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:

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.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

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.

New product launches and acquisitions to flourish the market:

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.

Surge in usage in hospitals applications:

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.

     Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global Telepsychiatry industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global Telepsychiatry market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Telepsychiatry Market research report:

• What are the leading market players active in the Telepsychiatry market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the Telepsychiatry Market?
• What are the projections for the future that would help in taking further strategic steps?

 Key Market Segments

 
Key Market Players

• Iris Telehealth
• e-Psychiatry, LLC
• InSight Telepsychiatry
• eVisit, LLC
• Advanced Telemed Services
• InnovaTel
• American Telepsychiatrists
• TPsychiatry
• Encounter Telehealth
• JSA Health Psychiatry