Portland, OR, Nov. 16, 2022 (GLOBE NEWSWIRE) -- A new business intelligence report released by Allied Market Research, the global Telepsychiatry Market was estimated at $6.5 billion in 2021 and is expected to hit $41.8 billion by 2031, registering a CAGR of 20.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $6.5 Billion |
| Market Size in 2031 | $41.8 Billion |
| CAGR | 20.3% |
| No. of Pages in Report | 290 |
| Segments Covered | Product type, Age Group, End user, and Region. |
| Drivers | Increase in awareness about phychiatric disorders and advancements in telepsychiatry |
| Restraints | The high cost involved in the formulation of polyaspartic coating |
| Opportunities | Rise of the Internet age, increase in telecommunication networks, and favorable government support |
Covid-19 scenario-
- With social distancing being the new normal, the demand for teleconsultations and digital health services was at its peak. Telehealth had emerged as a powerful weapon in the war against the pandemic. These factors impacted the global telepsychiatry market positively.
- Also, many new government organizations were embracing telehealth through new policies and reimbursement guidelines, which boosted the market growth.
The global telepsychiatry market is analyzed across product type, age group, end user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By product type, the in-home solutions segment held more than two-fifths of the global telepsychiatry market revenue in 2021, and is expected to dominate by 2031. The routine solutions segment, on the other hand, would manifest the fastest CAGR of 21.0% throughout the forecast period.
By age group, the adult segment garnered more than half of the total telepsychiatry market share in 2021, and is expected to dominate by 2031. The same segment would also project the fastest CAGR of 20.7% throughout the forecast period.
By end-user, the community mental health centers segment held more than two-thirds of the total telepsychiatry market revenue in 2021, and is expected to dominate by 2031. The homecare segment, simultaneously, would cite the fastest CAGR of 21.2% throughout the forecast period.
Based on region, the global market across North America generated nearly half of the total telepsychiatry market in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, at the same time, would manifest the fastest CAGR of 21.4% during the forecast period. The other provinces analyzed through the report include Europe and LAMEA.
The key market players analyzed in the global telepsychiatry market report include Koninklijke Philips N.V., Medtronic, GE Healthcare, MDLive, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc, Teladoc Health Inc, American Well, and AMC Health. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
