Telepsychiatry Market
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 (Skilled Nursing Facilities)) Forecast Period (2023-2030)
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. Telepsychiatric 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 have a tendency 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.
People with Mental Illness in 2020 (in Million)
Source: National Alliance on mental Illness (NAMI)
Regional Outlooks
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.
Global Telepsychiatry Market Growth, by Region 2023-2030
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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Advanced Telemed Services
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. e-Psychiatry
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. innovateL
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Iris Telehealth
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. SOC Telemed
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
4. Market Segmentation
4.1. Global Telepsychiatry Market by Product
4.1.1. In-Home Solutions
4.1.2. Forensic Solutions
4.1.3. Routine Solutions
4.1.4. Crisis Solutions
4.2. Global Telepsychiatry Market by Age-Group
4.2.1. Pediatric
4.2.2. Adult
4.2.3. Geriatric
4.3. Global Telepsychiatry Market by End-User
4.3.1. Community Mental Health Centers
4.3.2. Specialty Care Settings
4.3.3. Homecare
4.3.4. Operation Management
4.3.5. Other (Skilled Nursing Facilities)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Acadia Healthcare
6.2. American Tele psychiatrists
6.3. Ascension
6.4. Behavioral Health services Inc.
6.5. Centene Corp.
6.6. Elevance Health Inc.
6.7. Encounter Telehealth, LLC
6.8. Insight Telepsychiatry
6.9. MDLIVE Inc.
6.10. Oracle Corp.
6.11. Pyramid Healthcare, Inc.
6.12. Strategic Behavioral Health, LLC
6.13. Telemynd
6.14. Welligent Inc.
1. GLOBAL TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY P,2022-2030 ($ MILLION)
2. GLOBAL TELEPSYCHIATRY IN-HOME SOLUTIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL TELEPSYCHIATRY FORENSIC SOLUTIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL TELEPSYCHIATRY ROUTINE SOLUTIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL TELEPSYCHIATRY CRISIS SOLUTIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY AGE-GROUP,2022-2030 ($ MILLION)
7. GLOBAL PEDIATRIC TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL ADULT TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL GERIATRIC TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY END-USER,2022-2030 ($ MILLION)
11. GLOBAL TELEPSYCHIATRY FOR COMMUNITY MENTAL HEALTH CENTERS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL TELEPSYCHIATRY FOR SPECIALTY CARE SETTINGS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL TELEPSYCHIATRY FOR HOMECARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL TELEPSYCHIATRY FOR OTHER END-USER MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. NORTH AMERICAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
17. NORTH AMERICAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2022-2030 ($ MILLION)
18. NORTH AMERICAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY AGE-GROUP, 2022-2030 ($ MILLION)
19. NORTH AMERICAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
20. EUROPEAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
21. EUROPEAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2022-2030 ($ MILLION)
22. EUROPEAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY AGE-GROUP, 2022-2030 ($ MILLION)
23. EUROPEAN TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
24. ASIA-PACIFIC TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
25. ASIA-PACIFIC TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2022-2030 ($ MILLION)
26. ASIA-PACIFIC TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY AGE-GROUP, 2022-2030 ($ MILLION)
27. ASIA-PACIFIC TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
28. REST OF THE WORLD TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
29. REST OF THE WORLD TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2022-2030 ($ MILLION)
30. REST OF THE WORLD TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY AGE-GROUP, 2022-2030 ($ MILLION)
31. REST OF THE WORLD TELEPSYCHIATRY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
1. GLOBAL TELEPSYCHIATRY MARKET SHARE BY PRODUCT, 2022 VS 2030(%)
2. GLOBAL TELEPSYCHIATRY IN-HOME SOLUTION MARKET SHARE BY REGION, 2022 VS 2030(%)
3. GLOBAL TELEPSYCHIATRY FORENSIC SOLUTIONS MARKET SHARE BY REGION, 2022 VS 2030(%)
4. GLOBAL TELEPSYCHIATRY ROUTINE SOLUTIONS MARKET SHARE BY REGION, 2022 VS 2030(%)
5. GLOBAL TELEPSYCHIATRY CRISIS SOLUTIONS MARKET SHARE BY REGION, 2022 VS 2030(%)
6. GLOBAL TELEPSYCHIATRY MARKET SHARE BY AGE-GROUP, 2022 VS 2030(%)
7. GLOBAL PEDIATRIC TELEPSYCHIATRY MARKET SHARE BY REGION, 2022 VS 2030(%)
8. GLOBAL ADULT TELEPSYCHIATRY MARKET SHARE BY REGION, 2022 VS 2030(%)
9. GLOBAL GERIATRIC TELEPSYCHIATRY MARKET SHARE BY REGION, 2022 VS 2030(%)
10. GLOBAL TELEPSYCHIATRY MARKET SHARE BY END-USER, 2022 VS 2030(%)
11. GLOBAL TELEPSYCHIATRY FOR COMMUNITY MENTAL HEALTH CENTERS MARKET SHARE BY REGION, 2022 VS 2030(%)
12. GLOBAL TELEPSYCHIATRY FOR SPECIALTY CARE SETTINGS MARKET SHARE BY REGION, 2022 VS 2030(%)
13. GLOBAL TELEPSYCHIATRY FOR HOMECARE MARKET SHARE BY REGION, 2022 VS 2030(%)
14. GLOBAL TELEPSYCHIATRY FOR OTHER END-USER MARKET SHARE BY REGION, 2022 VS 2030(%)
15. GLOBAL TELEPSYCHIATRY MARKET SHARE BY REGION, 2022 VS 2030(%)
16. US TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
17. CANADA TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
18. UK TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
19. FRANCE TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
20. GERMANY TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
21. ITALY TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
22. SPAIN TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
23. REST OF EUROPE TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
24. INDIA TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
25. CHINA TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
26. JAPAN TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
27. SOUTH KOREA TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF ASIA-PACIFIC TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
29. REST OF THE WORLD TELEPSYCHIATRY MARKET SIZE, 2022-2030 ($ MILLION)
