Telepsychiatry Market By Product Type (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions), By Age group (Pediatric, Adult, Geriatric), By End User (Community Mental Health Centers, Specialty Care Settings, Homecare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global telepsychiatry market was valued at $6,531.0 million in 2021, and is projected to reach $41,799.48 million by 2031, registering a CAGR of 20.3% from 2022 to 2031.
Telemedicine, also referred to as telehealth or e-medicine, is the remote delivery of healthcare services, including exams and consultations, over the telecommunications infrastructure. Telemedicine is the use of electronic information to communications technologies to provide and support healthcare when distance separates the participants. Even smaller, independent medical practice providers are starting to embrace telemedicine to compete with local retail clinics and stop losing their patients.
The rise of the internet age brought with it profound changes to the practice of telemedicine. The proliferation of smart devices and the ability of high-quality video transmission opened up the possibility of delivering remote healthcare to patients in their homes, workplaces, or assisted living facilities as an alternative to in-person visits for both primary and specialty care.
The growth of the telepsychiatry market is majorly driven by an alarming increase in the prevalence of mental disorders, growing anxiety levels in people, a rise in use of virtual health services, advancements in technologies of the healthcare sector, and a surge in the adoption of telehealth solutions. In addition, the increase in the focus of the healthcare industry on patient risk management and rise in adoption of advanced solutions for clinical risk grouping boosts the growth of the market.
Growing telecommunication networks along with government support will augment the market growth, offering expansion opportunities for market competitors. For instance, in April 2020, MyDoc partnered with First Medicine Corporation, a technology-driven healthcare company, to provide free access to the telemedicine solution in the U.S. for 3 months. This partnership will enable the company to expand its geographic outreach and strengthen its market positioning.
The telepsychiatry market is segmented on the basis of product, age group, end user, and region. As per product, the market is classified into in-home solutions, forensic solutions, routine solutions, and crisis solutions. Depending on age group, it is divided into adult, pediatric & adolescent, and geriatric. According to end user, it is categorized into community mental health centers, specialty care settings, and other. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Acadia Healthcare, Ascension, Behavioral Health Services Incorporated, Bright Harbor Healthcare, Centene Corporation, Elevance Health, Oracle Corporation, Pyramid Healthcare, Inc., Strategic Behavioral Health, LLC, and Welligent Inc.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the telepsychiatry market analysis from 2021 to 2031 to identify the prevailing telepsychiatry market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the telepsychiatry market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global telepsychiatry market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
In-home solutions
Forensic solutions
Routine solutions
Crisis solutions
By Age group
Pediatric
Adult
Gender
Male
Female
Geriatric
By End User
Community Mental Health Centers
Specialty Care Settings
Homecare
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Koninklijke Philips N.V.
Medtronic
GE Healthcare
Cerner Corporation
Siemens Healthineers
Cisco Systems, Inc
Teladoc Health Inc
American Well
AMC Health
MDLive
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