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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Telepsychiatry Market
Request Now !The healthcare sector needs technology for providing care to the patients and they use video conferencing and other similar other technologies when the patient and the psychiatrist are at a distance. Subset of telemedicine is called telepsychiatry, which encompasses various services like group therapies, individual therapies and family therapies; evaluations of psychiatry can involve providing a range of services including psychiatric evaluations, medication management, and patient education.
In the process of telepsychiatry, the patient and the psychiatrist intercommunicate with each other. This helps the psychiatrists in keeping up and helping the care providers concerning the consultation and steps to be taken for mental health care. Mental diseases are nowadays treated via interactive as well as live communication procedures. This also encompasses collecting and storing medical information like the videos and images which can be further sent to the psychiatrist for analysis and reviews later.
These services are very affordable, suitable and can be easily accessible for the betterment of the mental healthcare services. Additionally, this technology also helps in delivering the care at the patient’s location, reduces the longer time interval between the sessions, and lowers the stigma barrier.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (USD) |
Segments covered | Product Type, Type, End User, and Region |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa. |
Companies covered | Major players analyzed include Iris Telehealth, e-Psychiatry, LLC, InSight Telepsychiatry, eVisit, LLC, Advanced Telemed Services, InnovaTel, American Telepsychiatrists, TPsychiatry, Encounter Telehealth, JSA Health Psychiatry, FasPsych, LLC, Genoa, and Arcadian Telepsychiatry |
COVID-19 scenario analysis:
To take care of the infected population the demand for medical supplies is increasing. Respiratory support devices such as atomizer, life-support machine, oxygen generator, and monitor are among the majorly used medical devices in primary clinical treatment. Moreover, COVID-19 has led to a huge surge in demand for medical supplies such as personal protective equipment including masks, gloves, and protective eyeglasses. With a rise in the number of COVID-19 cases worldwide, the need for medical supplies keeps on rising among, both from healthcare professionals and civil populations for precautionary measures. Manufacturers of these products have a chance to capitalize on this increased demand for medical supplies to ensure adequate and continuous supply of personal protective equipment in the market.
Owing to such factors, COVID 19 is expected to have a significant impact on the Telepsychiatry market.
It has been observed that there is a scarcity of doctors specializing in psychiatry, especially adolescents and their children. This technology permits the psychiatrists to look over a huge number of patients in lesser time; it also helps using the time productively. Along with this, there has been a significant improvement observed in the network infrastructures of mobiles, and it allows the doctors to assess clinical help in the treatment of the patients in remote and semi-urban areas. These are the major factors propelling the growth of the telepsychiatry market.
As doctors or patients don’t have to travel a large amount of money is saved; villages lack awareness and patient care from the doctors owing to the less number of trained medical professionals. Additionally, the cost of transportation for both the patients and the psychiatrist can be reduced; second opinions of other psychiatrists can also be sought. This affects their treatment and they might even ignore their condition can. This is helping in increasing the reach of the telepsychiatry market.
On the other hand, there are various issues faced in the telepsychiatry market like hacking data, fraud towards identity, and privacy concerns. Fluctuation in the internet connections and flickering of the mobile coverage in both the developed as well as the developing economies where the network connections are still 2G. Sometimes, the internet gets disconnected in the middle of the session which effects the treatment.
Apart from this, there is observed uncertainty in the policies of the regulations.
On December 10th, 2019, Regroup Telehealth and InSight Telepsychiatry went into a merger acquisition.
On May 28th, 2019, American Well introduced a new app American Well Telehealth Clinical App.
On November 12th, 2019, Koninklijke Phillips introduced their new platform IntelliSpace Cognition platform.
Specialty care settings, hospitals, skilled nursing facilities, community mental health centers are the major consumers of the telepsychiatry market. Amongst them, hospitals are the biggest end-users in the market. Rise in the awareness amongst the population about the mental disorders and the need for their treatment using telepsychiatry. Mental healthcare communities are growing at a considerable rate.
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