Telepsychiatry Market projected to reach USD 39.9 Billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023-2030 - pronounced by MarketDigits in its recent study

The Global Telepsychiatry Market was valued USD 9.7 Billion in 2023 and projected to reach USD 39.9 Billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023-2030


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:

ReportDetails
Market size value in 2023USD 9.7 Billion
Market size value in 2030USD 39.9 Billion
CAGR (2023-2030)22.4%
Forecast Period2023–2030
Historic Data2019
Forecast UnitsValue (USD Million/USD Billion)
Segments CoveredProduct Type, Age group, End User and Region
Geographies CoveredNorth America, Europe, Asia Pacific, and RoW
 
  • Talkspace
 
  • Telemynd
Sample of Companies Covered
  • Advanced Telemed Services
 
  • e-Psychiatry
 
  • American Tele psychiatrists

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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.

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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.

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