Telepsychiatry Market: Global Industry Analysis and Forecast (2021-2029) Trends, Statistics, Dynamics, Segmentation by Product, Age group, End-use, and Region

Telepsychiatry Market size was valued at USD 8.2 Bn. in 2021 and the total Telepsychiatry revenue is expected to grow by 23 % from 2022 to 2029, reaching nearly USD 48.9 Bn.

Telepsychiatry Market Overview:

Telepsychiatry is a method of providing psychiatric services to people who live a long distance away from a psychiatrist and prefer to be at home. Telepsychiatry provides several advantages, including convenience and increased accessibility. Telemedicine employs video-based technology to provide a variety of healthcare services to patients. Using telepsychiatry, psychiatrists can communicate directly with patients over the phone or via video conferencing. Some people prefer to provide recordings of their medical records. Telepsychiatry, according to the American Psychiatric Association (APA), can include the following services: psychiatric evaluations and diagnoses, individual therapy, group therapy, family therapy, client education, and medication management. Telepsychiatry has the significant advantage of providing a practical and effective alternative to in-person psychiatric services. It is appropriate for all ages, including children, adolescents, and adults. Telepsychiatry is preferable to face-to-face treatment for some people, such as autistic people and those with severe anxiety disorders. Rising healthcare costs, technological innovations, increasing remote patient monitoring, and an increase in mental disorders are the major factors driving the growth of the telepsychiatry market. The growing geriatric and medically underserved (especially rural) population, the increasing prevalence of chronic conditions, the benefits of telehealth given the current shortage of physicians and care personnel, and advancements in telecommunications are driving growth in the telepsychiatry market. However, regional differences in regulations, the possibility of fraud, and the use of social media for care provision have a negative impact on the growth of the telepsychiatry market. Telepsychiatry MarketTo know about the Research Methodology :- Request Free Sample Report

Telepsychiatry Market Dynamics:

Bolstering demand from the healthcare providers Telepsychiatry via video can help meet patients' needs for helpful, easily accessible, and affordable mental health services. It can benefit patients in a variety of ways, including: • Access to mental health specialty care that would otherwise be unavailable is increased (e.g., in rural areas). • Aids in the integration of behavioral health and primary care, resulting in better outcomes. • Reduces the need for emergency room visits. • Capability to bring medical care to the patient. • Improves continuity of care and follow-up. • Reduces the need for time away from work to attend appointments that are far from work, childcare services, and so on. • Reduces treatment delays. • It lowers the stigma barrier. • Reduces the possibility of transportation barriers, such as a lack of transportation or the need for long drives. There is substantial scientific evidence that telepsychiatry is effective in the treatment of mental illness. There is a hypothesis that treatment via video conference produces the same results as face-to-face therapy and that telepsychiatry is a viable alternative when face-to-face therapy is not possible. Guinart, D., et al. (2020) conducted the first large-scale evaluation research study to determine patients' attitudes toward telepsychiatry, and the results were extremely positive which boosts the telepsychiatry market and is expected to do the same during the forecast period. According to the MMR analysis, most subjects said they feel more at ease at home, can save money and time on transportation, can express themselves more freely, and/or request less time off work, and thus are more likely to consider using telepsychiatry in the future. MMR found that telepsychiatry was preferred by 30% of the population prior to the pandemic, but increased to 70% during the pandemic. Which boosted the telepsychiatry market. Telepsychiatry MarketIncreasing healthcare investment to support the market Rising healthcare costs, technological innovations, increasing remote patient monitoring, and an increase in mental disorders are the major factors driving the growth of the telepsychiatry market. Telepsychiatric solutions help to reduce healthcare costs while increasing efficiency by improving chronic disease management, reducing travel times, sharing health professional staffing, and having fewer and shorter hospital stays. According to the article titled 'Economic evaluation and costs of telepsychiatry programs: a systemic review' published in August 2020, telepsychiatry entails the use of telecommunications technology to deliver psychiatric care and holds the promise of lowering costs and increasing access to mental health services. According to the article "Provision of Care," In a study of real-world telemental health providers published in May 2021, the majority of providers reported primarily providing telemental health services to adults suffering from anxiety, depression, trauma, and stress-related disorders in individual therapy formats. Several population-based psychological autopsy studies of suicides have been conducted in recent decades, revealing important information about the risk factors for youth suicide. Suicide can be caused by a highly unique, dynamic, and complex interplay of genetic, biological, psychological, and social factors, according to the studies. Thus, an increase in suicidal tendencies in young adults and teenagers increases the demand for mental health treatment, boosting the growth of the telepsychiatry market.

