The Telepsychiatry Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Telepsychiatry Global Market Report 2024, The telepsychiatry market size has grown exponentially in recent years. It will grow from $9.85 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to mental health awareness, shortage of mental health professionals, rural healthcare access, telehealth regulations, demonstrated effectiveness.
The telepsychiatry market size is expected to see exponential growth in the next few years. It will grow to $28.7 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to mental health crisis, school-based telepsychiatry, telepsychiatry research and outcomes, workforce mental health, global health challenges. Major trends in the forecast period include increased adoption of telepsychiatry services, remote medication management, digital mental health apps, telepsychiatry software, ai and machine learning.
The increase in demand for mental health treatment is expected to propel the growth of the telepsychiatry market going forward. Mental health refers to the cognitive, behavioral, and emotional well-being of a person. Psychologists are reporting a large increase in demand for the treatment of anxiety and depression. For instance, in 2021, according to the American Psychological Association, a US-based professional organization that represents psychologists, nearly 84% of psychologists who treat anxiety disorders said they have seen increased demand for anxiety treatment since the pandemic when compared with the last decade when it was 74%. Also, 72% of psychologists said that there was an increase in depression prevalence compared with 60% in 2020. Therefore, the increase in demand for mental health treatment is driving the growth of the telepsychiatry market.
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The telepsychiatry market covered in this report is segmented –
1) By Type: Routine Telepsychiatry, Forensic Telepsychiatry, Crisis Telepsychiatry, In-Home Telepsychiatry
2) By Age Group: Adult, Pediatric and Adolescent, Geriatric
3) By End-Use: Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, Other End-Users
Technological advancements are key trends gaining popularity in the telepsychiatry market. Major companies operating in the telepsychiatry market are focused on developing new technological solutions to strengthen their position. For instance, in December 2021, Zoom Video Communications Inc., a US-based communications technology company, along with Cerner Corp.’s electronic health record platform and a US-based company that provides telepsychiatry, launched an integration option for facilitating easier access to telehealth within Cerner’s EHR. This includes the in-chart notifications when the patient has entered the appointment waiting room and the ability to send an invite link to additional participants, like family members, interpreters, and other care providers, and is accessible to join the session.
Major Players:
- Aramark Corporation
- Alere Inc.
- Flatworld Solution
- Integrated Medical Transport LLC
- ABM Industries Inc.
The telepsychiatry market report table of contents includes:
1. Executive Summary
2. Telepsychiatry Market Characteristics
3. Telepsychiatry Market Trends And Strategies
4. Telepsychiatry Market – Macro Economic Scenario
5. Global Telepsychiatry Market Size and Growth
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27. Telepsychiatry Market Competitive Landscape And Company Profiles
28. Telepsychiatry Market Key Mergers And Acquisitions
29. Telepsychiatry Market Future Outlook and Potential Analysis
30. Appendix
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