Global Telepsychiatry Market Size, Trends & Analysis - Forecasts to 2026 By Product (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions, Others), By Age Group (Adult, Pediatric and Adolescent, Geriatric), By End-Use (Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, Others), By Region (North America, Europe, Asia Pacific, MEA, CSA); Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Telepsychiatry Market Insights
The global telepsychiatry market is expected to generate revenue amounting to USD 6.86 billion in 2020, and is projected to reach to USD 25.86 billion by 2026, growing at a CAGR 24.75% over the forecast period. Rise in the number of patient pool of anxiety, stress, and mental illnesses across the globe is one of the major factor driving the market for telepsychiatry during the forecast period. Telepsychiatry is a sub-segment of telemedicine, which provides a range of mental health solutions such as family therapy, individual therapy, psychiatric evaluations, medication management, and patient education among others.
The growing tendencies of suicide in teenagers and young adults are also expected to propel the market growth for telepsychiatry. Telepsychiatry improves continuity of care and follow-up, reduces delays in care, reduction in transportation barriers, and avoids long waiting times at hospitals, among others are some of the major factors expected to propel the market growth during the forecast period. Increasing mental health disorder and advancement in healthcare IT across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the market growth of telepsychiatry. However, data hacking, privacy concerns, identity fraud, and the ambiguity of regulatory policies are likely to hamper the market growth over the coming years.
Telepsychiatry Market Size: By Segmentation
The global telepsychiatry market is segmented on the basis of product type into in-home solutions, forensic solutions, crisis solutions, and routine solutions, among others. The in-home solutions segment is expected to hold the largest market share in the global telepsychiatry market during the forecast period. The rising preference for telepsychiatry treatment at home are driving the market growth for in home solution segment. The in-home solution saves traveling time for patients. The continuously changing guidelines regarding improved privacy and security help to increase the patient’s confidence in virtual consultation which is further expected to propel the market growth forin-home solution segment. The forensic telepsychiatry segment is expected to grow at a high CAGR during the forecast period. Forensic telepsychiatry services cut down healthcare costs as well as reduce the risk and time required to escort the inmate to the treatment center.
On the basis of age group, the global telepsychiatry market is segmented into adult, pediatric and adolescent, and geriatric. The adult segment is expected to hold the largest market share during the forecast period. The rising level of depression and anxiety in adults is fueling the demand for virtual consultation. The growing usage of smart phones and internet among adults is driving the market growth for telepsychiatry.
On the basis of end use, the market is segmented into community mental health centers, specialty care settings, skilled nursing facilities, and homecare among others. The community mental health centers segment is expected to hold the largest market share in the global telepsychiatry market during the forecast period. The high demand of telepsychiatry service due to shortage of large number of clinical teams is driving the market growth for community mental health centers. The service is cost effective and increased patient satisfaction. The increase in smartphone penetration and supportive government measures is also driving the market growth for community mental health centers.
Telepsychiatry Market Size: By Region
On the basis of region, the market of telepsychiatry is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The North America region is expected to dominate the market and is also estimated to expand at a rapid pace during the forecast period. Increase in smartphone penetration, favorable reimbursement policies and presence of large number of industry players are some of the major factors expected to propel the market growth in the region during the forecast period. According to the data published by National Alliance on Mental Illness, in the U.S., over 20% of youth aged between 13-18 years suffer from mental health conditions; and over 11% of the youth have a mood disorder and over 18.1% of American adults live with anxiety disorders.
Telepsychiatry Market: Share & Competitor Analysis
Some of the key players operating in the telepsychiatry market include: e-Psychiatry, Advanced Telemed Services, innovaTel Telepsychiatry, SOC Telemed, InSight Telepsychiatry, TELEMYND, Iris Telehealth, MDLIVE Inc., American Telepsychiatrists, and Encounter Telehealth, LLC among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Telemedicine can be defined as the process of providing healthcare services through technology, primarily through the usage of videoconferencing. Telepsychiatry involves either direct communication between the patient and the psychiatrist or through psychiatrist supporting primary health care providers specialized in mental health.
In January 2020, Teladoc signed an agreement to acquire InTouch Health. The acquisition will enable the company to establish a leading position in the virtual care industry and also help company to provide full range of acuity from chronic care to critical care.
In November 2019, American Well acquired Aligned Telehealth to expand its behavioral health virtual care service portfolio. This helps the company to increase its customer base and strengthen its market position.
Telepsychiatry Market: By Product
Telepsychiatry Market: By Age Group
Telepsychiatry Market: By End-Use
Telepsychiatry Market: By Region
The global Telepsychiatry Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Telepsychiatry Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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