PUBLISHER: Allied Market Research | PRODUCT CODE: 1193069
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193069
The global telepsychiatry market was valued at $6,531.0 million in 2021, and is projected to reach $41,799.48 million by 2031, registering a CAGR of 20.3% from 2022 to 2031.
Telemedicine, also referred to as telehealth or e-medicine, is the remote delivery of healthcare services, including exams and consultations, over the telecommunications infrastructure. Telemedicine is the use of electronic information to communications technologies to provide and support healthcare when distance separates the participants. Even smaller, independent medical practice providers are starting to embrace telemedicine to compete with local retail clinics and stop losing their patients.
The rise of the internet age brought with it profound changes to the practice of telemedicine. The proliferation of smart devices and the ability of high-quality video transmission opened up the possibility of delivering remote healthcare to patients in their homes, workplaces, or assisted living facilities as an alternative to in-person visits for both primary and specialty care.
The growth of the telepsychiatry market is majorly driven by an alarming increase in the prevalence of mental disorders, growing anxiety levels in people, a rise in use of virtual health services, advancements in technologies of the healthcare sector, and a surge in the adoption of telehealth solutions. In addition, the increase in the focus of the healthcare industry on patient risk management and rise in adoption of advanced solutions for clinical risk grouping boosts the growth of the market.
Growing telecommunication networks along with government support will augment the market growth, offering expansion opportunities for market competitors. For instance, in April 2020, MyDoc partnered with First Medicine Corporation, a technology-driven healthcare company, to provide free access to the telemedicine solution in the U.S. for 3 months. This partnership will enable the company to expand its geographic outreach and strengthen its market positioning.
The telepsychiatry market is segmented on the basis of product, age group, end user, and region. As per product, the market is classified into in-home solutions, forensic solutions, routine solutions, and crisis solutions. Depending on age group, it is divided into adult, pediatric & adolescent, and geriatric. According to end user, it is categorized into community mental health centers, specialty care settings, and other. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report include Acadia Healthcare, Ascension, Behavioral Health Services Incorporated, Bright Harbor Healthcare, Centene Corporation, Elevance Health, Oracle Corporation, Pyramid Healthcare, Inc., Strategic Behavioral Health, LLC, and Welligent Inc.
Key Benefits For Stakeholders
By Product Type
By Age group
By End User
By Region