The Global Telepsychiatry Market size is expected to reach $15.2 billion by 2026, rising at a market growth of 19.4% CAGR during the forecast period. Telepsychiatry is a part of telemedicine, which includes psychiatric evaluations, therapy, patient education, and medication management. Telepsychiatry offers direct interactions between patients and the psychiatrist. It is used for different types of therapies such as individual therapy, family therapy, or group therapy. Telepsychiatry also offers facilities such as session recording in form of images or audio-video file, for later reviewing the file. This technology can be used to treat patients in even remote places.
The main factor which is driving the growth of the telepsychiatry market globally is growing awareness about mental health and increasing demand for treatments of mental health among end users. Telepsychiatry provides patients treatment in their homes that helps to make them comfortable while receiving the treatment. It also eliminates the requirement of the patient to travel to hospitals or clinics for receiving the treatment. These are also some of the factors fueling the growth of the target market.
In order to prevent the spread of COVID-19, almost every country has taken essential measures like complete lockdown, social distancing, large scale quarantine, etc. it has made mandatory to stay at home by most of the states for non-essential workers that have a very bad impact on the physical and mental health of the people suffering from any such disorders. Being at the same place and the same environment has a negative effect on mental health.
People suffering from mental disorders can tend to opt for a harmful lifestyle more easily. So they should be continuously monitored in order to minimize the feeling of loneliness and this can be facilitated by monitoring the patients remotely. Furthermore, telepsychiatry helps in detecting early warning signs and follow-up appointments and treatments can also be easily tracked this is fueling the demand of the Telepsychiatry Market. The shortage of the number of clinical teams in the fields to mental health treatments leading to high demand for the services of telepsychiatry and further propel the growth of the market. Additionally, it is cost-effective, affordable, and fulfill the satisfaction of the patients regarding the treatment they receive will result in the growth of the market.
Free Valuable Insights: Global Telepsychiatry Market to reach a market size of $15.2 billion by 2026
Based on Product, the market is segmented into In-home Solutions, Crisis Solution, Routine Solution, Forensic Solution and Other Products. Based on Application, the market is segmented into Community Mental Health Centers, Homecare, Skilled Nursing Facilities, Specialty Care Settings and Others. Based on Age Group, the market is segmented into Adult, Pediatric & Adolescent, and Geriatric. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
| Report Attribute | Details |
|---|---|
| Market size value in 2019 | USD 4.5 Billion |
| Market size forecast in 2026 | USD 15.2 Billion |
| Base Year | 2019 |
| Historical period | 2016 to 2018 |
| Forecast Period | 2020 to 2026 |
| Revenue Growth Rate | CAGR of 19.4% from 2020 to 2026 |
| Number of Pages | 208 |
| Number of Tables | 390 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Application, Age Group, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include E-Psychiatry LLC, Advanced TeleMed Services, Inc., American Telepsychiatrists, Iris Healthcare, Inc., Encounter Telehealth, LLC, FasPsych, LLC (Pharos Capital Group, LLC), MDLive, Inc., InnovaTel Telepsychiatry, LLC, MYnd Analytics, Inc. (Arcadian Telepsychiatry), and SOC Telemed, Inc.
Market Segmentation:
By Product
By Application
By Age Group
By Geography
Companies Profiled
The telepsychiatry market is projected to reach USD 15.2 billion by 2026.
There are several reason that cause high demand of this market one of them is rise in the incidence of mental health disorders.
E-Psychiatry LLC, Advanced TeleMed Services, Inc., American Telepsychiatrists, Iris Healthcare, Inc., Encounter Telehealth, LLC, FasPsych, LLC (Pharos Capital Group, LLC), MDLive, Inc., InnovaTel Telepsychiatry, LLC, MYnd Analytics, Inc. (Arcadian Telepsychiatry), and SOC Telemed, Inc.
The expected CAGR of telepsychiatry market is 19.4% from 2020 to 2026.
The North America market dominated the global routine solution market by region in 2019, growing at a CAGR of 19.5 % during the forecast period.
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