Telepsychiatry Market Trends

Role of Mental Health Apps in Telepsychiatry Practice Personalizing telehealth is one key area in which the telepsychiatry market has enormous potential. As a result of technological advancements, smartphones are primarily preferred by the population, and they can now be used to provide personalized PMI care. Individual mobile phone apps for mental illnesses can provide dynamic two-way connectivity to a multidisciplinary team. A PMI can enroll in a program that is specific to his or her diagnosis. This app could become a safe haven for all clinical details like illness duration, clinical features, illness course, medication status, allergies, comorbid conditions, a checklist to monitor adherence and side effects, and an e-prescription. Telepsychiatry MarketThis application may also allow the specialist to remotely monitor and manage the patient, similar to running a mental health clinic, albeit digitally. The learn, assess, manage, and prevent (LAMP) platform developed by Torous et al. is one such application that has the potential to harness all such endeavors. The LAMP platform can formulate a relapse risk algorithm and assist in developing a personalized care plan with the help of a digital navigator who monitors all patient-related data such as sleep patterns, physical activity, and stressors. These applications also provide real-time behavioral data and information on how symptoms differ across different dimensions. These apps eliminate the need for specialized hardware while providing real-time data. The US Food and Drug Administration (FDA) recently approved reSET, an innovative application for substance use disorder to be used in conjunction with routine outpatient management (Pear Pharmaceutics). re-SET is a component of a comprehensive care plan for patients suffering from substance abuse disorders. This contributes to the growth of the telepsychiatry market. Telepsychiatry Market Restraints Healthcare fraud is hampering the market Healthcare fraud is a significant issue in the field of telehealth practices. A patient or a physician can be victimized in a variety of ways, such as when the physician's name and accounts are used to receive payments from the insurance company, or when non-eligible or non-listed institutional providers practice improper coding and billing for false claims. Such fraudulent activities can erode trust and credibility in telehealth services. Victimized patients also have a tendency to share their negative experiences in the media, which affects many new entrants, slowing the telepsychiatry market growth.

Telepsychiatry Market Opportunity

Virtual Reality and Artificial Intelligence: Shaping the Future of Telepsychiatry Practice Artificial intelligence in psychiatry refers to the use of techniques such as automated language processing and machine learning algorithms to assess a patient's mental state. The application of AI spans multiple domains, including diagnosis, prediction, and management of psychiatric illness. There are currently applications that use AI to monitor smartphone usage patterns and identify individuals at risk of developing mental health problems. AI-based techniques have also proven useful in predicting psychiatric symptoms such as psychosis, which manifest as manifestations of thought disorders, behavioral disorganization, or catatonia, as well as predicting treatment response which is expected to boost the telepsychiatry market in the forecast period. AI could assist a clinician in diagnosing a patient, work in tandem with designated applications to analyze a plethora of data such as past history, risk factors, side effects, existing treatment guidelines, and so on, and arrive at the best possible treatment plan for any given patient bringing the possibility of "tailored treatment" into play fuels the telepsychiatry market. Furthermore, the AI analyzes and notifies drug demand, takes into account existing stock, and automatically places an order for the drugs to be delivered to designated locations. Along with medications, a doctor prescribes the use of a specific application for each disorder, which serves various purposes such as monitoring the patient’s symptoms, generating e-prescriptions, and psychoeducation tools, monitoring adherence, and alerting both stakeholders if any warning signs emerge. As a result, comprehensive care is available at the touch of a button. Chatbots are an intriguing addition to the field of artificial intelligence. They are conversational agents who can help with the screening, diagnosis, and treatment of mental illnesses. Furthermore, they can be beneficial in suicide prevention and management. All of these aspects impact the telepsychiatry market and are expected to continue during the forecast period. Recent advances boosting the market A proposed one-stop center: Telepsychiatry will soon be able to bring everyone under one roof. One such possibility is a "one-stop shop." Currently, women and children who have been abused must visit multiple locations to consult with various professionals such as a psychiatrist, gynecologist, pediatrician, legal counsel, and so on. With advancements in the telepsychiatry market, all of these services can be delivered under one roof. A one-stop center could be a virtual one, eliminating the need for a woman or child who has been abused to travel from one location to another, or even to a court. They can attend all such visits from the comfort of their own home or a woman/child-friendly center, and they can obtain all of these services via video conferencing. These centers can also provide mental health and psychosocial support, as well as long-term psychological support, to such victims. A one-stop center can also assist patient support groups such as alcoholic anonymous, narcotics anonymous, and others. Through such one-stop centers, patients can receive psychiatric consultation as well as psychosocial support under one roof. Telepsychiatry in community settings: Another setting in which the telepsychiatry market may become indispensable in the future is rehabilitation centres such as halfway houses, long-stay homes, custodial care homes, prisons, juvenile homes, reception centres, elderly care homes, orphanages, and so on, where psychiatric morbidities are high. Given the existing scarcity of human resources, telepsychiatry is the best possible solution for meeting the mental health needs of this underserved population. The same can be said for religious centres such as the "Dawa and Dua Program,"24 which can result in psychiatric services being provided to many patients who visit such places.

