Portland, Jan. 20, 2023 (GLOBE NEWSWIRE) -- A global Medical Devices business-consulting firm, Maximize Market research, has published a market intelligence and competitive landscape report on the “Telepsychiatry Market”. The report is a combination of primary and secondary data. The total market opportunity for Telepsychiatry was USD 8.2 Bn in 2021 and is expected to grow at 23 percent CAGR through the forecast period by reaching nearly USD 48.9 Bn. As per the report, the North America region dominated the global telepsychiatry market with a high revenue share of around 42 percent in the year 2021.
Telepsychiatry Market Report Scope and Research Methodology
The main objective of the report is to provide detailed information about the growth potential, opportunities, drivers, industry-specific challenges and restraints of the market. The report also majorly focuses on the key players to describe and analyze the value, volume, market competitive landscape, market share, SWOT analysis and strategies for growth till 2029. The competitive landscape presented in the report includes strategies followed by major market players along with detailed case studies on how to overcome challenges prevailing in the market. For the research, the Telepsychiatry market has been divided into three segments into the product, age group and end-use. The division is based on the characteristics and similarities in each segment contributing towards the growth of the Telepsychiatry market. The market report further provides the market volume and size of each segment. The report offers an in-depth overview of the Telepsychiatry market to help decision-makers of the organization to achieve their goals. The regional analysis covers all the regions in the world contributing to the global Telepsychiatry market growth. It offers insights into the market size, value and volume of each region for the forecast period, which helps clients to plan strategies for growth and to find a better position in the global Telepsychiatry market. The market report is a mixture of the precise conclusions from many high-end business models like porter's five forces analysis, PESTLE analysis and SWOT analysis. These methodologies express the wide scope of the Telepsychiatry market during the forecast period. The bottom-up approach was used to estimate the Telepsychiatry market size.
The Telepsychiatry market report by Maximize Market Research is completely transparent and accurate without any glitches. The analysts have delivered high-quality and best possible strategic framework in the global market.
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Telepsychiatry Market Overview
Telemedicine is a process of providing various healthcare services through telecommunication technology, mainly by videoconferencing. Telepsychiatry is a sub-segment of it. Telepsychiatry provides mental health solutions like therapies, which include family therapy, group therapy and individual therapy with psychiatric evaluations, medication management and patient education. It is said to be a viable alternative when face-to-face therapy is not possible.
Telepsychiatry Market Dynamics
The factors that are majorly contributing to the telepsychiatry market growth are the increasing geriatric and medically underserved (especially rural) population, advancements in telecommunications and the increasing prevalence of chronic diseases. The market is also majorly driven by the high demand from healthcare providers due to the benefits of telepsychiatry to patients, which include a reduction in treatment delays and improvements in the continuity of treatments and follow-ups. The increase in suicidal tendencies in teenagers and young adults resulted in an increase in the demand for mental treatments boosting the telepsychiatry market growth. Regional differences in regulation, the possibility of fraud, data hacking and privacy concerns are the factors that are expected to hamper the market growth during the forecast period.
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Telepsychiatry Market Regional Insights
In the year 2021, the telepsychiatry market in the North America region dominated the global market with a revenue share of around 42 percent. The growth of the regional market is majorly attributed to favorable reimbursement policies, increased smartphone penetration, and the presence of many industry players.
During the forecast period, the telepsychiatry market in the Asia Pacific region is expected to grow at a high CAGR. In the region, factors contributing to the market growth are the increasing adoption of smartphones, favorable government initiatives and increasing awareness among patients.
Telepsychiatry Market Segmentation
By Product
- In-home Solutions
- Forensic Solutions
- Routine Solutions
- Crisis Solutions
By Age Group
- Adult
- Pediatric and Adolescent
- Geriatric
By End-use
- Community Mental Health Centers
- Specialty Care Settings
- Skilled Nursing Facilities
- Homecare
- Others
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Telepsychiatry Market Key Competitors include:
- Telehealth
- Epsychiatry Pty. Ltd.
- CB Information Services, Inc.
- eVisit
- Advanced TeleMed Services
- innovaTel
- American Telepsychiatrists
- Encounter Telepsychiatry
- JSA Health Telepsychiatry, LLC
- Arcadian Telepsychiatry, LLC
- Genoa
- FasPsych, LLC
- General Electric
- TeleSpecialists
- Chiron Health
- Zipnosis
- Medtronic
- Iris Telehealth Inc.
- MDLIVE
- SOC Telemed
| Market Size in 2021 | USD 8.2 Bn. |
| Market Size in 2029 | USD 48.9 Bn. |
| CAGR | 25 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 201 |
| No. of Tables | 105 |
| No. of Charts and Figures | 109 |
| Segment Covered | Product, Age Group, End-use |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
Key questions answered in the Telepsychiatry Market are:
- What is Telepsychiatry?
- What is the Telepsychiatry market size at the regional and country level?
- What is the growth forecast for the Telepsychiatry market?
- What are the global trends in the Telepsychiatry Market?
- What are the upcoming industry applications and trends for the Telepsychiatry Market?
- How is the intervention from regulatory authority is shaping the Telepsychiatry Market?
- What growth strategies are the players considering to increase their presence in Telepsychiatry Market?
- What are the major challenges that the Telepsychiatry Market could face in the future?
- Who held the largest market share in Telepsychiatry Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Age Group, End-use and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Grave’s Disease Market - The market size is expected to reach USD 497.4 million by 2029 at a CAGR of 4.1 percent during the forecast period. The market is expected to be driven by the increasing prevalence of autoimmune disorders such as thyroid, which has created a demand for its treatment and the demand for quality healthcare.
Sickle Cell Disease Treatment Market - The market size is expected to reach USD 7 billion by 2029 at a CAGR of 19.1 percent during the forecast period. The market is expected to be driven by the increased frequency of sickle cell disease and a strong pipeline for the treatment of sickle cell disorders.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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