Telepsychiatry Global Market Report 2024

Telepsychiatry involves the delivery and support of clinical psychiatric care, including medical care, patient education, health information services, and self-care, through the use of telecommunications and digital communication technologies.

The main types of telepsychiatry include routine telepsychiatry, forensic telepsychiatry, crisis telepsychiatry, and in-home telepsychiatry. Routine telepsychiatry typically involves a consistent provider or a small group of providers serving a regular caseload of consumers in previously scheduled blocks of time. The age groups addressed in telepsychiatry services include adults, pediatric and adolescent populations, and geriatric patients. Various end-users of telepsychiatry services include community mental health centers, specialty care settings, skilled nursing facilities, home care, and other healthcare facilities.

The telepsychiatry market research report is one of a series of new reports that provides telepsychiatry market statistics, including telepsychiatry industry global market size, regional shares, competitors with a telepsychiatry market share, detailed telepsychiatry market segments, market trends and opportunities, and any further data you may need to thrive in the telepsychiatry industry. This telepsychiatry market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 observed during the historic period can be attributed to several factors, including increasing awareness of mental health issues, a shortage of mental health professionals, challenges in accessing mental healthcare in rural areas, the development of telehealth regulations facilitating remote mental health services, and the demonstrated effectiveness of telepsychiatry in providing mental health care.

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 anticipated growth in the forecast period can be attributed to factors such as the ongoing mental health crisis, the expansion of school-based telepsychiatry, increased focus on telepsychiatry research and outcomes, addressing workforce mental health, and responding to global health challenges. Major trends expected during this period include the increased adoption of telepsychiatry services, the implementation of remote medication management, the development of digital mental health apps, advancements in telepsychiatry software, and the integration of artificial intelligence (AI) and machine learning in telepsychiatry solutions.

The telepsychiatry market is poised for growth due to an increased demand for mental health treatment. Mental health, encompassing cognitive, behavioral, and emotional well-being, has seen a surge in demand for anxiety and depression treatment. According to the American Psychological Association in 2021, approximately 84% of psychologists treating anxiety reported increased demand since the pandemic, compared to 74% in the preceding decade. Similarly, 72% noted a rise in depression prevalence, up from 60% in 2020. This escalating demand for mental health treatment is a significant driver for the telepsychiatry market.

Government support for mental health reforms is anticipated to further boost the telepsychiatry market. Globally, mental health awareness is growing, prompting governments to acknowledge the necessity for expanded access to mental healthcare services. Shortages of mental health professionals, particularly in rural and underserved areas, can be addressed through telepsychiatry, facilitating remote consultations and overcoming accessibility challenges. For example, in February 2022, Chile increased its mental health budget by over 300%, and Canada allocated a $1 billion fund for mental health in its 2021 budget. This surge in government support for mental health reforms is propelling the telepsychiatry market.

Technological advancements are shaping trends in the telepsychiatry market, with companies focusing on innovative solutions. Zoom Video Communications, in collaboration with Cerner Corp., introduced an integration option for easier access to telehealth within Cerner's electronic health record platform. This includes features such as in-chart notifications and the ability to send invite links to additional participants. Major players are also incorporating artificial intelligence-based chatbots and machine learning for mental therapies to gain a competitive edge. These technologies offer personalized responses tailored to users' concerns and symptoms. For instance, Insight Healthcare partnered with Limbic AI to launch an AI-powered therapy helper, streamlining the assessment process and saving therapist time.

In December 2021, Quartet Health acquired InnovaTel Telepsychiatry, contributing to the development of market-leading care delivery capabilities. Quartet aims to enhance its ecosystem of clinicians and expand its offerings in collaboration with health insurance plans. This acquisition positions Quartet as a prominent player in the telepsychiatry market.

Major companies operating in the telepsychiatry market include Aramark Corporation, Alere Inc., Flatworld Solution, Integrated Medical Transport LLC, ABM Industries Inc., Advanced Telemed Services, American Telepsychiatrists, Encounter Telehealth LLC, InnovaTel Telepsychiatry, SOC Telemed Inc., Telemynd, American Well Corp, Teladoc Health Inc., MDLive Inc., Talkspace Inc., MeMD Inc., PlushCare, ndian Hotels Company Limited, Cerebral Inc., Brightside Group Ltd., BetterHelp, AbleTo Inc., Spring Health Inc., Quartet Health Inc., Meru Health Inc., Lyra Health Inc., MindBeacon Holdings Inc., iCouch Inc., LMND Medical Group Inc.

North America was the largest region in the telepsychiatry market in 2023. The regions covered in the global telepsychiatry market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the telepsychiatry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The telepsychiatry market includes revenues earned by entities by providing psychiatric evaluation and diagnosis services, individual therapy services, group therapy services, and family therapy services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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