Telepsychiatry Market Segment Analysis:

Based on Product, the growing preference for telepsychiatry treatment at home, in-home solutions dominated the telepsychiatry market in 2021, with a revenue share of around 38.2%. Because consultation is available at the touch of a button, the in-home solution saves valuable travel time. Moreover, the constantly changing guidelines regarding improved privacy and security help to increase the patient's confidence in virtual consultation, which is expected to increase revenue in the forecast years. As these solutions provide mental health services for prison inmates and correctional facilities, the forensic telepsychiatry segment is expected to grow steadily. Additionally, these services reduce healthcare costs as well as the risk and time required to transport an inmate to a treatment facility. The crisis solution segment is growing in popularity as a result of the COVID-19 pandemic, as many people are suffering from mental health issues while staying at home. During this public health emergency, many players are offering free services, which is expected to increase adoption. Telepsychiatry MarketBased on Age Group, Adults dominated the age group market segment in 2021, with a revenue share of around 58%. Adults' increasing levels of depression and anxiety are fueling the demand for virtual consultations in this age group. Moreover, adults are very accustomed to using smartphones and online services, which fuels demand even more. Owing to social isolation, job loss, and other factors, there is an increase in demand for virtual consultations for mental health during this pandemic, which is increasing the adoption of these services. People suffering from mental illnesses are prone to making risky lifestyle choices. As a result, they require continuous monitoring to alleviate feelings of loneliness, which can be accomplished through remote monitoring. Furthermore, early warning signs and follow-up appointments can be easily tracked with telepsychiatry, which is fueling demand. Telepsychiatry MarketBased on the End-use, In 2021, community mental health centers dominated the telepsychiatry market, accounting for more than 28% of total revenue. The high demand for telepsychiatry services is being fueled by a shortage of clinical teams in these facilities. Additionally, the service is cost-effective, and increased patient satisfaction is expected to drive the segment's growth even further. The market is divided into end-use segments such as community mental health centers, specialty care settings, skilled nursing facilities, home care, and others. Over the forecast period, the homecare segment is expected to be the fastest-growing sub-segment. The growth can be attributed to the ease of using the services from the comfort of one's own home, an increase in smartphone penetration, and supportive government policies that encourage the use of these services.

Telepsychiatry MarketTelepsychiatry Market Regional Insights:

North America dominated the market with a revenue share of around 42% in 2021. This growth can be attributed to increased smartphone penetration, favorable reimbursement policies, and the presence of numerous industry players. Moreover, the pandemic provided a much-needed impetus to this technology. CMS and FDA viewed telemedicine and virtual care services as the backbone of the COVID-19 response strategy, which is fueling telepsychiatry market revenue. Telepsychiatry MarketAsia Pacific is expected to grow at a rapid pace, during the forecast period. Factors such as increased patient awareness, growing smartphone adoption, and favourable government initiatives are all contributing to the region's increased adoption of this service. The Japanese Ministry of Economy, Trade, and Industry (METI) launched free remote consultation services with Line and Medpeer on March 11, 2020, which is expected to increase revenue. Moreover, India's Ministry of Health and Family Welfare issued new guidelines to provide remote consultation via video call, chat, and phone in order to serve people in remote areas during lockdown and help them cope with their mental health.

