Rcihmond, Nov. 27, 2023 (GLOBE NEWSWIRE) -- According to a research report "Telepsychiatry Market, by Product Type (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions and others), Age group (Pediatric, Adult and Geriatric), End-user (Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare and Others) and Region.
Global Telepsychiatry Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 9.7 Billion |
| Market size value in 2030 | USD 39.9 Billion |
| CAGR (2023-2030) | 22.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Age group, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
| |
| |
| Sample of Companies Covered |
|
| |
|
Download the Sample - https://www.marketdigits.com/request/sample/3669
TOC Covers in Depth & Breath on Telepsychiatry Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
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.
Major Vendors in the Global Telepsychiatry Market:
- Talkspace
- Telemynd
- Advanced Telemed Services
- American Telepsychiatrists
- e-Psychiatry
- Iris Telehealth
- MDLIVE Inc
- InnovaTel Telepsychiatry
- Encounter Telehealth, LLC.
Request for Discount @ https://www.marketdigits.com/request/discount/3669
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 lifestyle 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.
Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/3669
View Similar Reports:
Onychomycosis Treatment Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Glioblastoma Treatment Drugs Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Molybdenum-99 Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
About MarketDigits:
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn
