Global Telepsychiatry Market by Product (In-home Solutions, Forensic Solutions) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global telepsychiatry market was valued at USD 5.5 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 24.7%) between 2020 and 2027. This growth can be attributed a rise in patient numbers for anxiety, stress and mental illness. According to the National Alliance on Mental Illness in 2018, 43.3% U.S. citizens were treated for mental illness. Market growth is expected to be further driven by rising suicide rates. According to the Centers for Disease Control and Prevention, suicide was the 2nd leading cause for death among people between 10 and 34 years old in the United States in 2017. It was also the 4th leading cause of death for those between 35 and 54.

The economic impact of the novel coronavirus on all sectors, including healthcare, is significant. All over the globe, governments are taking all necessary measures to combat the threat from COVID-19, including large-scale quarantine, social distancing, nationwide lockdowns, and national lockdowns. Many states have made it mandatory to stay at home for non-essential workers. This has had a negative impact on the mental and physical health of many patients. KFF tracking poll shows that 47% of Americans who stay at home reported adverse mental health effects in March 2020. Over 21% of these people have reported a significant negative effect on their mental health.

Telepsychiatry is a way to provide affordable, accessible and convenient mental health services. For better patient care and satisfaction, the American Psychiatric Association supported psychiatrists in adopting telepsychiatry services. The HHS lifted the HIPAA penalties during the COVID-19 epidemic for non-HIPAA compliant videoconferencing software. This increased the adoption. Patients can now access any provider in the state to receive services.

Virtual consultations are becoming more popular due to the shortage of beds in psychiatry. The Psychiatric Service report states that there were only 14 beds for every 100,000 Americans as of 2018, which is far less than the increasing demand. Inconsistent treatment and lack of proactive care can lead to dangerous situations. Telepsychiatry can help reduce this risk. Telepsychiatry can help in more efficient crisis response and thus driving the demand. Patients can receive more consistent treatment through video chats, chats, and telephonic converter which can help reduce the need for in-patient visits.

Product Insights

Due to rising demand for telepsychiatry treatment at-home, the in-home solutions dominated telepsychiatry in 2019. They had a revenue share around 37.0%. Consultation is always available and can be done at your convenience. This saves you valuable travel time. The constantly changing guidelines concerning privacy and security increase patient confidence in virtual consultation, which will help increase revenue in the future.

As these solutions provide mental health services to prison inmates and correctional facilities, the forensic telepsychiatry segment will continue to grow. These services reduce healthcare costs and the time it takes to transport the inmate to the treatment facility. COVID-19 is driving the popularity of crisis solutions as more people face mental health issues while at home. This public health emergency is anticipated to grow in popularity as many players offer free services.

Age Group Insights

The age group segment was dominated by adults, with an average revenue share of 57% in 2019. This is due to the rising anxiety and depression in adults. The demand is also being driven by the fact that adults are more comfortable using online services and smartphones. Due to job loss, social distancing and other factors, there has been an increase in demand for virtual consultations regarding mental health. These services are increasing in popularity.

People suffering from mental disorders may be tempted to make poor lifestyle choices. Remote monitoring can provide continuous monitoring that can help curb loneliness. Telepsychiatry is enabling people to track their progress and identify early warning signs.

End-use Insights

With a market share of more than 26%, community mental health centers dominated in 2019. Due to a shortage of qualified clinical staff in these facilities, the high demand for telepsychiatry services is driving it. The service is also cost-effective, and patients will be happier. This segment is expected to grow further.

The market can be divided by end-use into specialty care settings, community mental health centers and homecare. The fastest growing segment over the forecast period is the homecare segment. This is due to the ease of accessing the services from home, the increase in smartphone penetration and the supportive government measures that facilitate the adoption of these services.

Regional Insights

North America was the dominant market, with an average revenue share of 38% in 2019. This is due to the increase in smartphone penetration and favorable reimbursement policies. It also has the support of many industry players. The pandemic gave this technology a boost. The backbone of the COVID-19 response strategy was considered by FDA and CMS as telemedicine and virtual care services. This is further fueling the growth in telepsychiatry revenue.

Over the forecast period, Asia Pacific will experience lucrative growth. This service is being adopted more in Asia Pacific due to factors such as increased awareness among patients, increasing smartphone adoption, and favorable government policies. In collaboration with Line and Medpeer, the Japanese Ministry of Economy, Trade, and Industry launched free remote consultation services on March 11, 2020. This is expected to boost revenue. The Ministry of Health and Family Welfare, India also launched new guidelines for remote consultation via video, chat, and phone to help people in remote areas with mental health issues.

Market Share Insights & Key Companies

The market is highly competitive with key players participating in strategic collaborations, regional expansions and product launches to increase market penetration. InSight Telepsychiatry merged with Regroup Telehealth in December 2019 to increase telepsychiatry's growth. To increase market share, AmWell purchased Aligned Telehealth in November 2019. The Australian Government began providing funding for additional services in January 2020 to help rural and remote patients with mental health issues. Many community tele-mental healthcare service providers, such as Black Dog Institute and Betterhelp in Australia, were encouraging campaigns to help with mental health issues during the pandemic. These initiatives will likely increase the adoption of mental healthcare services in the future. The market leaders in telepsychiatry include:

• InSight Telepsychiatry

• Telemynd

• e-Psychiatry

• Advanced Telemed Services

• American Telepsychiatrists

• Iris Telehealth

• MDLIVE Inc.

• Telepsychiatry by innovaTel

• SOC Telemed

• Encounter Telehealth, LLC

Up Market Research published a new report titled “Telepsychiatry Market research report which is segmented by Product (In-home Solutions, Forensic Solutions), By Players/Companies Iris Telehealth, Telemynd, MDLIVE Inc, innovaTel Telepsychiatry, Advanced Telemed Services, American Telepsychiatrists, InSight Telepsychiatry, e-Psychiatry, Encounter Telehealth LLC, SOC Telemed”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Telepsychiatry Market Report Segments:

The market is segmented by Product (In-home Solutions, Forensic Solutions).

Telepsychiatry Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Telepsychiatry Market

Overview of the regional outlook of the Telepsychiatry Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Telepsychiatry Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Telepsychiatry Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. In-home Solutions

                2. Forensic Solutions

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Telepsychiatry Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Telepsychiatry Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.