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
Segmentation by end user:
- Community Mental Health Centers
- Skilled Nursing Facilities
- Specialty Care Settings
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Iris Telehealth
- InSight Telepsychiatry, LLC
- eVisit, Inc.
- Advanced Telemed Services
- innovaTel Telepsychiatry
- American Telepsychiatrists
- Encounter Telehealth, LLC
- JSA Health Psychiatry
Request for TOC
Why Choose Us
- 360 Degree Approach
- Growth Consulting
- 24/7 Research Support
- Comprehensive-Level of Customization
- Comprehensive-Level of Customization
- Competitive Intelligence
- Single-Country/ Region Intelligence
- Post-Sale Service Assistance
- Access to Lead Analysts
- Available in PDF, Excel, Word/ PPT
Request for Customization
Don't just take our word. We are trusted by these great companies!