Telepsychiatry Market Growth 2021 Growing Rapidly with Recent Developments, Industry Share, Trends, Demand, Revenue, Key Findings and Latest Technology, Forecast Research Report 2030

In a recently published report, Telepsychiatry Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Telepsychiatry Market products.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Telepsychiatry is the application of telemedicine, which offers a wide range of mental health solutions, such as therapies (i.e. family therapy, group therapy, and individual therapy), psychiatric evaluation, patient education, and medication management. Telepsychiatry involves direct communication among the patient and the psychiatrist. It also includes psychiatrist assisting primary health care providers specified in mental health care consultation. It can also record the medical information (such as images, videos, etc.) and delivering this to a remote site for later evaluation. Therefore, these factors are anticipated to accelerate market growth around the world. Moreover, an increasing number of patients with mental illness, anxiety, and stress, along with a growing number and tendency of suicides among people are few other factors responsible for the market growth over the forecast period. For instance, according to the National Alliance on Mental Illness, in 2018, 43.3% of US citizens treated for mental illness. Among them, over 20% of youth aged 13-18 years with mental health conditions, and more than 11% of the youth have a mood disorder, and around 18.1% of adults suffering from anxiety disorders. This, in turn, is expected to raise the demand for telepsychiatry all over the world. Recently, the COVID-19 is widely spread throughout the world, thus various regional governments are putting temporary restrictions on the movement of goods, services, and people to prevent the spread of novel coronavirus.

This has shifted the preference of people for online health services instead of regular physician visits. Therefore, the virtual care delivery solution is gaining immense popularity for mental health care consultations during the pandemic, thereby, the telepsychiatry market is expected to grow at a significant rate in the forthcoming years. However, dearth of skilled psychiatrists and unfavorable reimbursement scenarios are the major factors impeding the market growth over the forecast period of 2020-2027.

The regional analysis of the global Telepsychiatry market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of favorable reimbursement policies, along with the high availability of new technology-based solution vendors in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the increasing number of suicidal cases and improving healthcare infrastructure would create lucrative growth prospects for the Telepsychiatry market across the Asia-Pacific region.

Major market player included in this report are:
InSight Telepsychiatry, LLC
Arcadian Telepsychiatry, LLC
Iris Telehealth
Advanced Telemed Services
American Telepsychiatrists
Encounter Telehealth
e-Psychiatry, LLC
InnovaTel Telepsychiatry
JSA Health Telepsychiatry, LLC
FasPsych, LLC

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

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The detailed segments and sub-segment of the market are explained below:

By Product:
In-Home Solutions
Forensic Solutions

By End-Use:
Community Mental Health Centers

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Telepsychiatry Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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