Telepsychiatry Market Scope: Inquiry Before Buying

Telepsychiatry Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 8.2 Bn.
Forecast Period 2022 to 2029 CAGR: 25% Market Size in 2029: US $ 48.9 Bn.
Segments Covered: 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

Telepsychiatry Market, by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Leading Players in the Telepsychiatry Market are:

• 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 Frequently Asked Questions: 1] What segments are covered in the Global Telepsychiatry Market report? Ans. The segments covered in the Telepsychiatry Market report are based on Product, Age group, End-use, and Region. 2] Which region is expected to hold the highest share in the Global Telepsychiatry Market? Ans. The North America region is expected to hold the highest share in the Telepsychiatry Market. 3] What is the market size of the Global Telepsychiatry Market by 2029? Ans. The market size of the Telepsychiatry Market by 2029 is expected to reach US$ 48.9 Bn. 4] What is the forecast period for the Global Telepsychiatry Market? Ans. The forecast period for the Telepsychiatry Market is 2021-2029. 5] What was the market size of the Global Telepsychiatry Market in 2021? Ans. The market size of the Telepsychiatry Market in 2021 was valued at US$ 8.2 Bn.
1. Global Telepsychiatry Market Size: Research Methodology 2. Global Telepsychiatry Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Telepsychiatry Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Telepsychiatry Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Telepsychiatry Market Size Segmentation 4.1. Global Telepsychiatry Market Size, by Product (2021-2029) • In-home Solutions • Forensic Solutions • Routine Solutions • Crisis Solutions 4.2. Global Telepsychiatry Market Size, by Age Group (2021-2029) • Adult • Pediatric and Adolescent • Geriatric 4.3. Global Telepsychiatry Market Size, by End-use (2021-2029) • Community Mental Health Centers • Specialty Care Settings • Skilled Nursing Facilities • Homecare • Others 5. North America Telepsychiatry Market (2021-2029) 5.1. North America Telepsychiatry Market Size, by Product (2021-2029) • In-home Solutions • Forensic Solutions • Routine Solutions • Crisis Solutions 5.2. North America Telepsychiatry Market Size, by Age Group (2021-2029) • Adult • Pediatric and Adolescent • Geriatric 5.3. North America Telepsychiatry Market Size, by End-use (2021-2029) • Community Mental Health Centers • Specialty Care Settings • Skilled Nursing Facilities • Homecare • Others 5.4. North America Semiconductor Memory Market, by Country (2021-2029) • United States • Canada • Mexico 6. European Telepsychiatry Market (2021-2029) 6.1. European Telepsychiatry Market, by Product (2021-2029) 6.2. European Telepsychiatry Market, by Age Group (2021-2029) 6.3. European Telepsychiatry Market, by End-use (2021-2029) 6.4. European Telepsychiatry Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Telepsychiatry Market (2021-2029) 7.1. Asia Pacific Telepsychiatry Market, by Product (2021-2029) 7.2. Asia Pacific Telepsychiatry Market, by Age Group (2021-2029) 7.3. Asia Pacific Telepsychiatry Market, by End-use (2021-2029) 7.4. Asia Pacific Telepsychiatry Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Telepsychiatry Market (2021-2029) 8.1. Middle East and Africa Telepsychiatry Market, by Product (2021-2029) 8.2. Middle East and Africa Telepsychiatry Market, by Age Group (2021-2029) 8.3. Middle East and Africa Telepsychiatry Market, by End-use (2021-2029) 8.4. Middle East and Africa Telepsychiatry Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Telepsychiatry Market (2021-2029) 9.1. South America Telepsychiatry Market, by Product (2021-2029) 9.2. South America Telepsychiatry Market, by Age Group (2021-2029) 9.3. South America Telepsychiatry Market, by End-use (2021-2029) 9.4. South America Telepsychiatry Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Telehealth 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Epsychiatry Pty. Ltd. 10.3. CB Information Services, Inc. 10.4. eVisit 10.5. Advanced TeleMed Services 10.6. innovaTel 10.7. American Telepsychiatrists 10.8. Encounter Telepsychiatry 10.9. JSA Health Telepsychiatry, LLC 10.10. Arcadian Telepsychiatry, LLC 10.11. Genoa 10.12. FasPsych, LLC 10.13. General Electric 10.14. TeleSpecialists 10.15. Chiron Health 10.16. Zipnosis 10.17. Medtronic 10.18. Iris Telehealth Inc. 10.19. MDLIVE 10.20. SOC Telemed

About This Report

Report ID 166837
Category Medical Devices
Published Date Dec 2022
Updated Date
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