Registering a CAGR of 24.8% over the forecast period of 2022-2027, the global Telepsychiatry market is anticipated to reach the market value of US$ 21.45 billion in the year 2027 from US$ 5.8 billion in the year 2021.
Telepsychiatry Market Overview
Telepsychiatry is a type of telemedicine that contains psychiatric evaluations, therapy, patient education and management of medications. It is used for several forms of treatments including individual therapy, family therapy, or group therapy.Telepsychiatry services helps in providing affordable, convenient and readily-accessible mental health services. The American Psychiatric Association helped psychiatrists to adopt the telepsychiatry service for better patient satisfaction and care. During the COVID-19 outbreak HHS waived the HIPAA penalties for using the NON-HIPAA compliant videoconferencing software, thus increasing the adoption. The licensure requirements have also been waived so patients can reach to any providers interstate for services.The growing demand for mental health treatments among end users, rising awareness regarding mental health, rising adoption of telemedicine and decreasing stigma against medical treatment for mental health are some of the factors contributing to the growth of the telepsychiatry market in the forecast period of 2020 to 2027. On the other hand, the growing adoption of technologically advanced solutions in the healthcare sector will create several opportunities that will lead to the growth of the telepsychiatry market in the above mentioned period.Community mental health centers dominated the market with a revenue share of over 26% in the year 2020. The high demand of telepsychiatry service due to shortage of a large number of clinical teams in these facilities is fueling the demand. Also, the service is cost-effective and increased patient satisfaction is projected to further propel the growth of the segment.
Industry News:
Signs That Healthcare Centers Should Venture Into Teleradiology
In the US, the impact of medical errors is considerable. A research finding established that 75% of malpractice lawsuits filed against radiologists are linked to diagnostic errors.
March 11, 2020, The Japanese Ministry of Economy, Trade, and Industry (METI) launched free remote consultation services in collaboration with Line and Medpeer, which is expected to increase the revenue.
India launched new guidelines to provide remote consultation via video call, chat, and telephone in order to serve people in remote areas during lockdown and cope up with their mental health.
What are the major Applications, Types and Regions for Telepsychiatry Market?
By Type, it is segmented into
- Routine Telepsychiatry
- Forensic Telepsychiatry
- Crisis Telepsychiatry
- In-Home Telepsychiatry
By Application, it is segmented into
- Adults
- Teenagers
- Geriatric Populations
Telepsychiatry Market Regional Analysis
North America leads the market with a revenue share of around 39.6% in 2021. This growth can be attributed to growth in smartphone penetration, favorable reimbursement policies, and the presence of a large number of industry players. Furthermore, the pandemic eventually gave a much-needed push to this technology.
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
The Telepsychiatry Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Telepsychiatry Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Telepsychiatry Market report scope?
Report Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 24.8% during the review period (2022 to 2027).
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By Type
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- Routine Telepsychiatry
- Forensic Telepsychiatry
- Crisis Telepsychiatry
- In-Home Telepsychiatry
- Others
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By Application
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- Adults
- Teenagers
- Geriatric Populations
- Others
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By Companies
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InSight Telepsychiatry, American Telepsychiatrists, Iris Telehealth, JSA Health, Advanced Telemed Services, FasPsych, Genoa, Encounter Telehealth, Arcadian Telepsychiatry, InnovaTel and Others.
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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118
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Telepsychiatry Report
- Evaluate Telepsychiatry market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level - for product types, end-use applications, and by different industries verticals.
- Understand the different dynamics influencing the market - growth driving factors, specific challenges, and hidden opportunities.
- Get in-depth insights on your competitor's performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis, and more.
- Analyze the sales and distribution channels across geographies to enhance top-line revenues.
- Understand the demanding supply chain with a deep dive into the value augmentation at each, to optimize value and bring efficiencies to your processes.
- Get a quick outlook on the Telepsychiatry market entropy - M&As, deals, partnerships, and product launches of all key players for the past 4 years.
- Evaluate the import-export statistics, supply-demand, and competitive landscape for more than the top 20 countries globally for the market.
FAQ -
What is the study period of this market?
The Telepsychiatry Market is studied from 2017 - 2027.
What is the growth rate of Telepsychiatry Market?
The Telepsychiatry Market is growing at a CAGR of 24.8% over the next 5 years.
What regions does this Telepsychiatry Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
All our reports are custom made to your company's needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
