

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa