Telepsychiatry Market - Forecasts from 2023 to 2028

The global telepsychiatry market is expected to grow at a CAGR of 18.28% from US$15.335 billion in 2021 to US$49.658 billion in 2028.

The growth of the telepsychiatry market size can be attributed to several factors, including advancements in technology, a growing demand for readily available mental health treatments, and an increase in patient and healthcare professional acceptance. Telepsychiatry market growth is being driven by the need to remove obstacles to traditional in-person psychiatric care and the growing awareness of mental health as a global issue. The market share has grown significantly within the overall mental healthcare industry as healthcare providers and patients embrace the convenience, flexibility, and privacy offered by remote psychiatric consultations and therapy sessions.

Market Overview:

The telepsychiatry market growth has emerged as a progressive power in mental medical care. The delivery of mental health examinations, consultations, therapy sessions, and medication administration to patients via the Internet through the use of telecommunications technology is referred to as telepsychiatry. Access, cost, and stigma are some of the main obstacles to traditional in-person psychiatric care that this novel approach addresses.

In recent years, technological advancements, improved acceptability by healthcare professionals and consumers, and rising demand for mental health treatments have all contributed to the rapid expansion of the telepsychiatry market size. Due to social distancing measures, the COVID-19 pandemic necessitated distant healthcare delivery, which accelerated the introduction of telepsychiatry.

Key Players in the Telepsychiatry Market:

• Amwell: Amwell offers a telepsychiatry platform that makes it possible to conduct therapy, evaluations, and consultations regarding mental health from a distance. They offer virtual care coordination, encrypted communications, and video-based visits.
• InTouch Health: They offer a comprehensive telepsychiatry system that includes secure data sharing, remote patient monitoring, and video consultations. Psychiatrists can remotely diagnose, treat, and manage mental health conditions thanks to their software.
• Teladoc Health: Telepsychiatry is one of the telehealth services offered by Teladoc Health. Patients might communicate with therapists using video or telephone meetings, get psychological wellness tests, and get customized treatment plans through their foundation.
• MDLIVE: MDLIVE's telepsychiatry services provide easy and private access to licensed psychiatrists through virtual consultations. Through their safe internet-based stage, they give prescription administration, directing meetings, and social wellbeing help.
• BetterHelp: Telepsychiatry and online counseling and treatment are also offered by them. Their innovation joins individuals with authorized therapists for video discussions, making emotional well-being treatment helpful and cautious.

Market Drives:

Advancements in technology and digital connectivity:

The telepsychiatry market size has grown significantly as a result of technological advancements and digital connections. As indicated by information, the developing accessibility of rapid web associations and the boundless utilization of cell phones have upgraded distant mental medical care access. Telepsychiatry has become easier and more accessible for both patients and doctors as a result of technological advancements like smooth video consultations, encrypted texting, and remote monitoring.

Shortage of mental health professionals:

A key development factor for the telepsychiatry market has created a shortage of psychological well-being subject matter experts. According to statistics, there is a shortage of mental health professionals in many states in the United States. As a result of this scarcity, mental health care access has been restricted and wait times have increased. Telepsychiatry handles this issue by considering distant conferences, permitting specialists to arrive at oppressed gatherings and overcome any barrier in mental medical care administrations, improving availability and opportune therapy conveyance.

Improving reimbursement policies and regulatory support:

Regulatory support and improved reimbursement policies have benefited the telepsychiatry market growth. According to data, several governments and healthcare authorities have recognized the value of telepsychiatry and established favorable regulations. In United States, 43 states and the District of Columbia are underway to pass some kind of legislation requiring private insurance coverage for telepsychiatry and other telehealth services. Telepsychiatry is more widely used and the market is expanding as a result of these favorable reimbursement rules and regulations.

Addressing barriers to in-person psychiatric care:

As a viable alternative to in-person psychiatric care, telepsychiatry has developed. Access to traditional in-person care can be hindered by transportation issues, geographical distance, and mental health stigma, according to data. However, by offering remote consultations, telepsychiatry circumvents these limitations. By providing convenient and private care, telepsychiatry helps individuals overcome obstacles and broaden access to mental health treatments.

With a significant market share, North America is expected to witness a high CAGR in the telepsychiatry market.

North America holds a notable share in the telepsychiatry industry. Telehealth services are widely accepted and implemented in North America, where there is a robust healthcare infrastructure, cutting-edge technology capabilities, and a high level of acceptance. Telepsychiatry use has also increased as a result of increased investment in mental health programs in the region. The presence of significant industry participants, favorable reimbursement regulations, and a growing awareness of the importance of mental health all contribute to North America's leading position in this rapidly developing market, which is fueled by the region's telepsychiatry market share in the global telepsychiatry market.

Key Developments:

• In January 2023, Teladoc Health, the global leader in whole-person virtual care, announced the launch of a new comprehensive digital application that provides patients with personalized whole-person care and offers a completely integrated healthcare experience. With a single portable account, customers will now be able to access Teladoc Health's entire suite of services, including primary care, mental health, and chronic disease management.
• In November 2022, Johnston Group Inc., a prominent Canadian administrator of group health benefits and insurance, and Teladoc Health Canada announced the addition of mental health service which further expanded their nearly two-decades-long partnership.
• In August 2021, TeleSpecialist LLC launched its telepsychiatry service in several hospitals in Florida. The service would provide emergent & consult liaison psychiatric service through telehealth technology for paediatric patients, adults and adolescents in the hospitals. The company further announced to expand its services in the coming years.

Segmentation

BY COMPONENT

• Solutions
• Services

BY TYPE

• In-home Solutions
• Forensic Solutions
• Crisis Solutions
• Routine Solutions

BY END-USER

• Hospitals and Clinics
• Community Mental Health Centers
• Correctional Facilities
• Others

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others