Telepsychiatry Market: Current Analysis and Forecast (2021-2027)

The telepsychiatry market is expected to register a CAGR of approx. 19% over the period of 2022-2028. Telemedicine is defined as the process of providing healthcare services via technology, primarily through videoconferencing. Telepsychiatry is a branch of telemedicine that provides a wide range of mental health services, including therapies such as individual, family, and group therapy, as well as medication management, psychiatric evaluations, and patient education. Telepsychiatry entails either direct communication between the psychiatrist and the patient or the psychiatrist assisting primary care providers who are trained in mental health. The growing demand for telepsychiatry can be attributed to an increase in the prevalence of mental diseases such as anxiety and depression across the globe. For instance, in 2020, according to World Health Organization (WHO), in September 2021, depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults and 5.7% among adults older than 60 years and approximately 280 million people in the world have depression. Owing to these glaring statistics, change in lifestyle, and due to excess work pressure, there is an increase in the demand for telepsychiatry. Furthermore, the telepsychiatry market is anticipated to grow on account of the increasing remote patient monitoring and the adoption of telemedicine. However, some of the restraints in the market including the high cost of expert consultation are impeding the growth of this market all over the world.

InSight Telepsychiatry, Telemynd, e-Psychiatry, Advanced Telemed Services, American Telepsychiatrists, Iris Telehealth, MDLIVE Inc., innovaTel Telepsychiatry, SOC Telemed, Encounter Telehealth LLC are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst products, the in-home solutions category accounted for the significant share in the market in 2020"

Based on the products, the telepsychiatry market is segmented into in-home solutions, forensic solutions, routine solutions, crisis solutions, and others. The in-home solutions segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe because of the growing preference for telepsychiatry treatment at home. The constantly changing guidelines for improved privacy and security contribute to the patient's trust in virtual consultations are likely to aid the growth of the segment

"Amongst age, the adult category is expected to witness considerable CAGR during the forecast period"

Based on the age, the market is fragmented into adult, pediatric and adolescent, geriatric. The adult segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Adults' increasing levels of depression and anxiety are fueling the demand for virtual consultations in this age group. Furthermore, adults are very accustomed to using smartphones and online services, which fuels demand even more.

"Amongst end-users, the community mental health centers category is expected to witness considerable CAGR during the forecast period"

Based on the end-users, the market is fragmented into community mental health centers, specialty care settings, homecare, and other. The community mental health centers segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The lack of numerous clinical teams in these facilities is contributing to the high demand for telepsychiatry services. Furthermore, the service is cost-effective, and increased patient satisfaction is expected to drive segment growth even further.

"North America to witness significant growth during the forecast period"

North America constitutes a major market for the telepsychiatry industry owing to increased smartphone penetration, favorable reimbursement policies, and the presence of a large number of industry players.

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