Selbyville, Delaware, According to the research report titled ‘Global Telepsychiatry Market Size study, by Product (In-Home Solutions, Forensic Solutions), by End-Use (Hospitals, Community Mental Health Centers) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global telepsychiatry market is anticipated to amass substantial revenues during 2020-2027.
Increasing number of patients suffering from mental illness, stress, anxiety along with surging suicidal tendency, and multiplying cases of suicides are the key factors propelling the growth of global telepsychiatry market. In fact, as per National Alliance on Mental Illness, 43.3% US citizens were treated for mental illness in 2018, of which 20% were aged between 13-18 years, more than 11% had a mood disorder, and around 18.1% adults were suffering from anxiety disorders.
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For the record, telepsychiatry is branch of telemedicine which deals with mental health and provides services like psychiatric evaluation, patient education, therapy, and medication management. It involves direct communication between the psychiatrist and the patient. Telepsychiatry keeps a record of medical information such as videos and images which can be delivered to remote sites for evaluation.
Rapid spread of COVID-19 has shifted patient preference towards online health services rather than regular physician visits. Growing popularity of virtual care solutions for mental health consultations amidst the pandemic is stimulating the telepsychiatry market outlook. However, lack of skilled psychiatrists and unfavorable reimbursement policies are major restraints for the market growth.
Based on product type, global telepsychiatry market is segmented into in-home solutions and forensic solutions. With regards to the end use spectrum, the industry is segmented into hospitals and community mental health centers.
Leading players operating in global telepsychiatry market size includes InSight Telepsychiatry, LLC, Iris Telehealth, Advanced TeleMed Services, American Telepsychiatrists, e-Psychiatry, InnovaTel Telepsychiatry, FasPsych LLC, Encounter Telehealth, JSA Health Telepsychiatry, and Arcadian Telepsychiatry LLC.
Considering regional landscape, global telepsychiatry market is segmented into North America, Latin America, Asia Pacific, Europe, and rest of the world. North America held majority market share in the past year, mainly due to favorable reimbursement scenario and availability of new technology-based solutions offered by vendors in the region.
Parallelly, Asia-Pacific telepsychiatry market is expected to register strong CAGR over 2020-2027, owing to concerns regarding rising number of suicide cases and enhancements in healthcare infrastructure in the region.
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