Telepsychiatry Market Trends, Size, Share, Growth and Emerging Technologies forecast 2030

Telepsychiatry Market Growth or Demand Increase or Decrease for what contains ?

The global telepsychiatry market is expected to be driven by the growing social acceptance of mental health disorders. Until a few years ago, several taboos were associated with mental conditions which restricted the number of people that undertook the required medical care to treat these conditions. However, in recent times, the increasing number of public awareness projects initiated by international and regional healthcare organizations along with governments has helped more people accept the importance of undergoing treatment when dealing with emotional well-being.

The World Health Organization (WHO) has established the Special Initiative for the Mental Health covering a period between 2019 to 2023. Through the initiative, the agency plans to improve access to mental health services in low-income countries such as Argentina, Nepal, and Ghana. Telepsychiatry is one of the best possible ways to promote the use of required medical care thus providing support to patients for their emotional and mental well-being since it does not require setting up large-scale centers and can be achieved with minimum investment.

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TelepsychiatryMarket CAGR Estimation:

Telepsychiatry Market size was valued at USD 12.60 Bn. in 2023 and the revenue is expected to grow by 23% from 2024 to 2030, reaching nearly USD 53.70 Bn.

Telepsychiatry Market Segmentation:

by Product

In-home Solutions

Forensic Solutions

Routine Solutions

Crisis Solutions

With a revenue share of about 38.2% in 2023, in-home solutions dominated the telepsychiatry market due to the increased inclination for telepsychiatry treatment at home. The in-home solution saves crucial travel time because consultation is available at the push of a button. Additionally, patients' faith in virtual consultations is bolstered by the ever-changing guidelines for enhanced privacy and security, which is anticipated to boost revenue in the forecast years.

by Age Group

Adult

Pediatric and Adolescent

Geriatric

In 2023, the age group market category was led by adults, accounting for over 58% of sales. The need for virtual consultations among adults is being driven by the rising rates of anxiety and depression in this age group. Adults are also highly acclimated to utilizing smartphones and internet services, which increases demand. The demand for virtual mental health consultations has increased during this pandemic due to social isolation, job loss, and other issues, which is driving up the usage of these services.

by End-use

Community Mental Health Centers

Specialty Care Settings

Skilled Nursing Facilities

Homecare

Others

Community mental health facilities held a dominant position in the telepsychiatry market in 2023, with over 28% of the total income generated. One reason for the increased demand for telepsychiatry services is that these facilities are experiencing a clinical staff shortage. The service is also reasonably priced, and more patient satisfaction is anticipated to fuel the segment's expansion even further.

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Telepsychiatry Market Overview:

The Maximize Market Research report assists clients in gaining a comprehensive understanding of the competitive landscape, serving as a valuable resource for strategic planning purposes. The comprehensive Telepsychiatry market overview furnishes extensive information regarding market size, trade statistics, prominent participants, and a range of market indicators, encompassing aspects such as life cycle, prevailing trends, and more.

Telepsychiatry Market Growth or Demand in which regions??

The global telepsychiatry market will be dominated by North America during the forecast period. The US and Canada regions will be the leading regions in North America mainly due to the presence of several telepsychiatry solutions providers in these countries. As per Mental Health America, more than 50 million US citizens experience some form of mental illness. In addition to this, as per the American Psychiatric Association, the region is home to over 45000 registered psychiatrists operating in the country. The higher social acceptance of mental health and increasing government initiatives to promote further awareness will help the region gain significant momentum in the coming years.

In September 2023, the current U.S. Department of Health and Human Services (HHS) along with other national agencies such as the Administration for Children and Families (ACF) and Substance Abuse and Mental Health Services Administration (SAMHSA) announced a grant of USD 206 million that will be used toward youth mental health. The higher access to digital telecommunication systems across age groups aids regional market growth trends. In August 2023, e-commerce giant Amazon announced the launch of its digital clinic service under the name of Amazon Clinic throughout the country.

Telepsychiatry Market Scope Methodology:

The competitive landscape of the Telepsychiatry market encompasses aspects like technology adoption, financial strength, portfolio, mergers and acquisitions, joint ventures, and strategic alliances. A comprehensive report delves into the drivers, limitations, opportunities, and challenges inherent in the Telepsychiatry market. The report employed a bottom-up approach to ascertain Telepsychiatry market estimations and growth rates.

To gain insights into Telepsychiatry market penetration, pricing dynamics, demand analysis, and competitive panorama, the report executed regional analysis at local, regional, and global levels. Essential details about the Telepsychiatry market, including stakeholders, investors, and new entrants, are presented to facilitate the development of marketing strategies and investment plans.

Both primary and secondary data gathering techniques were employed for the Telepsychiatry Market. Primary approaches involved surveys, questionnaires, and interviews with industry leaders and business proprietors, while secondary data encompassed sources like press releases, annual and financial reports, white papers, etc. SWOT analysis was leveraged to pinpoint market vulnerabilities and weaknesses, while the PORTER framework was applied to gauge industry competitiveness within the Telepsychiatry Market.

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Telepsychiatry Market Key Players:

1. Telehealth

2. Epsychiatry Pty. Ltd.

3. CB Information Services, Inc.

4. eVisit

5. Advanced TeleMed Services

6. innovaTel

7. American Telepsychiatrists

8. Encounter Telepsychiatry

9. JSA Health Telepsychiatry, LLC

10. Arcadian Telepsychiatry, LLC

11. Genoa

12. FasPsych, LLC

13. General Electric

14. TeleSpecialists

15. Chiron Health

16. Zipnosis

17. Medtronic

18. Iris Telehealth Inc.

19. MDLIVE

20. SOC Telemed

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Key questions answered in the Telepsychiatry Market are:

• What is Telepsychiatry?
• What is the growth rate of the Telepsychiatry Market?
• Which are the factors expected to drive the Telepsychiatry market growth?
• What are the different segments of the Telepsychiatry Market?
• What are the factors restraining the growth of the Telepsychiatry Market?
• What is the demand pattern of the Telepsychiatry Market?
• What major challenges could the Telepsychiatry Market face in the future?

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Key Offerings:  

• Past Market Size and Competitive Landscape
• Past Pricing and price curve by region
• Market Size, Share, Size Forecast by different segment |
• Market Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape Profiles of selected key players by region from a strategic perspective

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