Global Telepsychiatry Market 2023-2030

Global Telepsychiatry Market 2023-2030

Global Telepsychiatry Market Size, Share & Trends Analysis Report by Product (In-Home Solutions, Forensic Solutions, Routine Solutions, and Crisis Solutions), by Age-Group (Pediatric, Adult, and Geriatric), by End-User (Community Mental Health Centers, Specialty Care Settings, Homecare, Operation Management, and Other) Forecast Period (2023-2030)

The global telepsychiatry market is anticipated to grow at a considerable CAGR of 19.5% during the forecast period. The rising healthcare costs, technological innovations, increasing remote patient monitoring, and the rising mental disorders are driving the growth of the global market. According to the WHO, in 2019, 1 in every 8 people, or 970 million people around the world were living with a mental disorder, with anxiety and depressive disorders the most common. In 2020, the number of people living with anxiety and depressive disorders rose significantly because of the COVID-19 pandemic. Tele psychiatric solutions help decrease the cost of healthcare while increasing efficiency through improved management of chronic diseases, reduced travel times, shared health professional staffing, and fewer and shorter hospital stays.

The shortage of psychiatry beds further increases the need for virtual consultation services. As per the report of Psychiatric Services, there were around 14 beds per 100,000 people available in the US as of 2018 which is much lower than the growing demand. The lack of proactive care and inconsistent treatment may lead to critical conditions which can be reduced by constant monitoring via telepsychiatry services. Telepsychiatry helps in more effective crisis response, thus propelling the demand. The patients can get more consistent treatment via video calls, chats and telephonic conversion which can reduce overburden of in-patient appointments.

Segmental Outlook

The global telepsychiatry market is segmented based on product, age-group, and end-user. Based on product, the market is segmented into in-home solutions, forensic solutions, routine solutions, and crisis solutions. Based on age-group, the market is segmented into pediatric, adult, and geriatric. Based on end-user, the market is segmented into community mental health centers, specialty care settings, homecare, operation management, and other (skilled nursing facilities).

Adult Segment is Anticipated to Exhibit Fastest CAGR

Adults segment held considerable share in the global market. The increasing level of depression and anxiety in adults has driven the demand for telepsychiatry in this age group. According to the Centers for Diseases Control and Prevention (CDC), at some point in their lives, one out of every six adults will experience depression. Every year, approximately 16 million adults in the US suffer from depression. Thus, the growing trend of depression in adults is expected to drive the growth of the segmental market. Furthermore, adults are very much likely to use smartphones and online services, which can promote the market demand. Patients with mental health disorders tend to drift toward harmful lifestyle choices very easily. Hence, these people need continuous monitoring via remote monitoring that can help them curb the feeling of loneliness.

Regional Outlook

The global telepsychiatry market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific is estimated to be the fastest-growing region owing to the rapidly developing healthcare industry and growing disposable incomes in the region. The increasing awareness amongst patients regarding these services, rising smartphone adoption, and favorable government initiatives are contributing to the increased adoption of this service across the region. In March 2020, the Japanese Ministry of Economy, Trade, and Industry (METI) launched free remote consultation services in collaboration with Line and Medpeer, which is expected to increase the revenue. Moreover, the Ministry of Health and Family Welfare, India launched new guidelines to provide remote consultation via video call, chat, and telephone in order to serve people in remote areas during lockdown and cope up with their mental health. Such developments are contributing to the regional market growth.

The North America Region held Considerable Share in the Global Telepsychiatry Market

The regional market is driven by the high occurrences of chronic diseases, increasing healthcare expenditure, technological developments, rising geriatric populations, and growing awareness of remote monitoring. The advent of mobile health services in this region provides growth opportunities for telepsychiatry. Moreover, the active presence of key players is further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global telepsychiatry market include innovaTel, Advanced Telemed Services, SOC Telemed, Iris Telehealth, and e-Psychiatry among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In July 2020, Eugenia launched Telepsychiatry Program in partnership with Insight + Regroup to improve the mental health care services in Lewis County. Through this partnership, they are trying to reach more people who have mental health issues.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global telepsychiatry market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.