Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A10313 | Pages: 290 | Charts: 60 | Tables: 154 |
The global telepsychiatry market size was valued at $6.5 billion in 2021 and is projected to reach $41.8 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031. The use of video-based telepsychiatry helps meet patients' needs for convenient, affordable, and readily-accessible mental health services. With a robust evidence base that shows telepsychiatry leading to improved outcomes and higher patient satisfaction ratings, policymakers, payers, and providers are increasingly considering ways to implement and use telepsychiatry.
Get more information on this report : Request Sample Pages
The increase in awareness about psychiatric disorders and advancements in telepsychiatry drive the growth of the Telepsychiatry Industry. The rise in awareness about various mental disorders such as depression and anxiety drives the demand for psychiatric treatment. The surge in telecommunication networks along with government support is likely to augment the Telepsychiatry Industry growth, offering expansion opportunities for market competitors. For instance, in April 2020, MyDoc partnered with First Medicine Corporation, a technology-driven healthcare company, to provide free access to the telemedicine solution in the U.S. for 3 months. This partnership is expected to enable the company to expand its geographic outreach and strengthen its market positioning.
Furthermore, the rise of the internet age brought with it profound changes in the practice of telemedicine. The proliferation of smart devices, and the ability of high-quality video transmission, opened up the possibility of delivering remote healthcare to patients in their homes, workplaces, or assisted living facilities as an alternative to in-person visits for both primary and specialty care. Major factors driving the growth of the telemedicine market include an increase in the prevalence of chronic disease and a growth in the need for patient management, which is expected to positively influence the market revenue. Moreover, rising telecommunications network and reduction in healthcare cost is anticipated to drive the Telepsychiatry Market Growth.
In addition, growth in the number of hospitals, a surge in access to healthcare facilities globally, and increased healthcare expenditure drive the growth of the market. For instance, according to the American Medical Association (AMA), health spending in the U.S. increased by 9.7% in 2020 to $4.1 trillion or $12,530 per capita. Moreover, rise in the government initiatives to provide improved healthcare facilities propels the growth of the telepsychiatry market. Furthermore, growth in the private hospital sector, telemedicine tools, and artificial intelligence-integrated software is anticipated to provide a boost to the market.
The telepsychiatry market is segmented on the basis of product, age group, end user, and region. By product, the market is fragmented into in-home solutions, forensic solutions, routine solutions, and crisis solutions. As per age group, the market is categorized into adult, pediatric & adolescent, and geriatric. Depending on end-user, the market is classified into community mental health centers, specialty care settings, and others. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Depending on product type, the in-home solutions segment dominated the Telepsychiatry Market Share in 2021, and this trend is expected to continue during the forecast period, owing to advancements in telepsychiatry services and a rise in the prevalence of mental diseases. However, the routine solutions segment is expected to witness considerable growth during the forecast period, due to the prevalence of depression and a rise in work-related stress.
[PRODUCTTYPEGRAPH]
As per age group, the adult segment dominated the Telepsychiatry Market Share in 2021, and this trend is expected to continue during the Telepsychiatry Market Forecastperiod, owing to an increase in work-related pressure and advancements in telepsychiatry services. However, the geriatric segment is expected to witness considerable growth during the forecast period, due to an increase in the number of the elderly population and a rise in healthcare expenditures.
[AGEGROUPGRAPH]
According to end, user, the community mental health centers segment dominated the Telepsychiatry Market Size in 2021, and this trend is expected to continue during the forecast period, owing to an increase in healthcare expenditure and a rise in the number of community mental health centers. However, the homecare segment is expected to witness considerable growth during the forecast period, due to an increase in the number of telepsychiatry software and a rise in the number of private healthcare organizations which invest in telepsychiatry services.
[ENDUSERGRAPH]
Region-wise, North America garnered the major share in the telepsychiatry market in 2021 and is expected to dominate the global Telepsychiatry Market Size during the forecast period, owing to the rise in incidences of mental diseases, well-developed healthcare infrastructure, and the presence of key players. However, Asia-Pacific is expected to register significant growth, owing to a rise in incidences of psychological diseases, improvement in healthcare infrastructure, and the presence of a high population base.
[REGIONGRAPH]
The key players operating in the global telepsychiatry market are Acadia Healthcare, Ascension, Behavioral Health Services Incorporated, Bright Harbor Healthcare, Centene Corporation, Elevance Health, Oracle Corporation, Pyramid Healthcare, Inc., Strategic Behavioral Health, LLC, and Welligent Inc.
Key Market Segments
Key Market Players