Global Telepsychiatry - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Global Telepsychiatry Market size is estimated at USD 9.62 billion in 2024, and is expected to reach USD 24.03 billion by 2029, growing at a CAGR of 20.10% during the forecast period (2024-2029).

The COVID-19 pandemic affected the demand of the telepsychiatry market during the pandemic period. Telepsychiatry has emerged as an essential component of healthcare during the COVID-19 pandemic. According to the article titled 'Telehealth has played an outsized role meeting mental health needs during COVID-19 pandemic' published in March 2022 over 20% of adults reporting poor mental health also report not receiving counseling or therapy during the pandemic. Telehealth has played a particularly significant role in meeting the need for mental health services. During the COVID-19 pandemic stress, ineffective communication at work, lack of clarity and direction, and interruptions during Work from Home resulted in the loss of resources like time and energy. All these factors disturbed employees' mental health leading to prolonged stress and psychosomatic diseases. Therefore to sustain employees' emotional and mental well-being telepsychiatry played a major role. Thus, the COVID-19 pandemic is expected to have a significant positive impact on the growth of the telepsychiatry market globally.

The major factors which are raising the growth of the telepsychiatry market include rising healthcare costs, technological innovations, increasing remote patient monitoring, and the rising mental disorders. Telepsychiatric solutions help decrease the cost of healthcare while increasing efficiency through improved management of chronic diseases, reduced travel times, shared health professional staffing, and fewer and shorter hospital stays. As per the article titled ' Economic evaluation and costs of telepsychiatry programmes: a systemic review' published in August 2020 telepsychiatry involved use of telecommunications technology to deliver psychiatric care and offers promise to reduce costs and increase access to mental health services, According to the article titled ' Provision of Care Real world telemental health providers' published in May 2021 most providers reported primarly offering telemental health services to adults with anxiety, depression and trauma and stresso-related disorders in individual therapy formats. In recent decades, several population-based psychological autopsy studies of suicides have been conducted revealing important information about the risk factors for youth suicide. The studies stated that numerous factors can contribute to suicide, they maybe caused by a highly unique, dynamic and complex interplay of genetic, biological, psychological and social factors. Thus, increase of suicide tendency in young adults and teenagers in turn increases demand for mental health treatment, thus boosting the telepsychiatry market growth.

Telepsychiatry Market Trends

Adult segment is Expected to dominate the market over the forecast period

There is an increase in demand for virtual consultation for mental health during the COVID-19 pandemic owing to social distancing, job losses, etc. which is increasing the adoption of telepsychiatry. According to the National Library of Medicine Telepsychiatry, the psychological impact of COVID-19 quarantine has serious side effects, such as depression and anxiety. The COVID-19 quarantine reduces the availability of psychiatric and psychological interventions and the evidence base for telepsychiatry is growing among adults and adolescents. A growing body of literature suggested the use of telepsychiatry to provide mental health services and improve quality care.

Adults dominated the market growth during the forecast period. The increasing level of depression and anxiety in adults is boosting the demand for telepsychiatry in this age group. According to the Centers for Diseases Control and Prevention in Updates in February 2022, at some point in their lives, one out of every six adults will experience depression. Every year, approximately 16 million adults in the United States suffer from depression. Thus, the growing trend of depression in adults anticipated to boost the segment over the forecast period. According to the article titled ' Prevalence of depression, anxiety and insomia' published in August 2021, Anxiety was found to be prevalent in 23.2% of people, followed by depression in 22.08%, and insomnia was found to be prevalent in 38.9%. of the people. Furthermore, adults are very much likely to use smartphones and online services, which can help propel the market demand. Patients with mental health disorders have a tendency to drift toward harmful lifestyle choices very easily. Hence, these people need continuous monitoring via remote monitoring that can help them curb the feeling of loneliness . Additionally, early warning signs, follow-up appointments using telepsychiatry will in turn fuel the market demand.

North America is projected to have a Prominent Growth Rate

North America's market is driven by the high occurrences of chronic diseases, increasing healthcare expenditure, technological developments, rising geriatric populations, and growing awareness of remote monitoring. The advent of mobile health services in this region provides growth opportunities for telepsychiatry. Several Americans are now using mobile wellness applications. As per the latest survey conducted by the Pew Internet & American Life Project, currently, 9% of all smartphone users in the United States have downloaded an application to track or manage their health. The widespread consumer interest in telepsychiatry and the increasing adoption rate of mobile health applications and telemedicine devices drive the market growth.

Additionally, the increasing depression, anxiety, and various mental illness among the United States population are expected to boost the growth of the market. In October 2021, according to the report published by the Centers for Disease Control and Prevention titled "National and State Trends in Anxiety and Depression Severity Scores Among Adults During the COVID-19 Pandemic the United States, 2020-2021" stated that the United States Census Bureau Household Pulse Survey data indicate that the percentage of US adults with symptoms of anxiety and depressive disorders increased nationwide from August 2020 to February 2021. Moreover, as per the same source, the average anxiety severity scores increased 13% from August to December 2020. From August 2020-to February 2021, the percentage of adults with recent symptoms of anxiety or a depressive disorder increased from 36.4% to 41.5%, and the percentage of those reporting unmet mental health care needs to be increased from 9.2% to 11.7%. Increases were largest among adults aged 18-29 years and those with less than high school education

Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.

Telepsychiatry Industry Overview

The market studied is moderately consolidated, owing to the presence of a few large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products at lower prices. Companies like SOC Telemed, Advanced Telemed Services, American Tele psychiatrists, e-Psychiatry, Iris Telehealth hold significant shares in the telemedicine market.

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